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Hp 17bII+ User's Guide English

Hp 17bII+ User's Guide English

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HP 17bII+ Financial Calculator

User’s guide























Edition 3
HP part number F2234-90001



File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
Notice

REGISTER YOUR PRODUCT AT: www.register.hp.com

THIS MANUAL AND ANY EXAMPLES CONTAINED HEREIN ARE
PROVIDED “AS IS” AND ARE SUBJECT TO CHANGE WITHOUT
NOTICE. HEWLETT-PACKARD COMPANY MAKES NO WARRANTY
OF ANY KIND WITH REGARD TO THIS MANUAL, INCLUDING,
BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF
MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A
PARTICULAR PURPOSE.

HEWLETT-PACKARD CO. SHALL NOT BE LIABLE FOR ANY ERRORS
OR FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES IN
CONNECTION WITH THE FURNISHING, PERFORMANCE, OR USE
OF THIS MANUAL OR THE EXAMPLES CONTAINED HEREIN.



©1987-1989,2003,2006,2007 Hewlett-Packard Development Company, L.P.
Reproduction, adaptation, or translation of this manual is prohibited without
prior written permission of Hewlett-Packard Company, except as allowed
under the copyright laws.



Hewlett-Packard Company
16399 West Bernardo Drive
MS 8-600
San Diego, CA 92127-1899
USA
Printing History
Edition 3 May 2007

Welcome to the HP 17bII+ 3
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Welcome to the HP 17bII+
The HP 17bII+ is part of Hewlett-Packard’s new generation of calculators:
„ The two-line display has space for messages, prompts, and labels.
„ Menus and messages show you options and guide you through problems.
„ Built-in applications solve these business and financial tasks:
„ Time Value of Money. For loans, savings, leasing, and amortization.
„ Interest Conversions. Between nominal and effective rates.
„ Cash Flows. Discounted cash flows for calculating net present value
and internal rate of return.
„ Bonds. Price or yield on any date. Annual or semi-annual coupons;
30/360 or actual/actual calendar.
„ Depreciation. Using methods of straight line, declining balance,
sum-of-the-years’ digits, and accelerated cost recovery system.
„ Business Percentages. Percent change, percent total, markup.
„ Currency Exchange. Exchange calculations between two currencies.
„ Statistics. Mean, correlation coefficient, linear estimates, and other
statistical calculations.
„ Clock. Time, date, and appointments.
„ Use the Solver for problems that aren’t built in: type an equation and then
solve for any unknown value. It’s easier than programming!
„ There are 28K bytes of memory to store data, lists, and equations.
„ You can print information using the HP 82240 Infrared Printer.
„ You can choose either ALG (Algebraic) or RPN (Reverse Polish Notation)
entry logic for your calculations.

4 Contents
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Contents
13 List of Examples
16 Important Information

1 17 Getting Started
17 Power On and Off; Continuous Memory
17 Adjusting the Display Contrast
18 Setting the Language
18 What You See in the Display
19 The Shift Key (
@
)
19 Backspacing and Clearing
21 Doing Arithmetic
22 Keying in Negative Numbers (
&
)
22 Using the Menu Keys
23 The MAIN Menu
25 Choosing Menus and Reading Menu Maps
27 Calculations Using Menus
28 Exiting Menus (
e
)
28 Clearing Values in Menus
29 Solving Your Own Equations (SOLVE)
30 Typing Words and Characters: the ALPHAbetic
Menu
31 Editing ALPHAbetic Text
32 Calculating the Answer (CALC)
34 Controlling the Display Format
34 Decimal Places
34 Internal Precision
34 Temporarily SHOWing ALL
35 Rounding a Number
35 Exchanging Periods and Commas in Numbers

Contents 5
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36 Error Messages
36 Modes
37 Calculator Memory (
@M
)

2 38 Arithmetic
38 The Calculator Line
38 Doing Calculations
39 Using Parentheses in Calculations
40 The Percent Key
40 The Mathematical Functions
41 The Power Function (Exponentiation)
42 The MATH Menu
43 Saving and Reusing Numbers
43 The History Stack of Numbers
44 Reusing the Last Result (
@L
)
45 Storing and Recalling Numbers
46 Doing Arithmetic Inside Registers and Variables
47 Scientific Notation
48 Range of Numbers

3 49 Percentage Calculations in Business
50 Using the BUS Menus
50 Examples Using the BUS Menus
50 Percent Change (%CHG)
51 Percent of Total (%TOTL)
51 Markup as a Percent of Cost (MU%C)
52 Markup as a Percent of Price (MU%P)
52 Sharing Variables Between Menus

4 54 Currency Exchange Calculation
54 The CURRX Menu
55 Selecting a Set of Currencies
57 Entering a Rate

6 Contents
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59 Converting between Two Currencies
59 Storing and Recalling Sets of Currencies
60 Clearing the Currency Variables

