HP 0012C-90001 User Manual page 42

42 42 Section 3: Basic Financial Functions Section 3: Basic Financial Functions
42 42 Section 3: Section 3: Basic Financial Functions Basic Financial Functions
Example 2: You're opening a savings account today (the middle of the month) with Example 2: Example 2: Example 2:
a $775 deposit. The account pays 6
make semimonthly deposits of $50 beginning next month, how long will it take for
your account to reach $4000 ?
Keystrokes Keystrokes
Keystrokes Keystrokes
fCLEARG
6.25\24z¼
775Þ$
50ÞP
4000M
gÂ
w
2z
As in Example 1, it is likely that only 57
final deposit being less than $50. You can calculate this final, fractional, 58th
deposit as in Example 1, except that for this example you must subtract the original
FV
. (In Example 1, the original
1
/ % interest compounded semimonthly. If you
4
Display Display
Display Display
0.26
Calculates and stores
–775.00 Stores
paid out)
–50.00 Stores
paid out)
4,000.00
Stores
4,000.00
Sets the payment mode to End.
58.00
Number of semimonthly deposits.
29.00
Number of months.
full
deposits will be required, the next and
FV
was zero.) The procedure is as follows:
i.
PV (with minus sign for cash
.
PMT
(with minus sign for cash
.
FV.