HP 12c Platinum - Page 48

48 Savings
Example 2: Solving for payment amount.
For 8 years you wish to make weekly deposits in a savings account paying 5.5%
compounded quarterly. What amount must you deposit each week to accumulate $6000.
12c platinum / 12C
RPN Keystrokes
12c platinum
ALG Keystrokes
Display Comments
g× g×
fCLEARG fCLEARG
5.5\ 4n
4nz¼ 5.5z:n¼
1$M 1$M
52n¼ 52n¼
fCLEARG¼ fCLEARG¼
0.11
Equivalent periodic interest
rate.
8\52§n 8§52n
6000MP 6000MP
-11.49
Periodic payment.
Example 3: Solving for number of payment periods.
You can make weekly deposits of $10 in to an account paying 5.25% compounded daily
(365-day basis). How long will it take you to accumulate $1000?
12c platinum / 12C
RPN Keystrokes
12c platinum
ALG Keystrokes
Display Comments
g× g×
fCLEARG fCLEARG
5.25\ 365n
365nz¼ 5.25z:n¼
1$M 1$M
52n¼ 52n¼
fCLEARG¼ fCLEARG¼
0.10
Equivalent periodic interest
rate.
10ÞP 10ÞP
1000Mn 1000Mn
96.00
Weeks.