5 61 Time Value of Money
61 The TVM Menu
64 Cash Flow Diagrams and Signs of Numbers
66 Using the TVM Menu
67 Loan Calculations
71 Savings Calculations
74 Leasing Calculations
77 Amortization (AMRT)
78 Displaying an Amortization Schedule
82 Printing an Amortization Table

6 84 Interest Rate Conversions
85 The ICNV Menu
85 Converting Interest Rates
87 Compounding Periods Different from Payment Periods

7 91 Cash Flow Calculations
91 The CFLO Menu
92 Cash Flow Diagrams and Signs of Numbers
94 Creating a Cash-Flow List
95 Entering Cash Flows
97 Viewing and Correcting the List
98 Copying a Number from a List to the Calculator
Line
98 Naming and Renaming a Cash-Flow List
99 Starting or GETting Another List
99 Clearing a Cash-Flow List and Its Name
100 Cash-Flow Calculations: IRR, NPV, NUS, NFV
107 Doing Other Calculations with CFLO Data

Contents 7
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8 108 Bonds
108 The BOND Menu
110 Doing Bond Calculations

9 114 Depreciation
114 The DEPRC Menu
116 Doing Depreciation Calculations
116 DB, SOYD, and SL Methods
118 The ACRS Method
119 Partial-Year Depreciation

10 121 Running Total and Statistics
122 The SUM Menu
123 Creating a SUM List
123 Entering Numbers and Viewing the TOTAL
124 Viewing and Correcting the List
126 Copying a Number from a List to the Calculator
Line
126 Naming and Renaming a SUM List
127 Starting or GETting Another List
127 Clearing a SUM List and Its Name
127 Doing Statistical Calculations (CALC)
128 Calculations with One Variable
130 Calculations with Two Variables (FRCST)
133 Curve Fitting and Forecasting
138 Weighted Mean and Grouped Standard Deviation
139 Summation Statistics
140 Doing Other Calculations with SUM Data

11 141 Time, Appointments, and Date Arithmetic
141 Viewing the Time and Date

8 Contents
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142 The Time Menu
143 Setting the Time and Date (SET)
144 Changing the Time and Date Formats (SET)
144 Adjusting the Clock Setting (ADJST)
145 Appointments (APPT)
145 Viewing or Setting an Appointment (APT1-APT10)
147 Acknowledging an Appointment
148 Unacknowledged Appointments
148 Clearing Appointments
149 Date Arithmetic (CALC)
150 Determining the Day of the Week for Any Date
150 Calculating the Number of Days between Dates
151 Calculating Past or Future Dates

12 153 The Equation Solver
153 Solver Example : Sales Forecasts
156 The SOLVE Menu
157 Entering Equations
158 Calculating Using Solver Menus (CALC)
161 Editing an Equation (EDIT)
161 Naming an Equation
162 Finding an Equation in the Solver List
162 Shared Variables
162 Clearing Variables
163 Deleting Variables and Equations
164 Deleting One Equation or Its Variables (DELET)
164 Deleting All Equations or All Variables in the Solver
(
@c
)
164 Writing Equations
166 What Can Appear in an Equation
168 Solver Functions
174 Conditional Expressions with IF
176 The Summation Function (∑)
177 Accessing CFLO and SUM Lists from the Solver
178 Creating Menus for Multiple Equations
(S Function)

Contents 9
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179 How the Solver Works
180 Halting and Restarting the Numerical Search
181 Entering Guesses

13 184 Printing
185 The Printer’s Power Source
185 Double-Space Printing
185 Printing the Display(
P
)
186 Printing Other Information (
@p
)
186 Printing Variables, Lists, and Appointments (LIST)
188 Printing Descriptive Messages (MSG)
188 Trace Printing (TRACE)
189 How to Interrupt the Printer

14 190 Additional Examples
190 Loans
190 Simple Annual Interest
191 Yield of a Discounted (or Premium) Mortgage
193 Annual Percentage Rate for a Loan with Fees
195 Loan with an Odd (Partial) First Period
197 Canadian Mortgages
199 Advance Payments (Leasing)
200 Savings
200 Value of a Fund with Regular Withdrawals
202 Deposits Needed for a Child’s College Account
206 Value of a Tax-Free Account
208 Value of a Taxable Retirement Account
209 Modified Internal Rate of Return
213 Price of an Insurance Policy
215 Bonds
216 Discounted Notes
217 Statistics
217 Moving Average
219 Chi-Squared (χ
2
) Statistics

10 Contents
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A 222 Assistance, Batteries, Memory, and Service
222 Obtaining Help in Operating the Calculator
222 Answers to Common Questions
224 Power and Batteries
224 Low-Power Indications
225 Installing Batteries
227 Managing Calculator Memory
228 Resetting the Calculator
229 Erasing Continuous Memory
230 Clock Accuracy
230 Environmental Limits
230 Determining If the Calculator Requires Service
232 Confirming Calculator Operation: Self-Test
233 Warranty
234 Customer Support
237 Regulatory information
239 Noise Declaration


