cancel
Showing results for 
Search instead for 
Did you mean: 
bjtcr5
New member
2 1 0 0
Message 1 of 4
559
Flag Post

I need help calculating a specific problem on this calculator.

HP Recommended
HP 10bII+ Financial Calculator

I need to know how to us the calculator to solve this specific problem.  I want to know how much money I will have if I deposit $100 in a fund every month for 40 years and I get 12% interest compounded monthly.  The answer should be $1,188,242. 

Also, if I invest $2,000 one time and I get 12% interest compounded monthly, and I invest it for 30 years how much money will I have.  I need to know the steps for calculating this problem also.  The answer for this problem should be $71,890

Thank you very much for your prompt attention.   My email address is [Personal Information Removed]

0 Kudos
3 REPLIES 3
Tim_Wessman
Level 8
Level 8
747 744 121 185
Message 2 of 4
Flag Post
HP Recommended

-

TW

Although I work for the HP calculator group as a head developer of the HP Prime, the views and opinions I post here are my own.
0 Kudos
bjtcr5
Author
New member
2 1 0 0
Message 3 of 4
Flag Post
HP Recommended

Your answer was of no help.  I looked through the whole Quick start and it did not tell me how to solve my problem.  Yes is is a basic problem, why does the book not tell me how to do it?  Please tell me how to solve my problem.

0 Kudos
Joe_Horn
Level 8
622 609 117 206
Message 4 of 4
Flag Post
HP Recommended

@bjtcr5 wrote:

I need to know how to us the calculator to solve this specific problem.  I want to know how much money I will have if I deposit $100 in a fund every month for 40 years and I get 12% interest compounded monthly.  The answer should be $1,188,242. 

Also, if I invest $2,000 one time and I get 12% interest compounded monthly, and I invest it for 30 years how much money will I have.  I need to know the steps for calculating this problem also.  The answer for this problem should be $71,890

Thank you very much for your prompt attention.   My email address is [Personal Information Removed]


First problem:

(1) [down-shift] [C] (C ALL) and watch the display as you press it.

(2) If 12 P_Yr was not displayed, press 12 [down-shift] [P/YR] (note: that's on the PMT key, not the N key).

(3) 100 [+/-] [PMT]

(4) 40 [down-shift] [N] (this executes *P/YR and stores 40 * 12 into N)

(5) 12 [I/YR]

(6) If the BEG annunciator is not lit, press [down-shift] [Beg/End]

(7) [FV] --> 1,188,242.02 (answer)

 

Second problem:

(1) [down-shift] [C] (C ALL) and watch the display as you press it.

(2) If 12 P_Yr was not displayed, press 12 [down-shift] [P/YR] (note: that's on the PMT key, not the N key).

(3) 2000 [+/-] [PV]

(4) 12 [I/YR]

(5) 30 [down-shift] [N] (this executes *P/YR and stores 30 * 12 into N)

(6) [FV] --> 71,899.28 (answer)

 

Especially important for proper use of your powerful tool are an understanding of what negative inputs and outputs mean, the difference between Begin Mode and End Mode, and the difference between the number of payments per year [P/YR], the number of payments [N], and the number of years (not stored anywhere, but is used as the input for the *P/YR function). For further information about these, please see your manual..

-Joe-
0 Kudos
† The opinions expressed above are the personal opinions of the authors, not of HP. By using this site, you accept the Terms of Use and Rules of Participation