# Makeham's formula

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How is the D in makhems formula defined? Will it change if payments are made in advance instead of arrears?

D is defined as the annual coupon rate. It is defined as a percentage of the nominal, N. So that the actual monetary coupon received is $$N \times D$$.
If payments are received p-thly in advance instead of arrears then the $$i^{(p)}$$ in Makeham's formula changes to a $$d^{(p)}$$.