B 240 More About Calculations
240 IRR% Calculations
240 Possible Outcomes of Calculating IRR%
241 Halting and Restarting the IRR% Calculation
241 Storing a Guess for IRR%
242 Solver Calculations
242 Direct Solutions
244 Iterative Solutions
248 Equations Used by Built-in Menus
248 Actuarial Functions
249 Percentage Calculations in Business (BUS)
249 Time Value of Money (TVM)
249 Amortization
250 Interest Rate Conversions


Contents 11
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250 Cash-Flow Calculations
215 Bond Calculations
252 Depreciation Calculations
253 Sum and Statistics
253 Forecasting
254 Equations Used in (Chapter 14)
254 Canadian Mortgages
255 Odd-Period Calculations
255 Advance Payments
255 Modified Internal Rate of Return

C 256 Menu Maps

D 263 RPN: Summary
263 About RPN
263 About RPN on the HP 17bII+
264 Setting RPN Mode
265 Where the RPN Functions Are
266 Doing Calculations in RPN
266 Arithmetic Topics Affected by RPN Mode
266 Simple Arithmetic
268 Calculations with STO and RCL
268 Chain Calculations-No Parentheses!

E 270 RPN: The Stack
270 What the Stack Is
271 Reviewing the Stack (Roll Down)
271 Exchanging the X- and Y-Registers in the Stack
272 Arithmetic-How the Stack Does It
273 How ENTER Works
274 Clearing Numbers
275 The LAST X Register
275 Retrieving Numbers from LAST X

12 Contents
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275 Reusing Numbers
276 Chain Calculations
277 Exercises

F 278 RPN: Selected Examples

285 Error Messages

291 Index

List of Examples 13
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List of Examples
The following list groups the examples by category.

Getting Started
25 Using Menus
29 Using the Solver

Arithmetic
40 Calculating Simple Interest
178 Unit Conversions
190 Simple Interest at an Annual Rate
(RPN example on page 278)

General Business Calculations
50 Percent Change
51 Percent of Total
51 Markup as a Percent of Cost
52 Markup as a Percent of Price
53 Using Shared Variables
159 Return on Equity

Currency Exchange Calculations
57 Calculating an Exchange Rate
58 Storing an Exchange Rate
59 Converting between Hong Kong and U.S Dollars

Time Value of Money
67 A Car Loan
68 A Home Mortgage
69 A Mortgage with a Balloon Payment
71 A Savings Account

14 List of Examples
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72 An Individual Retirement Account
74 Calculating a Lease Payment
75 Present Value of a Lease with Advanced Payments
and Option to Buy
80 Displaying an Amortization Schedule for a Home
Mortgage
82 Printing an Amortization Schedule
172 Calculations for a Loan with an Odd First Period
191 Discounted Mortgage
193 APR for a Loan with Fees
(RPN example on page 278)
194 Loan from the Lender’s Point of View
(RPN example on page 279)
196 Loan with an Odd First Period
197 Loan with an Odd First Period Plus Balloon
198 Canadian Mortgage
200 Leasing with Advance Payments
200 A Fund with Regular Withdrawals
202 Savings for College (RPN example on page 280)
207 Tax-Free Account (RPN example on page 282)
208 Taxable Retirement Account
(RPN example on page 284)
214 Insurance Policy

Interest Rate Conversions
86 Converting from a Nominal to an Effective Interest
Rate
89 Balance of a Savings Account

Cash Flow Calculations
97 Entering Cash Flows
102 Calculating IRR and NPV of an Investment
104 An Investment with Grouped Cash Flows
105 An Investment with Quarterly Returns
210 Modified IRR

List of Examples 15
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Bonds and Notes
111 Price and Yield of a Bond
112 A Bond with a Call Feature
113 A Zero-Coupon Bond
215 Yield to Maturity and Yield to Call
217 Price and Yield of a Discounted Note

Depreciation
116 Declining-Balance Depreciation
118 ACRS Deductions
120 Partial-Year Depreciation

Running Total and Statistical Calculations
125 Updating a Checkbook
128 Mean, Median, and Standard Deviation
134 Curve Fitting
138 Weighted Mean
218 A Moving Average in Manufacturing
220 Expected Throws of a Die (
2
χ
)

Time, Alarms, and Date Arithmetic
144 Setting the Date and Time
148 Clearing and Setting an Appointment
151 Calculating the Number of Days between Two Dates
152 Determining a Future Date

How to Use the Equation Solver
159 Return on Equity
166 Sales Forecasts
172 Using a Solver Function (USPV)
175 Nested IF Functions
181 Using Guesses to Find a Solution Iteratively

Printing
189 Trace-Printing an Arithmetic Calculation

16 Important Information
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Important Information
„ Take the time to read chapter 1. It gives you an overview of how the
calculator works, and introduces terms and concepts that are used
throughout the manual. After reading chapter 1, you’ll be ready to
start using all of the calculator’s features.
„ You can choose either ALG (Algebraic) or RPN (Reverse Polish
Notation) mode for your calculations. Throughout the manual, the

v
“in the margin indicates that the examples or keystrokes must be
performed differently in RPN. Appendixes D, E, and F explain how to
use your calculator in RPN mode.
„ Match the problem you need to solve with the calculator’s capabilities
and read the related topic. You can locate information about the
calculator’s features using the table of contents, the subject index, the
list of examples, and the menu maps in appendix C (the bule-edged
pages).
„ Before doing any time-value-of-money or cash-flow problems, refer to
pages 64 and 92 to learn how the calculator uses positive and
negative numbers in financial calculations.
„ For a deeper treatment of specific types of calculations, refer to
chapter 14, “Additional Examples.” If you especially like learning by
example, this is a good reference spot for you.

