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I am trying to solve a FV problem on the BA-II Plus and am getting the wrong answer. My memory has been cleared, I am entering PV as a negative number, and P/Y set to 1.
Problem: PV=3,667.9645 I=8% N=4
I know the FV should be 4,990.2252 but the calculator keeps telling me it's 2,737.1692.
Please help!
Were you also clearing the financial memory with 2nd [CLR TVM], or just the storage memory? If you don't, it's going to keep using whatever value you last used for PMT.
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how about trying solve the issue, by starting backwards, since you know the price, the constant, payment,
or it is not possible to do the figures
either the N or i is wrong PMT could also be incorrect.
i was trying give you some ideas
try changing N or i by 1 digit see what happens.
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?
The 107,186.37 is what the future value would be if the interest per month is 0.58%, which is 6.96% per year. Try the following: 2nd [CLR TVM] 1 2 N 7 I/YR 1 0 0 0 0 0 PV CPT FV As for rounding, you can change the calculator display to any number of digits (up to a limit, of course) by pressing 2nd [FORMAT] and then a number specifying the number of desired digits after the decimal point or 9 for floating decimal.
2nd [CLR TVM] (clear old data)
6 2 5 PV (present value) 8 I/Y (annual interest) 1 2 8 4 +/- FV (future value) CPT N / 1 2 = (compute number of months, divide by 12 to get number of years)
It's giving you the correct answer for the problem you've input. When you specified 1 for n, you told it one month. If you specify more digits, you'll see that the answer is 1.00833333.
By default, the calculator works with annual interest rates but counts periods in months.
I get 6.085%. Make sure the fv and pmt are of opposite signs. You're either making annual payments and getting a lump sum back at the end, or receiving annual payments and then paying it all back in a lump at the end. Either way, the money is moving in opposite directions.
Okay, for some reason when I add PMT=0 it works...
You should consider asking an expert
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