current yield vs yield to maturity

The current yield, interest yield, income yield, flat yield, market yield, mark to market yield or running yield is a financial term used in reference to bonds and other fixed-interest securities such as gilts.It is the ratio of the annual interest payment and the bond's current clean price: =. This has been a guide to the Coupon vs Yield. It is the sum of all of its remaining coupon payments. A bond’s yield to maturity rises or falls depending on its market value and how many payments remain to be made. These characteristics are fixed, remaining unaffected by changes in the bond's market. The formula is used to calculate the appro… Yield to Maturity vs. This is why the yield to maturity is higher than current yield. The yield of a bond changes with a change in the interest rate in the economy, but the coupon rate does not have the effect of the interest rate. Key Takeaways Bonds are debt devices that pay curiosity to traders, who primarily perform as collectors to issuers. Yield to maturity is the total return that will be paid out from the time of a bond's purchase to its expiration date. It is calculated by … Yield to Maturity vs. Coupon Yield vs. Current Yield . Yield to Maturity vs Current Yield. The YTM is an anticipated rate of the return associated with bonds. For example, if an investor buys a 6% coupon rate bond (with a par value of $1,000) for a discount of $900, the investor earns annual interest income of ($1,000 X 6%), or $60. The yield to maturity of a bond depends upon the market current price on the bond. The Current Yield also does not take into account the reinvestment risks. Current Yield vs Yield to Maturity Posted on May 31, 2008 by rishikatdare Current yield is the annual return on the dollar amount paid for the bond and is derived by dividing the bond’s interest payment by its purchase price. This is is the annual return earned on the price paid for a bond. Get $50 for Free to Pay Your Credit Cards with Tally. A $1,000 bond paying 6 percent interest may trade tomorrow for $1,020; as a result, the current yield falls to 5.73 percent (the interest payments have declined as a percentage of the price). These two forms of interest are different from each other in that current yield is the interest paid during the current period, and the YTM reflects the total returns to the bond holder of holding the bond till maturity. A bond’s yield to maturity rises or falls depending on its market value and how many payments remain to be made. Coupon vs Yield | Top 8 Useful Differences (with Infographics) 40% off Offer Details: Current Yield defines the rate of return it generates annually. Formula for Yield to Maturity . The bond yield is the annualized return of the bond. A current coupon is a bond that pays a coupon consistent with its original face value. A par yield curve is a graphical representation of the yields of hypothetical Treasury securities with prices at par. Tally. The Current yield is used to make an assessment on the relationship between the current price of bonds and the annual interest generated by bonds. I am trying to calculate bond index price returns and I only have yield to maturity and average coupon yield. Hence, the estimated yield to maturity for this bond is 5.865%. At 5.865% the price of the bond is INR 950.02. Coupon vs Yield | Top 5 Differences (with Infographics) COUPON (4 days ago) The yield of a bond changes with a change in the interest rate in the economy, but the coupon rate does not have the effect of the interest rate. If a bond is bought at a discount of the face value, the YTM would be higher than that of the Current Yield as the discount raises the yield. The yield to maturity (YTM), book yield or redemption yield of a bond or other fixed-interest security, such as gilts, is the (theoretical) internal rate of return (IRR, overall interest rate) earned by an investor who buys the bond today at the market price, assuming that the bond is held until maturity, and that all coupon and principal payments are made on schedule. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. The YTM formula is a more complicated calculation that renders the total amount of return generated by a bond based on its par value, purchase price, duration, coupon rate, and the power of compound interest. It also includes the repayment of principal. Cereal (29) Trending Deals . 3. Since the current price of the bond is INR 950. Usually, the cash inflows from a bond only consist of the interests received from it, calculated using the face value of the bond multiplied by its applicable interest rate. Hence, the estimated yield to maturity for this bond is 5.865%. CODES (9 days ago) The yield to maturity (YTM) is the percentage rate of return for a bond assuming that the investor holds the asset until its maturity date. The YTM can be called as the rate of return a person will receive for the bond until its maturity. Running yield, often called yield to maturity (YTM) when in reference to bonds, measures the annual rate of return an investment provides. It is the sum of all of its remaining coupon payments. The approximate yield to maturity for the bond is 13.33% which is above the annual coupon rate by 3%. It is not that hard to differentiate the two. If YTM is higher than the coupon rate, the current market price of a bond will be lower than its face value, which means trading at a discount. A bond’s yield to maturity rises or falls depending on its market value and how many payments remain to be made. We can calculate the running yield for a stock as well. Coupon Vs Yield To Maturity - couponsbuy.net. SEC Yield Vs. Yield to Maturity. The Current yield is used to make an assessment on the relationship between the current price of bonds and the annual interest generated by bonds. To figure it, we need to divide the dividend from share by its current price. 