Maximum voltage of an AM wave: VmaxMinimum voltage of an AM wave: VminAmplitude of the modulating signal is calculated as:Am=2Vmax−VminAmplitude of the carrier signal is calculated as:AC=2Vmax+VminThe modulation index or modulation factor m is defined as the ratio of the amplitude of the modulating signal to the amplitude of the carrier signal:m=ACAmSubstituting the expressions for Am and AC, the modulation index becomes:m=2Vmax+Vmin2Vmax−Vmin⇒m=Vmax+VminVmax−Vmin