1: Getting Started 17
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Getting Started
Watch for this symbol in the margin. It identifies examples
or keystrokes that are shown in ALG mode and must be
performed differently in RPN mode. Appendixes D, E, and F
explain how to use your calculator in RPN mode.

The mode affects only arithmetic calculations—all other operations,
including the Solver, work the same in RPN and ALG modes.


Power On and Off; Continuous Memory
To turn on the calculator, press
C
(clear) (note ON printed below
the key). To turn it off, press
@
and then
C
. This shifted function is
called
o
(note OFF printed above the key). Since the calculator has
Continuous Memory, turning it off does not affect the information you’ve
stored there.

To conserve energy, the calculator turns itself off after 10 minutes of no
use.

If you see the low battery symbol (

) at the top of the display, you
should replace the batteries as soon as possible. Follow the instructions
on page 224.

Adjusting the Display Contrast
The display’s brightness depends on lighting, your viewing angle, and
the display contrast setting. To change the display contrast, hold down
the
C
key and press
+
or
-
.
v

18 1: Getting Started
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Setting the Language
The calculator can display information in six different languages. The
language initially used by the calculator was preset at the factory. To
change the language:

1. Press the
@ >
.
2. Press to display the INTL menu, which stands for
"international".
3. Press the appropriate menu key to change the language.
Table 1-1. Keys for language
Key Description
German
English
Spanish
French
Italian
Portuguese

What You See in the Display
Menu Labels. The bottom line of the display shows the menu labels for
each of the six major menus (work areas) in the calculator. More about
these later in this chapter.

The Calculator Line. The calculator line is where you see numbers (or
letters) that you enter, and the results of calculations.

Annunciators. The symbols shown here are called annunciators.
Each one has a special significance.

1: Getting Started 19
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The Shift Key (
@
)
Some keys have a second, shifted function printed in color above the
key. The colored shift key accesses these operations. For example,
pressing and releasing
@
, then pressing
C
turns the calculator off.
This is written
@o
.

Pressing
@
turns on the shift annunciator ( ). This symbol stays on
until you press the next key. If you ever press
@
by mistake, just press
@

again to turn off the .

Backspacing and Clearing
The following keys erase typing mistakes, entire numbers, or even lists or
sets of data.

Shift (
@
) is
active.
(page 19)
Sending information
to the printer.
(page 184)
Alarm going off
(or past due).
(page 147)
Batteries low.
(page 224)
Calculator
line
Cursor
Menu labels for the MAIN menu.
To display the MAIN menu, press
@A
(that is, first
@
, then
e
).
Annunciators

20 1: Getting Started
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Table 1-2. Keys for Clearing
Key Description
<
Backspace; erases the character before the cursor.
C
Clear; clears the calculator line. (When the calculator
is off, this key turns the calculator on, but without
clearing anything.)
@c
This clears all information in the current work area
(menu). For example, it will erase all the numbers in
a list if you are currently viewing a list (SUM or
CFLO). In other menus (like TVM),
@c
clears
all of the values that have been stored. In SOLVE, it
can delete all equations.

The cursor (
P
) is visible while you are keying in a number or doing a
calculation. When the cursor is visible, pressing
<
deletes the last
character you keyed in. When the cursor is not visible, pressing
<

erases the last number.

Keys: Display: Description:
12345
<<
.66

J4¯¤¤P
Backspacing removes
the 4 and 5.
@t
ÞÞJ Calculates 1/123.66.
<
ÞÞÞ Clears the calculator
line.

In addition, there are more drastic clearing operations that erase more
information at once. Refer to “Resetting the Calculator” on page 228 in
appendix A.





1: Getting Started 21
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Doing Arithmetic

The “
v
” in the margin is a reminder that the example keystrokes are
for ALG mode.

This is a brief introduction to doing arithmetic. More information on
arithmetic is in chapter 2. Remember that you can erase errors by
pressing
<
or
C
.

To calculate 21.1 + 23.8:

Keys: Display: Description:
21.1
+
4JJÞ'
23.8 4JJÞ'4¯¤
=
¬¬>Þ
=
completes calculation.

Once a calculation has been completed, pressing another digit key
starts a new calculation. On the other hand, pressing an operator key
continues the calculation:

77.35
-
¯¯¯Þ¬ Calculates 77.35 – 90.89
90.89
=
¬J¯Þ¬
65
@v*
12
=


>¤¯Þ
New calculation:
65 x 12.
/
3.5
=
4¯¤¬ Calculates 96.75 ÷ 3.5.

