hmmmmm OK so it’s not acceptable to take the geometric mean and use that as the ytm because that would only be the discount value for the yr 4 cash flow. I think I understand.

I like how you skip the step of the taking the geometric mean and then adding 1 and raising the denominator to a power by simply leaving the whole term alone.

If I have a bunch of 1-year forward rates, I can just discount back one year, add the payment, discount back another year, add the payment, and so on. My poor brain can’t handle anything more complicated.