N=1, I/Y=10, PV=-100, PMT=0 CPT FV=100.83333333333333 Clearly this is the wrong answer!! Please help!!!
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Somehow you pushed "2nd" then "I/y" then P/Y comes , then you made it P/Y=12
Now ?f you put those givens you will end with 100.83. However the correct answer is 110. Therefore you should fix it. Push 2nd then I/Y then made I/Y=1 then enter. Thats it. Now you will have correct answer.
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Let's see, 10% interest per year on $100 for one month. That's 10/12 of a percent interest on $100 is $0.83, added to $100 is $100.83 (with a bunch more 3s at the end). Clearly this is the correct answer.
What answer are you expecting? The future value at the end of one year instead of one month?
Testimonial: ":) Thank you.. I had to change my Periods per Year setting from 12 to 1 and that cleared my confusion. Got this from your solution on a past post. Keep up the good work Kakima! :)"
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