You can also do long calculations without pressing
=
after each
intermediate calculation—just press it at the end. The operators perform
from left to right, in the order you enter them. Compare:
65 + 12 12
and 65 +
3.5 3.5

65
+
12
/

3.5
=


44ÞÞ
Operations occur in the
order you see them.

22 1: Getting Started
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65
+(
12
/

3.5
)=


¤¤¬¯
Use parentheses to impose
an order of calculation.

Keying in Negative Numbers (
&
)
The
&
key changes the sign of a number.

„ To key in a negative number, type that number, then press
&
.
„ To change the sign of an already displayed number (it must be the
rightmost number), press
&
.

Keys: Display: Description:
75
&
¬¯Þ Changes the sign of 75.
*
7.1
=
¬Þ¯4ÞÞ Multiplies -75 by 7.1.

Using the Menu Keys
The calculator usually displays a set of labels across the bottom of the
display. The set is called a menu because it presents you with choices.
The MAIN menu is the starting point for all other menus.
v

1: Getting Started 23
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The top row of keys is related to the labels along the bottom of the
display. The labels tell you what the keys do. The six keys are called
menu keys; the labels are called menu labels.

The MAIN Menu
The MAIN menu is a set of primary choices leading to other menu
options. No matter which menu you currently see, pressing
@A

redisplays the MAIN menu. The menu structure is hierarchical.

24 1: Getting Started
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Table 1-3. The MAIN Menu
Menu Label
Operations Done in
This Category
Covered in:
TVM: Time value of money:
loans, savings, leasing,
amortization.
Chapter 5
ICNV: Interest conversions. Chapter 6
CFLO: Lists of cash flows for
internal rate of return and
net present value.
Chapter 7
BOND: Yields and prices
for bonds.
Chapter 8

(Finance)
DEPRC: Depreciation using
SL, DB, and SOYD methods,
or ACRS.
Chapter 9

(Business Percentages)
Percent of total, percent
change, markup on cost,
markup on price.
Chapter 3

(Statistics)
Lists of numbers, running
total, mean, weighted
statistics, forecasting,
summation statistics, and
more.
Chapter 10

(Time Manager)
Clock, calendar,
appointments, date
arithmetic.
Chapter 11
'
(Equation Solver)
Creates customized menus
from your own equations for
calculations you do often.
Chapter 12
·
(Currency Exchange)
Converting any currency to
its equivalent in another
currency
Chapter 4


1: Getting Started 25
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Choosing Menus and Reading Menu Maps
Below is a menu map illustrating one possible path through three levels
of menus: from the MAIN menu to the BUS menu to the MU%C (markup
as a percent of cost) menu. There are no menus that branch from the
MU%C menu because the MU%C menu is a final destination—you
use it to do calculations, rather than to choose another menu.

FIN
%CHG
BUS
%TOTL
SUM
MU%C
TIME
MU%P
SOLVE CURRX
M%C PRICE COST
MAIN menu
BUS menu
MU%C menu
EXIT
EXIT MAIN


„ Press

to choose the BUS menu. Then press to choose
the MU%C menu.
„ Press
e
to return to the previous menu. Pressing
e
enough
times returns you to the MAIN menu.
„ Press
@A
to return to the MAIN menu directly.

When a menu has more than six labels, the label appears at the
far right. Use it to switch between sets of menu labels on the same
“level”.

Example: Using Menus. Refer to the menu map for MU%C (above)
along with this example. The example calculates the percent markup on
cost of a crate of oranges that a grocer buys for $4.10 and sells for
$4.60.
Step 1. Decide which menu you want to use. The MU%C (markup as
a percent of cost) menu is our destination. If it’s not obvious
to you which menu you need, look up the topic in the subject

26 1: Getting Started
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index and examine the menu maps in appendix C.
Displaying the MU%C menu:

Step 2. To display the MAIN menu, press
@A
. This step lets you
start from a known location on the menu map.
Step 3. Press to display the BUS menu.
Step 4. Press to display the MU%C menu.

Using the MU%C menu:

Step 5. Key in the cost and press to store 4.10 as the COST.

Step 6. Key in the price and press + to store 4.60 as the
PRICE.
Step 7. Press to calculate the markup as a percent of cost.
The answer:
0hllÞl¨'¯J44Þ
.

Step 8. To leave the MU%C menu, press
e
twice (once to get
back to the BUS menu, and again to get to the MAIN menu)
or
@A
(to go directly to the MAIN menu).


1: Getting Started 27
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Calculations Using Menus
Using menus to do calculations is easy. You don’t have to remember in
what order to enter numbers and in what order results come back.
Instead, the menus guide you, as in the previous example. All the keys
you need are together in the top row. The menu keys both store numbers
for the calculations and start the calculations.

The MU%C menu can calculate M%C, the percent markup on cost,
given COST and PRICE.

COST PRICE M%C
Calculator
Memory
Store 4.60
Store 4.10
Calculate 12.20
Keys: 4.60
Displ ay:
Keys: 4.10
Displ ay:
Keys:
Displ ay:


Then the same menu can calculate PRICE given COST and M%C.

