209
FINANCIAL FUNCTIONS
[12 →Eff (]: Converts nominal interest rate to effective
interest rate.
Input method: →Eff (nominal interest rate, number of
settlements)
<Example 12>
What would the effective interest rate for monthly compound interest be with 8% as the
annual interest rate? How much would it be for half a year?
The TAB is set to “2”.
1.
¬
2.
Ï
FINANCE
B
1
2
8
,
12
)
®
Finds the monthly compound interest rate.
Ans: 8.3% for monthly compound interest rate
3.
Ï
FINANCE
B
1
2
8
,
2
)
®
Finds the compound interest rate for half a year.
Ans: 8.16% for compound interest rate for half a year
* Effective interest rate converts annual interest rate to monthly or quarterly (three months) or
semi-annually (six months) for compound interests. The nominal interest rate shows the annual
interest rate.
[13 days (]: Calculates days (the calculation range is 1950 to 2049).
Input method: days (start month. day year, end month. day year) or days (day
month. year, day month. year)
Years/months/days are entered using 2 digits. For example 1997 would be 97.
<Example 13>
Calculate number of days from September 1, 1997 to
December 31, 1999.
1.
¬
2.
Ï
FINANCE
B
1
3
9
.
0197
,
12
.
3199
)
®
Ans: 851 days
.
,
.
EL-9650-(08)EN (197-210) 8/1/00, 9:09 AM209
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