HP 10bII - Page 61

Since the calculated value of N is between 5 and 6, it will take six years of
annual compounding to achieve a balance of at ast $3,000. Calculate the
actual balance at the cnd of six years.
Gg
6.00
Sets
®
to
6
years.
[G3]
3,035.28
Calculates
amount
you
can withdraw
after
6
years.
Example: An Individual Retirement Account. You opened an
individual retirement account on April 14, 1995, with a deposit of $2,000.
$80.00 is deducted from your paycheck and you are paid twice a month.
The account pays 6.3% annual interest compounded semimonthly. How
much will be in the account on April 14, 2010?
FP?
VYR = 63%
N = 360 (15 years х 24 half-months)
P/YR «24
(Half-months periods)
DESENE к
РМТ = -80.00
PV = -2,000.00
Set to End mode. Press QE if BEGIN annunciator is displayed.
5: Time Value of Money Calculations 61