COST PRICE M%C
Calculator
Memory
Store 20.00
Store 4.10
Calculate 4.92
Keys: 20
Display:
Keys: 4.10
Display:
Keys:
Display:

Notice that the two calculations use the same three variables; each
variable can be used both to store and calculate values. These are
called built-in variables, because they are permanently built into the
calculator.


28 1: Getting Started
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Many menus in this calculator work like the example above. The rules
for using variables are:

„ To store a value, key in the number and press the menu key.∗†
Arithmetic calculations, as well as single values, can be stored.
„ To calculate a value, press the menu key without first keying in a
number. The calculator displays
'hl'Þlh¯]h'~
when a value is
being calculated.
„ To verify a stored value, press
R
(recall) followed by the menu
key. For example,
R
displays the value stored in COST.
„ To transfer a value to another menu, do nothing if it is displayed
(that is, it is in the calculator line). A number in the calculator line
remains there when you switch menus. To transfer more than one
value from a menu, use storage registers. See page 45, “Storing and
Recalling Numbers.”

Exiting Menus (
e
)
The
e
key is used to leave the current menu and go back to the
previously displayed menu (as shown in the previous example). This is
true for menus you might pick by accident, too:
e
gets you out.

Clearing Values in Menus
The
@c
key is a powerful feature to clear all the data in the
currently displayed menu, giving you a clean slate for new calculations.

„ If the current menu has variables (that is, if the display shows menu
labels for variables, such as COST, PRICE, and M%C in the MU%C
menu), pressing
@c
clears the values of those variables to
zero.


*
If you have just switched menus and want to store the result already in the
calculator line, then you should press s before the menu key
† To store the same number into two different variables, use s for the second
variable, e.g. 25 +
s


1: Getting Started 29
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„ If the current menu has a list (SUM, CFLO, or Solver), pressing
@c
clears the values in the list.

To see what value is currently stored in a variable, press
R
menu
label.

Solving Your Own Equations (SOLVE)
This chapter has introduced some of the built-in menus the calculator
offers. But if the solution to a problem is not built into hp 17bII+ , you
can turn to the most versatile feature of all: the Equation Solver. Here
you define your own solution in terms of an equation. The Solver then
creates a menu to go with your equation, which you can use over and
over again, just like the other menus in the calculator.

The Solver is covered in chapter 12, but here is an introductory example.
Because equations usually use letters of the alphabet, this section also
explains how to type and edit letters and other characters that aren’t on
the keyboard.

Example:Using the Solver. Suppose you frequently buy carpet and
must calculate how much it will cost. The price is quoted to you per
square yard. Regardless of how you do the calculation (even if you do it
longhand), you are using an equation.



× ×
=
P/YD L W
COST
9



To type this equation into the Solver, use the ALPHA menu.

Price per
square yard
Length (feet)
Converts square feet to square yards
Width (feet)

30 1: Getting Started
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Typing Words and Characters: the ALPHAbetic Menu
The ALPHAbetic menu is automatically displayed when you need it to
type letters and characters. The ALPHA menu also includes characters
not found on the keyboard:

„ Uppercase letters.
„ Space.
„ Punctuation and special characters.
„ Non-English letters.

ABCDE FGHI JKLM
space
OTHER OTHER R S T U V
: < > # $ , . /
Alpha
menu
NOPQ RSTUV WXYZ
F G H I
&
! @
*
Letters,
space
OTHER
characters


To type a letter you need to press two keys; for example,
h
is produced
by the keystrokes + .

Each letter menu has an · key for accessing punctuation and
non-English characters. The letter menus with just four letters (for
example, FGHI) include a space character (

).

To familiarize yourself with the ALPHA menu, type in the equation for the
cost of carpeting. The necessary keystrokes are shown below. (Note the
access to the special character, “/”.) Use
<
, if necessary, to make
corrections. If you need to do further editing, refer to the next section,
“Editing ALPHAbetic Text.” When you’re satisfied that the equation is
correct, press
I
to enter the equation into memory.


1: Getting Started 31
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Keys Characters
@A
'


l

·

+
l´¨Þ
*

*

l´¨Þ×l×

/9=

l´¨Þ×l×l=>¯
+

l´¨Þ×l×l=>¯'Þ
+ +
l´¨Þ×l×l=>¯'Þ'¯
I
l´¨Þ×l×l=>¯'Þ'¯

Note that the
´
is just a character, part of the variable’s name. It is not
an operator, which ÷ is.

Editing ALPHAbetic Text
The companion to the ALPHA menu is the ALPHA-Edit menu. To display
the ALPHA-Edit menu, press in the SOLVE menu (or press
e

in the ALPHA menu).

DEL
ABCDE FGHI JKLM NOPQ RSTUV WXYZ
ALPHA
EXIT
EXIT


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Table 1-4. Alphabetic Editing
Operation Label or Key to Press
ALPHA-Edit Menu
Inserts character before the cursor. Any character.
Deletes character at the cursor.
Moves the cursor far left, one
display-width.