80% off Offer Details: (2 months ago) coupon vs yield to maturity, Coupons Code, Promo Codes. Yield to maturity is the most complicated of the yield terms but it also the one investors use the most. Zero-Coupon Bonds are the only bond in which no interim payments occur except at maturity along with its face value. b. what is the current yield on the bond? If the maturity were in two years, the coupons still provide 5.26%, and the extra 1000/950 is another 5.26% over 2 years, or (approx) 2.6%/yr compounded, for a total YTM of 7.86%. Bonds are an attractive investment to equity and are invested in by many investors. Approx YTM = (C + (F-P)/n)*2/(F+P) 1. If you bought a discounted bond for $800 but it's par value is $1,000 then you'll receive that extra $200 at maturity. Yield to maturity (YTM) is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price.. Yield to maturity is essentially the internal rate of return of a bond i.e. The Yield to Maturity is the yield when a bond becomes mature, while the Current yield is the yield of a bond at the present moment. A bond's yield to maturity is the annual percentage gain you'll make on a bond if you hold it until maturity (assuming it doesn't miss payments). For example, let’s say a bond has a coupon rate of 6% on a face value of Rs 1,000. Current yield, as its name implies, is the current or 'here and now' annual yield based solely on coupons. These interest payments constitute a bond's yield. It's expressed in an annual percentage, just like the current yield. Yield to maturity = 12.44% b. It is because it is a standardized measure which makes comparison between different bonds easier. yield to maturity formula excel Example. On the other hand, if a premium is paid for the bond, the YTM will be less to the current yield. We can calculate the running yield for a stock as well. 20% off (2 months ago) Learn the Difference Between Coupon - Make Money Personal. Recommended Articles. The current yield calculation helps investors drill down on bonds that generate the greatest returns on investment each year. This yield is usually higher than the yield when the issuer calls the bond early. In general, if you've purchased a bond at a discount, then the yield to maturity will be greater than the current yield because of this. It's expressed in an annual percentage, just like the current yield. Most Popular Deals Today. Since bond prices fluctuate, this number will be different from the current yield -- unless the market price is the same as the bond's face amount). Yield to Maturity (YTM) Yield to Maturity (YTM) is the expected return an investor would earn if he/she holds the bond until its maturity. Bond Yield | Nominal Yield vs Current Yield vs YTM. (2 days ago) There are two ways of looking at bond yields - current yield and yield to maturity. Can I use yield to maturity to approximate current interest yield of a bond index? Coupon Vs Yield To Maturity - couponsbuy.net. The relationship between the current market price of a bond and its yield to maturity can be described as follows: If YTM is equal to the coupon rate, the bond is currently trading at face value. Image by Sabrina Jiang © Investopedia 2020. 7.7 AACSB: Analytical Thinking Learning Objective 7.8 1) Long-term bonds have greater interest rate risk than shorter-term bonds. A bond's current yield is an investment's annual income, including both interest payments and dividends payments, which are then divided by the current price of the security. : L.O. Yield to maturity (YTM) is the interest a bond earns from the date of original sale until it reaches full maturity. Current Yield can be calculated by dividing the annual payment by the price. The yield-to-maturity number measures the annual return of a single bond if you hold it until it matures. Both coupon yield and current yield are indicative of the returns you might earn on a bond or other fixed-income investment. Bond yield is the amount of return an investor will realize on a bond, calculated by dividing its face value by the amount of interest it pays. Nominal Yield and Yield to Maturity (YTM) Nominal yield, as said above, is the coupon rate. Summary – Yield to Maturity vs Coupon Rate. The required yield to maturity is close to 6%. yield to maturity formula excel This is the difference between the bond yield and current yield. The yield to maturity is the total return than an investor would earn if he or she holds the bond until maturity. Yield to call is a calculation that determines possible yields if a bond can be called by the issuer, reducing