I repeatedly get the wrong answer when I attempt to calculate present value on my calculator. I have one co-student who gets same answer as me, while others, on the same setting, with the same input, get a different answer.
The calculation is FV = 1000, N = 5, PMT = 50, I/YR = 6. The correct answer should be 958 (according to the given solution of the question), which is what others get with both their HP 10bll+ and Texas Instruments calculator. I get 970. The P/YR setting is set to 1 P_Yr, and I've tried at least 20 times now and always get the wrong answer.
My exam is this monday, and this is rather worrysome. What is wrong with my calculator?
I've seen similar posts here where people answer either "wrong P/YR setting" or "wrong input" but I have literally the same P/YR setting and same input as someone else with the exact same calculator and we get different answers.