Define outgoing Eddington-Finkelstein coordinates by . The radial Schwarzschild metric becomes
Outgoing radio rays have constant . Two nearby wave crests emitted at Alice's proper times and have separation . At Bob's fixed radius , and , where . Thus the exact local redshift is
Here the wavelength ratio equals the proper time period ratio in geometric optics. Equivalently, the phase gradient gives Alice's measured frequency and Bob's .
In the asymptotically distant-observer limit , this becomes . “Far away” is the approximation behind the printed formula; at finite the factor remains.

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