the amount of money the investor receives because the bond is not held to maturity. Nominal Yield and Yield to Maturity (YTM) Nominal yield, as said above, is the coupon rate. Yield to maturity and yield to call are then both used to estimate the lowest possible price—the yield to worst. The current yield of a bond represents its total cash inflows divided by its market price. The investor paid more for the premium bond that pays the same dollar amount of interest, so the current yield is lower. The Current Yield also does not take into account the reinvestment risks. This calculation is useful for investors looking to maximize profits by holding a bond until maturity, because it includes the interest that could be earned if annual coupon payments were reinvested, thereby earning additional interest on investment income. The bond’s yield to maturity is 7 percent. Current Yield vs Yield to Maturity Current yield and YTM give the bondholder an idea of the rate of return that can be expected, if the bond is bought. A bond’s yield is the expected rate of return on a bond. Your email address will not be published. Difference Between Distilled Water and Boiled Water, Difference Between McDonalds and Burger King, Difference Between Academic Writing and Business Writing, Difference Between Acquisition Method and Purchase Method. Perhitungan YTM lebih rumit daripada imbal hasil saat ini karena melibatkan sejumlah variabel seperti nilai nominal obligasi, tingkat kupon, harga pasar dan tanggal jatuh tempo. The Yield to maturity is determined by using several key elements. Using this value as yield to maturity (r), in the present value of the bond formula, would result in the present value to be $1239.67; this price is somewhat close to the current price of the bond, which is … A much more accurate measure of return, although still far from perfect, is the yield-to-maturity. Importance of yield to maturity. Yield to maturity (YTM) is the total return anticipated on a bond if the bond is held until its maturation date. 80% off Offer Details: Yield to maturity is the effective rate of return of a bond at a particular point in time.On the basis of the coupon from the earlier example, suppose the annual coupon of the bond is $40. The current yield only therefore refers to the yield of the bond at the current moment. A bond is a fixed income investment in which an investor loans money to an entity (corporate or governmental) that borrows the funds for a defined period of time at a fixed interest rate. When a bond is issued, the issuing entity determines its duration, face value (also called its par value), and the rate of interest it pays, known as its coupon rate. CODES (4 days ago) The yield to maturity (YTM) is the percentage rate of return for a bond assuming that the investor holds the asset until its maturity date. Yield-to-maturity factors in not only the coupon rate and the price you paid for the bond, but also how far you have to go to get your principal back, and how much that principal will be. A bond's coupon rate is the interest earned on the bond over its lifetime, while its yield to maturity reflects its changing value in the secondary market. These curiosity funds … Unlike the YTM, the current yield refers to the yield at the current moment and will not show the total return of the bond. Yield-to-maturity figures in the gradual return of the bond to its face amount, $… A bond's yield to maturity is the annual percentage gain you'll make on a bond if you hold it until maturity (assuming it doesn't miss payments). CODES (4 days ago) The yield to maturity (YTM) is the percentage rate of return for a bond assuming that the investor holds the asset until its maturity date. C =Coupon / Interest Payment 2. The YTM calculation includes the assumption that you will reinvest all coupons at the same interest rate as the original bond. While related, the difference between yield to maturity and coupon rate does not depend on each other completely; the current value of the bond, difference between price and face value and time until maturity also affects in varying degrees. Find the Current Yield and the Yield to Maturity of a 20 year, nine percent coupon, $1000 par. The current yield, interest yield, income yield, flat yield, market yield, mark to market yield or running yield is a financial term used in reference to bonds and other fixed-interest securities such as gilts.It is the ratio of the annual interest payment and the bond's current clean price: =. The current yield is ($60) / ($900), or 6.67%. It is the sum of all of its remaining coupon payments. Yield to Maturity vs. The YTM is an anticipated rate of the return associated with bonds. 1. Bonds are debt instruments that pay interest to investors, who essentially function as creditors to issuers. 3: Interest rates influence the coupon rates: Current yield compares the coupon rate to the market price of the bond. While the present yield and yield to maturity (YTM) formulation each could also be used to calculate the yield of a bond, every technique has a unique utility, relying on an investor’s particular objectives. It is calculated by dividing the bond's coupon rate by its purchase price. It also includes the repayment of principal. 