Question about Texas Instruments BA-II Plus Calculator
I've just received my TI BAii Plus calculator this morning, and started to follow the instruction in the manual until I got this problem. It's about computing value in savings and computing present value (p.28 in the official manual).
This is the example 1 printed in that page: If you open the account with $5,000, how much will you have after 20 years? (with the given interest rate is 0.5% per year)
And the instruction :
20 [N] ---> N = 20
.5 [I/Y] ---> I/Y = 0.50
5000 [+/-] [PV] ---> PV = - 5,000.00
[CPT] [FV] ---> FV = 5,524.48
I did the same, and got the result : FV = 5,041.83. I didn't do anything differently from the instruction.
The 2nd example in that page is about computing present value: How much money must you deposit to have $10,000 in 20 years ? (the interest rate is still 0.5%/year)
And the instruction : 10000 [FV] ---> FV = 10,000.00
[CPT] [PV] ---> PV = -9,050.63
I followed that in my calculator, and I got PV = -9,917.03.
I tried hard reseting my calculator, but it still got the same mistake. Is that my calculator's fault ? What should I do ?
You have the payments-per-year set to 12. For this pair of problems, it needs to be set to 1.
Press 2nd [P/Y] 1 ENTER.
Posted on Nov 26, 2010
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