HP 10bII - Savings Calculations

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?
fV -300000
VYR «7:296
N-?
PAR«1
1 23g 2d
Ne?
PMT=0
PV = -2,000.00
Since this account has no regular payments (PMT = 0), the payment
mode (End or Begin) is irrelevant.
Keys:
Display:
Description:
Qe 0.00 Clears all registers.
Фое 1.00 Sets P/YR to 1 since interest
is compounded annually.
@OOO2D ~2,000.00 Stores amount paid out for
first deposit.
[601070099] 3,000.00 Stores ће amount you wish
to accumulate.
DOA 7.20 Stores annual interest rate.
® 5.83 Calculates number of years it
takes to reach $3,000.
60 5: Time Value of Money Calculations