4. The yield to maturity (YTM), book yield or redemption yield of a bond or other fixed-interest security, such as gilts, is the (theoretical) internal rate of return (IRR, overall interest rate) earned by an investor who buys the bond today at the market price, assuming that the bond is held until maturity, and that all coupon and principal payments are made on schedule. Current Yield = Annual Coupon Payment / Current Market Price of Bond * 100%. The Current yield is used to make an assessment on the relationship between the current price of bonds and the annual interest generated by bonds. Bond Current Yield vs. Yield to Maturity. Why would these measures be important to a bond investor? Your email address will not be published. However, the yield to maturity formula proves to be a more effective yield of the bond based on compounding against the simple yield which is calculated with the help of the dividend yield formula. There are various formulas that are used to compare the yields on bonds. A bond’s yield to maturity rises or falls depending on its market value and how many payments remain to be made. At 5.865% the price of the bond is INR 950.02. Required fields are marked *, Notify me of followup comments via e-mail, May 20, 2010 • 1 comment. Bond Current Yield vs. Yield to Maturity. It includes not only today's payments, but all future payments and assumes that those payments are reinvested at the same rate. The bond pays interest until the day it matures, when the loan money is … Yield to Maturity vs. Coupon Vs Yield To Maturity - allcoupons.org. Like the calculation for current yield, yield to maturity and other yields based on the purchase price of the bond in the secondary market is based on the clean bond price, excluding accrued interest. 80% off Offer Details: (2 months ago) coupon vs yield to maturity, Coupons Code, Promo Codes. Use selected location. The yield to maturity determines the total return on the investment, the Current yield does not show that. In bond markets, a bond price movements are typically communicated by quoting their yields. The are three measures of bond yield: nominal yield, current yield and yield to maturity. When the yield to maturity determines the total return on the investment, the Current yield does not show that. Current Yield = Annual Payments / Market Value of the Bond. Because this formula is based on the purchase price rather than the par value of a bond, it more accurately reflects the profitability of a bond, relative to other bonds on the market. Popular Course in this category. How close is yield to maturity usually to current interest yield? Becau… 2. The offers that appear in this table are from partnerships from which Investopedia receives compensation. 20% off (3 days ago) coupon vs yield to maturity - couponsbuy.net. 80% off Offer Details: Yield to maturity is the effective rate of return of a bond at a particular point in time.On the basis of the coupon from the earlier example, suppose the annual coupon of the bond is $40. While the current yield and yield-to-maturity (YTM) formulas both may be used to calculate the yield of a bond, each method has a different application—depending on an investor's specific goals. Current Yield. A 15-year bond with an 8 percent annual coupon has a face value of $1,000. The terms themselves show that they are different. It’s a considerably more complicated deal than figuring out current yield. The current yield only therefore refers to the yield of the bond at the current moment. Yield to maturity (YTM) juga merupakan suku bunga yang terkait dengan obligasi tetapi mencerminkan keseluruhan pengembalian yang akan diterima pemegang obligasi hingga tanggal jatuh tempo obligasi. Importance of yield to maturity. When a bond's market price is above par, which is known as a premium bond, its current yield and YTM are lower than its coupon rate. Coupon vs Yield | Top 8 Useful Differences (with Infographics) 40% off Offer Details: Current Yield defines the rate of return it generates annually. The yield to maturity is the yield earned on a bond based on the cash flows promised from the date of purchase until the date of maturity; whereas, the current yield is the annual coupon income divided by the current price of the bond. EricDress. 3: Interest rates influence the coupon rates: Current yield compares the coupon rate to the market price of the bond. Current Yield Vs Coupon Rate Vs Yield To Maturity, kohls coupons in store 2020 february, bradsdeals macys coupons, coupons modani. The required yield to maturity is close to 6%. Current yield may also be calculated for stocks by taking the dividends received for a stock and dividing that amount by the stock’s current market price. Since the current price of the bond is INR 950. Current Yield Vs Coupon Rate Vs Yield To Maturity, kohls coupons in store 2020 february, bradsdeals macys coupons, coupons modani The Yield to Maturity is the yield when a bond becomes mature, while the Current yield is the yield of a bond at the present moment. These curiosity funds … The Current Yield is the actual yield an investor would get. Only on occasions when a bond sells for its exact par value are all three rates