Savings calculations, Keys: display: description, Example: a savings account – HP 10B User Manual
Page 61
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I
000*00
[OOOOOO
nOQC*
taoooo
boooo.
jOOOOC
^ooocjj
The value in
PMT
should always be rounded lo two decimal
places when calculating
FU
'or
PVio
avoid small» accumula
tive discrepancies between non-rounded numbers and actual
(dollars and cents) payments. If the display is not set to two
decimal places» press BlDISPi 2.
Keys:
Display:
Description:
■ÍRÑDl ÍPMD
-861.65
Rounds payment lo two
decimal places, then
stores.
48®
48.00
Stores 4 year term (12 x
4) that you expect to own
house.
m
-70,725.90
Calculates loan balance
after 4 years.
í+lÍRCLlfmR
-71.587.55
Calculates total 4Slh
payment (/^A//’and
Fl'^
lo pay olTloan (money
paid out is negative).
Savings Calculations
Example: A Savings Account.
If you deposit $2»000 in a savings
account that pays 7.2% annual interest compounded annually, and make
no other deposits to the account, how long will it take for the account to
grow to $3,000?
58
5: Time Value of Money Calculations