Table of Contents
Advertisement
C<Jiculatlng the Number of
l?aymei!Ut~r>
(Example 3)
How long will it take to accumulate a savings
balance of $30,000 if you deposit $20 each
month at an annual interest rate of 6.5% com-
pounded monthly?
Operat1on
Display
Comments
0
SF
Set tile mode at
SF
COMP
~
BGN
SF
Set tile mode at
CJCJ
BGN
CJ(]g
Clear the data
0.
memor1es
30000EJ
Input tile future
30000.
value
Input tile
6.5G]iz00
0. 54 166666 6
interest rate
zo§)
Input tile amount
20.
of payment
00
408.4022
Number of
per1ods
G]120
34.03351667
Number of years
COMP
MODE:
END
SF
Cilange tile
CJCJ
mode to END
00
409.2922
Number of
per1ods
G]l20
34. I 0768333
Number of years
46
Calculating Interest Rates (Example 4)
What annual interest is necessary to yield a
$15,000 savings balance
if you deposit $50
each month over a period of fifteen years?
What interest rate would yield the same bal-
ance
if
$60 or $70 were deposited each
month over the same period?
FV
i
PMT
N
15000
?
50
15
X
12
15000
?
60
15
X
12
15000
?
70
15
X
12
47
Advertisement
Table of Contents
