HP 10bII - Page 62

Keys: Display: Description:
Ges 24.00 Sets number of periods
per year.
@@@(@©@Э®ә -2,000.00 Stores initial deposit.
@QOwan
-80.00
Stores
regular
semimonthly
deposits.
(OTOT 6.30 Stores interest rate.
Gees 360.00 Stores number of
deposits.
(ЕУ)
52,975.60
Calculates
balance.
Example: An Annuity Account. You opt for an early retirement after a
successful business career. You have accumulated a savings of $400,000
that earns an average of 7% annual interest, compounded monthly. What
annuity (repetitive, uniform, withdrawal of funds) will you receive at the
beginning of each month if you wish that savings account to support you
for the next 50 years?
PMT =?
1 2 599 600
FV=0
VYR “7%
N = 600 (50 x12
PYR =12
PV = -400,000.00
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62 5: Time Value of Money Calculations