HP HP12C hp 12c_user's guide_English_E_HDPMBF12E44.pdf - 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 61/4% interest compounded semimonthly. 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 g n 2z Display 0.26 -775.00 -50.00 4,000.00 4,000.00 58.00 29.00 Calculates and stores i. Stores PV (with minus sign for cash paid out). Stores PMT (with minus sign for cash paid out). Stores FV. Sets the payment mode to End. Number of semimonthly deposits. Number of months. 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 Page: 42 of 209 Dimension: 14.8 cm x 21 cm