HP 12c User Manual page 42

42 Section 3: Basic Financial Functions
Example 2: You're opening a savings account today (the middle of the month)
with a $775 deposit. The account pays 6
If you make semimonthly deposits of $50 beginning next month, how long will it
take for your account to reach $4000 ?
Keystrokes
fCLEARG
6.25\24z¼
775Þ$
50ÞP
4000M
gÂ
n
2z
As in Example 1, it is likely that only 57 full deposits will be required, the next and
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 FV was zero.) The procedure is as follows:
File name: hp 12c_user's guide_English_HDPMBF12E44
Printered Date: 2005/7/29
1
/ % interest compounded semimonthly.
4
Display
0.26
Calculates and stores i.
–775.00
Stores PV (with minus sign for cash
paid out).
–50.00
Stores PMT (with minus sign for cash
paid out).
4,000.00
Stores FV.
4,000.00
Sets the payment mode to End.
58.00
Number of semimonthly deposits.
29.00
Number of months.
Page: 42 of 209
Dimension: 14.8 cm x 21 cm