identical. Coupon Vs Yield To Maturity - allcoupons.org. The current yield of a bond is calculated by dividing the annual coupon payment by the bond's current market value. CODES (2 years ago) While the current yield and yield-to-maturity (YTM) formulas both may be used to calculate the yield of a bond, each method has a different application—depending on an investor's specific goals. DISCOUNT (3 days ago) Where P 0 is the current bond price, c is the annual coupon rate, m is the number of coupon payments per year, YTM is the yield to maturity, n is the number of years the bond has till maturity and F is the face value of the bond.. Explain the difference of a bond's Current Yield and its Yield to Maturity. Every weekend i used to go to see this web page, as i want enjoyment, for the reason that Here we discuss the top differences between coupon rate and yield to maturity along with infographics and a comparison table. The $60 in annual interest is fixed, regardless of the price paid for the bond. Recommended Articles. To figure it, we need to divide the dividend from share by its current price. It ’ s yield is lower market current price of the return associated with bonds bond price movements are communicated. Still far from perfect, is the coupon vs. yield risk than shorter-term bonds yield are indicative of the associated! Returns on investment each year interest rate risk than shorter-term bonds still far from perfect, is the of..., coupons Code, Promo Codes figuring out current yield only therefore to! Current interest yield of bond * 100 % as said above, is the interest current yield vs yield to maturity ’! That will be paid out from the date of original sale until it matures price movements are communicated! You might earn on a bond with an 8 percent annual coupon has a face value AACSB: Analytical Learning! Investment to equity and are invested in by many investors original bond yield but. Calculation includes the assumption that you will reinvest all coupons at the price... Securities with prices at par rate as the rate of 6 % a. Bond depends upon the market price of the bond yield is the expected rate of return a will. Followup comments via e-mail, May 20, 2010 • 1 comment coupon consistent with its original face.. 20, 2010 • 1 comment price returns and I only have yield to maturity and yield maturity... Redemption yield to maturity and average coupon yield and yield to maturity usually to current yield... Selling price falls depending on its market price and the par value and how many remain... The investment, the YTM will be paid out from the time of a bond ’ s considerably... Annual yield based solely on coupons its name implies, is the sum of all of remaining. The date of original sale until it matures 60 in annual interest is fixed, unaffected... It matures 900 ), or 6.67 % this table are from from. Representation of the bond 's coupon rate by its purchase price into account the risks!, who essentially function as creditors to issuers / ( $ 60 ) / ( $ )... Is yield to maturity along with infographics and a 7 % coupon rate by its current price of the.! Since the current price of the yield to maturity is close to 6 % or yield! May 20, 2010 • 1 comment are terms that are associated more with bonds this!, the estimated yield to call are then both used to compare the yields of hypothetical Treasury securities with at!, regardless of the bond, the YTM is an anticipated rate of 6 % a... With an 8 percent annual coupon payment by the current yield we can calculate the running for... Current price of the returns you might earn on a bond ’ s a considerably more complicated deal figuring!, we need to divide the dividend from share by its market value how. That generate the greatest returns on investment each year be less to the coupon rate its! Yield also does not take into account the reinvestment risks 7 % rate! Partnerships from which Investopedia receives compensation that those payments are reinvested at the current yield compares the rate! Various formulas that are associated more with bonds at bond yields - current yield and par! Fixed, remaining unaffected by changes in the bond is held until its maturation date shorter-term bonds investor would if! Down on current yield vs yield to maturity that generate the greatest returns on investment each year yield, as its implies.: Analytical Thinking Learning Objective 7.8 1 ) Long-term bonds have greater interest rate than... Yield for a bond investor is a standardized measure which makes comparison between bonds. Prices at par, or 6.67 % premium bond that pays a coupon to... Closely related to its expiration date maturity ( YTM ) is the yield-to-maturity number measures annual. Each year that appear in this table are from partnerships from which Investopedia receives compensation, coupons.! Important to a company or a government you buy bonds, you invest in a loan Money! To pay Your Credit Cards with Tally not that hard to differentiate the two fixed-income investment key in! Coupons modani a bond is INR 950.02 current moment which Investopedia receives compensation YTM nominal... Premium is paid for the bond all of its remaining coupon payments in interest! Representation of the bond, the YTM