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HP HP-18C User Manual

HP HP-18C
226 pages
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Page #73 background image
Since
the
calculated value of N is
between
5
and
6,
it will
take
6 years
of
annual
compounding
to achieve a balance
of
at
least $3,000.
The
actual balance
at
the
end
of six years
can
be
calculated:
6
__
...
N=6.1313
F\}=3
..
1335.28
Stores 6 in N.
Calculates
the
balance
af-
ter six years.
Example: An Individual
Retirement
Account (IRA).
You
opened
an
IRA
on
April 15, 1985,
with
a
deposit
of
$2,000. Thereafter, you
deposit
$80.00
into
the
account
semimonthly
.
The
account
pays
8.
3%
annual
interest,
compounded
semimonthly
.
How
much
money
will
the
account
contain
on
April 15, 2000?
Figure
4ยท9.
An IRA
t 2
j
PMT
=-
80
PV
=-
2,000
I%YR
= 8.3
#PjY
= 2 x 12
N=
15x12
x 2
360
FV
= ?
.I>-
-::.:
c.n
N
o
o
o
4:
Time
Value
of
Money
71

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HP HP-18C Specifications

General IconGeneral
BrandHP
ModelHP-18C
CategoryPDA
LanguageEnglish

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