diff --git a/crates/hyperdrive-math/src/utils.rs b/crates/hyperdrive-math/src/utils.rs
index a62768be1..cc517315b 100644
--- a/crates/hyperdrive-math/src/utils.rs
+++ b/crates/hyperdrive-math/src/utils.rs
@@ -18,3 +18,39 @@ pub fn get_effective_share_reserves(
     }
     effective_share_reserves.into()
 }
+
+/// Calculates the bond reserves assuming that the pool has a given
+/// share reserves and fixed rate APR.
+///
+/// r = ((1 / p) - 1) / t = (1 - p) / (pt)
+/// p = ((u * z) / y) ** t
+///
+/// Arguments:
+///
+/// * effective_share_reserves : The pool's effective share reserves. The
+/// effective share reserves are a modified version of the share
+/// reserves used when pricing trades.
+/// * initial_share_price : The pool's initial share price.
+/// * apr : The pool's APR.
+/// * position_duration : The amount of time until maturity in seconds.
+/// * time_stretch : The time stretch parameter.
+///
+/// Returns:
+///
+/// * bond_reserves : The bond reserves (without adjustment) that make
+/// the pool have a specified APR.
+pub fn calculate_bonds_given_shares_and_rate(
+    effective_share_reserves: FixedPoint,
+    initial_share_price: FixedPoint,
+    apr: FixedPoint,
+    position_duration: FixedPoint,
+    time_stretch: FixedPoint,
+) -> FixedPoint {
+    let annualized_time = position_duration / FixedPoint::from(U256::from(60 * 60 * 24 * 365));
+    // mu * (z - zeta) * (1 + apr * t) ** (1 / tau)
+    return initial_share_price
+        .mul_down(effective_share_reserves)
+        .mul_down(
+            (fixed!(1e18) + apr.mul_down(annualized_time)).pow(fixed!(1e18).div_up(time_stretch)),
+        );
+}
diff --git a/crates/hyperdrive-math/tests/integration_tests.rs b/crates/hyperdrive-math/tests/integration_tests.rs
index 6aa341754..b2cd850a7 100644
--- a/crates/hyperdrive-math/tests/integration_tests.rs
+++ b/crates/hyperdrive-math/tests/integration_tests.rs
@@ -2,7 +2,10 @@ use ethers::types::U256;
 use eyre::Result;
 use fixed_point::FixedPoint;
 use fixed_point_macros::{fixed, uint256};
-use hyperdrive_wrappers::wrappers::i_hyperdrive::Checkpoint;
+use hyperdrive_math::{calculate_bonds_given_shares_and_rate, get_effective_share_reserves};
+use hyperdrive_wrappers::wrappers::{
+    erc4626_data_provider::GetPoolConfigCall, i_hyperdrive::Checkpoint,
+};
 use rand::{thread_rng, Rng, SeedableRng};
 use rand_chacha::ChaCha8Rng;
 use test_utils::{
@@ -227,3 +230,82 @@ pub async fn test_integration_get_max_long() -> Result<()> {
 
     Ok(())
 }
+
+#[tokio::test]
+pub async fn test_integration_calculate_bonds_given_shares_and_rate() -> Result<()> {
+    // Set up a random number generator. We use ChaCha8Rng with a randomly
+    // generated seed, which makes it easy to reproduce test failures given
+    // the seed.
+    let mut rng = {
+        let mut rng = thread_rng();
+        let seed = rng.gen();
+        ChaCha8Rng::seed_from_u64(seed)
+    };
+
+    // Initialize the test chain and agents.
+    let chain = TestChain::new(3).await?;
+    let mut alice = Agent::new(
+        chain.client(chain.accounts()[0].clone()).await?,
+        chain.addresses(),
+        None,
+    )
+    .await?;
+    let mut bob = Agent::new(
+        chain.client(chain.accounts()[1].clone()).await?,
+        chain.addresses(),
+        None,
+    )
+    .await?;
+    let mut celine = Agent::new(
+        chain.client(chain.accounts()[2].clone()).await?,
+        chain.addresses(),
+        None,
+    )
+    .await?;
+
+    for _ in 0..*FUZZ_RUNS {
+        // Snapshot the chain and run the preamble.
+        let id = chain.snapshot().await?;
+        let fixed_rate = fixed!(0.05e18);
+        preamble(&mut rng, &mut alice, &mut bob, &mut celine, fixed_rate).await?;
+
+        // Calculate the bond reserves that target the current rate with the current
+        // share reserves.
+        let state = alice.get_state().await?;
+        let effective_share_reserves = get_effective_share_reserves(
+            state.info.share_reserves.into(),
+            state.info.share_adjustment.into(),
+        );
+        let rust_reserves = calculate_bonds_given_shares_and_rate(
+            effective_share_reserves,
+            state.config.initial_share_price.into(),
+            state.get_spot_rate(),
+            state.config.position_duration.into(),
+            state.config.time_stretch.into(),
+        );
+
+        // Ensure that the calculated reserves are approximately equal
+        // to the starting reserves. These won't be exactly equal because
+        // compressing through "rate space" loses information.
+        let sol_reserves = state.info.bond_reserves.into();
+        let delta = if rust_reserves > sol_reserves {
+            rust_reserves - sol_reserves
+        } else {
+            sol_reserves - rust_reserves
+        };
+        assert!(
+            delta < fixed!(1e12), // Better than 1e-6 error.
+            "Invalid bond reserve calculation.rust_reserves={} != sol_reserves={} within 1e12",
+            rust_reserves,
+            sol_reserves
+        );
+
+        // Revert to the snapshot and reset the agent's wallets.
+        chain.revert(id).await?;
+        alice.reset(Default::default());
+        bob.reset(Default::default());
+        celine.reset(Default::default());
+    }
+
+    Ok(())
+}