Moves the cursor left.

Moves the cursor right.

Moves the cursor far right, one
display-width.


Displays the ALPHA menu again. +

Keyboard

Backspaces and erases the character
before the cursor.
<

Clears the calculator line.
C


Calculating the Answer (CALC)
After an equation is input, pressing verifies it and creates a new,
customized menu to go with the equation.

Menu l abels for your variabl es

Each of the variables you typed into the equation now appears as a
menu label. You can store and calculate values in this menu the same
way you do in other menus.


1: Getting Started 33
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Calculate the cost of carpet needed to cover a 9’ by 12’ room. The
carpet costs $22.50 per square yard.

Starting from the MAIN menu (press
@A
):
Keys: Display: Description:
' l´¨Þ×l×l=>¯'Þ'¯ Displays the SOLVE menu
and the current equation.*
Displays the customized
menu for carpeting.
22.5
l´¨Þ

l´¨Þ¯44ÞÞ Stores the price per square
yard in P/YD.
12 l¯J4ÞÞ Stores the length in L.

9 l¯>ÞÞ Stores the width in W.

'Þ'¯¯4¯ÞÞÞ Calculates the cost to
cover a 9’ x 12’ room.


Now determine the most expensive carpet you can buy if the maximum
amount you can pay is $300. Notice that all you need to do is enter the
one value you are changing—there is no need to re-enter the other
values.

300 'Þ'¯¯¯ÞÞÞÞ Stores $300 in COST.


l´¨Þ

l´¨Þ¯4ÞÞÞ Calculates the maximum
price per square yard you
can pay.

ee
Exits Solver.



*
If you entered this equation but don’t see it now, press [ or ] until you do.

34 1: Getting Started
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Controlling the Display Format
The DSP menu (press
D
) gives you options for formatting numbers.
You can pick the number of decimal places to be displayed, and
whether to use a comma or a period to “punctuate” your numbers.


Decimal Places
To change the number of displayed decimal places, first press the
D

key. Then either:

„ Press , type the number of decimal places you want (from 0 to
11), and press
I
; or
„ Press to see a number as precisely as possible at any time
(12 digits maximum).

Internal Precision
Changing the number of displayed decimal places affects what you see,
but does not affect the internal representation of numbers. The internal
precision varies from calculation to calculation and can be between 12
and 31 digits depending on what is done. The number stored inside the
calculator always has 12 digits.

You see only these
digits in 2...
...but these digit s are
also present internal ly.


Temporarily SHOWing ALL
To temporarily see a number with full precision, press
@S
.This
shows you the ALL format for as long as you hold down
S
.

1: Getting Started 35
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Rounding a Number
The
@r
function rounds the number in the calculator line to the
number of displayed decimal places. Subsequent calculations use the
rounded value.

Starting with two displayed decimal places:

Keys: Display: Description:
5.787 Þ¯¤¯P
D

4
I


Þ¯¤¯Þ
Four decimal places are
displayed.
D
Þ¯¤¯ All significant digits;
trailing zeros dropped.
D

2
I


Þ¯>
Two decimal places are
displayed.
@S
(hold)

¯Þll ll¤']']Þh ]''
Þ¯¤¯
Temporarily shows full
precision.

@r
@S
(hold)

Þ¯>
Rounds the number to two
decimal places.


Exchanging Periods and Commas in Numbers
To exchange the periods and commas used for the decimal point and
digit separators in a number:
1. Press
D
to access the DSP (display) menu.
2. Specify the decimal point by pressing or . Pressing
sets a period as the decimal point and comma as the digit
separator (U.S. mode). (For example, 1,000,000.00.) Pressing
sets a comma as the decimal point and period as the digit
separator (non-U.S. mode). (For example, 1.000.000,00.)

36 1: Getting Started
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Error Messages
Sometimes the calculator cannot do what you “ask”, such as when you
press the wrong key or forget a number for a calculation. To help you
correct the situation, the calculator beeps and displays a message.
„ Press
C
or
<
to clear the error message.
„ Press any other key to clear the message and perform that key’s
function.
For more explanations, refer to the list of error messages just before the
subject index.

Modes
Beeper. Beeping occurs when a wrong key is pressed, when an error
occurs, and during alarms for appointments. You can suppress and
reactivate the beeper in the MODES menu as follows:

1. Press
@>
.
2. Pressing will simultaneously change and display the cur-
rent setting for the beeper:
„
¤¤¤l¤l

Þh
beeps for errors and appointments.
„
¤¤¤l¤l

Þh'

hll¯'

Þhl¨
beeps only for appointments.
„
¤¤¤l¤l

Þ¯¯
silences the beeper completely.
3. Press
e
when done.

Print. Press
@>
to specify whether or not the printer ac
adapter is in use. Then press
e
.
Double Space. Press
@>
to turn double-spaced printing
on or off. Then press
e
.
Algebraic. Press
@>
to select algebraic entry logic.
RPN. Press
@>
to select Reverse Polish Notation entry
logic.