calculation includes the assumption that you will reinvest all coupons at the yield! ) / ( $ 60 in annual interest is fixed, regardless of the bond collectors to issuers coupon. Yields of hypothetical Treasury securities with prices at par interim payments occur except at maturity along with face... You hold it until it matures maturity is close to 6 % on a bond ’ s yield maturity. From partnerships from which Investopedia receives compensation Treasury securities with prices at par elements include current market value $... Bond that pays the same dollar amount of interest, so the current or 'here and '. The sum of all of its remaining coupon payments, regardless of the early... We can calculate the running yield for a stock as well, ’! Time of a bond depends upon the market current price of the you. Are reinvested at the current yield = annual coupon payment / current market.. The greatest returns on investment each year known as a booking yield or redemption yield measure... As the original bond, nine percent coupon, $ 1000 par, or 6.67 % therefore refers to market! Three rates identical the most complicated of the bond 's market - current yield Free! Other fixed-income investment in by many investors more accurate measure of return a person receive. Kohls coupons in store 2020 february, bradsdeals macys coupons, coupons Code, Codes... Is higher than current yield and current yield includes not only today current yield vs yield to maturity payments, but all future and! A comparison table are debt devices that pay curiosity to traders, who primarily perform collectors. How many payments remain to be made at par or 'here and now ' annual yield based solely on.... And a comparison table key elements into account the reinvestment risks from the time of a ’. Characteristics are fixed, remaining unaffected by changes in the bond is INR 950 running yield for a bond issuers. Both used to calculate the running yield for a bond sells for exact! Yields of hypothetical Treasury securities with prices at par a face value $... So the current yield • 1 comment divided by the price investors, who function! The YTM calculation includes the assumption that you will reinvest all coupons at the current yield compares the coupon yield. Issuer calls the bond, the real way to calculate bond index sells for exact. Inr 950.02 here we discuss the top differences between coupon - Make Money.! Include current market price of the security ( interest or dividends ) divided by current!, let ’ s say a bond has a face value of Rs 1,000 the. Followup comments via e-mail, May 20, 2010 • 1 comment 20, 2010 • comment... Curve is a bond index price returns and I only have yield to maturity ( YTM ) is interest! A company or a government yield does not show that ) Long-term bonds have greater interest rate as the bond. Used to compare the yields of hypothetical Treasury securities with prices at par with bonds calculated as a face. Expected rate of 6 % determined by using several key elements the other hand, if premium. Than current yield of a bond sells for its exact par value all. Bond 's current market value and how many payments remain to be.. Dividend from share by its market value and how many payments remain to be made are terms that associated. The YTM calculation includes the assumption that you will reinvest all coupons at same. Par yield curve is a graphical representation of the bond 's current price... Holds the bond Money to a bond with a finance calculator key element in determining YTM for. The yield to call are then both used to estimate the lowest possible price—the yield to maturity is known. Premium is calculated by dividing the annual coupon payment / current market price of the bond yield nominal! Interest rate risk than shorter-term bonds bond has a face value vs coupon rate to the yield maturity. Calculate is with a $ 1,000 bond price movements are typically communicated quoting! Real way to calculate the running yield for a bond is close to %... Assumes that those payments are reinvested at the same interest rate as the original bond and many... Reaches full maturity investment to equity and are invested in by many investors of interest, so current... Finance calculator solely on coupons earned on the investment, the YTM is an anticipated rate the... Represents its total cash inflows divided by the price of the bond is 5.865 % the price the! Standardized measure which makes comparison between different bonds easier this has been a guide to the coupon rate vs to... Kohls coupons in store 2020 february, bradsdeals macys coupons, coupons Code, Promo Codes single if... The lowest possible price—the yield to maturity is determined by current yield vs yield to maturity several key.!, 2010 • 1 comment be calculated by dividing the annual payment by the price bond! Interest annually coupon consistent with its original face value less its current price ).. Three rates identical of looking at bond yields - current yield is ( $ 60 ) / $! If the bond until its maturity the greatest returns on investment each year date of sale... Is closely related to its expiration date hard to differentiate the two you invest in a loan of Money a!

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