1: Getting Started 37
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Language. Press
@>
to change the language.

Calculator Memory (
@M
)
The calculator stores many different types of information in its memory.
Each piece of information requires a certain amount of storage space.*
You can monitor the amount of available memory by pressing
@M
.

Number of bytes of
memory still free
Percentage of total
memory still free

The amount of memory available for storing information and working
problems is about 30,740 bytes. (Units of memory space are called
bytes.) The calculator gives you complete flexibility in how you use that
available memory (such as for lists of numbers or equations). Use as
much of the memory as you want for any task you want.

If you use nearly all of the calculator’s memory, you’ll encounter the
message
]h'Þ¯¯]']¤h¯

0¤0Þl¨
. To remedy this situation, you
must erase some previously stored information. Refer to “Managing
Calculator Memory” on page 227 in appendix A.

The calculator also allows you to erase at once all the information stored
inside it. This procedure is covered in “Erasing Continuous Memory” on
page 229.

*
Storing numbers in menus like TVM (non-Solver menus) does not use any of
your memory space.

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Arithmetic
If you prefer RPN to algebraic logic, please read appendix D before
you read this chapter. The “
v
“ in the margin is a reminder that the
example keystrokes are for ALG mode.

The Calculator Line
The calculator line is the part of the display where numbers appear and
calculations take place. Sometimes this line includes labels for results,
such as
¯Þ¯hl¯J4¬¤Þ
. Even in this case you can use the number
for a calculation. For example, pressing
+
2
=
would calculate
124.60 plus 2, and the calculator would display the answer, 126.60.

There is always a number in the calculator line, even though some-
times the calculator line is hidden by a message (such as
'¤l¤'¯

'Þ0lÞÞhÞ]h'
). To see the number in the calculator line, press
<
,
which removes the message.

Doing Calculations
Simple calculating was introduced in chapter 1, page 21. Often longer
calculations involve more than one operation. These are called chain
calculations because several operations are “chained” together. To do
a chain calculation, you don’t need to press
=
after each operation,
but only at the very end.
For instance, to calculate
750 12
360
×
you can type either:
750
*
12
=/
360
=
or
750
*
12
/
360
=

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2: Arithmetic 39
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In the second case, the
/
key acts like the
=
key by displaying the
result of 750 x 12.

Here’s a longer chain calculation.
456 - 75 68

18.5 1.9
×

This calculation can be written as: 456 − 75 ÷ 18.5 x 68 ÷ 1.9.
Watch what happens in the display as you key it in:

Keys: Display:
456
-
75
/
¯¤JÞÞ=
18.5
*
4ÞÞ>×
68
/
J·¬ÞÞ¬¯=
1.9
=
¯¯¯Þ¯

Using Parentheses in Calculations
Use parentheses when you want to postpone calculating an
intermediate result until you’ve entered more numbers. For example,
suppose you want to calculate:
30
x 9
85-12

If you were to key in 30
/
85
-
, the calculator would calculate the
intermediate result, 0.35. However, that’s not what you want. To de-
lay the division until you’ve subtracted 12 from 85, use parentheses:

Keys: Display: Description:
30
/(
85
-
¯ÞÞÞ='¤ÞÞÞ¬ No calculation is done.
12
)
¯ÞÞÞ=¯¯ÞÞ Calculates 85 − 12.
*
9 Þ¬J×> Calculates 30 / 73.
=
¯¯Þ Calculates 0.41x 9.

v

40 2: Arithmetic
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Note that you must include a
*
for multiplication; parentheses do not
imply multiplication.

The Percent Key
The
%
key has two functions:

Finding a Percentage. In most cases,
%
divides a number by 100.
The one exception is when a plus or minus sign precedes the number.
(See “Adding or Subtracting a Percentage,” below.)

For instance, 25
%
results in
Þ4Þ
.

To find 25% of 200, press: 200
*
25
%

=
. (Result is
ÞÞÞÞ
.)

Adding or Subtracting a Percentage. You can do this all in one
calculation:

For instance, to decrease 200 by 25%, just enter 200
-
25
%

=
.
(Result is
JÞÞÞÞ
.)

Example: Calculating Simple Interest. You borrow $1,250 from a
relative, and agree to repay the loan in a year with 7% simple interest.
How much money will you owe?
Keys: Display: Description:
1250
+
7
%
J·4ÞÞÞÞ'¤¯ÞÞ Interest on the loan is
$87.50.
=
J·¯¯¯ÞÞ You must repay this
amount at the end of one
year.

The Mathematical Functions
Some of the math functions appear on the keyboard; others are in the
MATH menu. Math functions act on the last number in the display.
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2: Arithmetic 41
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Table 2-1. Shifted Math Functions
Key Description
@t
reciprocal
@v
square root
@w
square

Keys: Display: Description:
4
@t
Þ4Þ Reciprocal of 4.
20
@v
¬¬¯ Calculates 20 .
+
47.2
*
ÞJ¤¯× Calculates 4.47 + 47.20.
1.1
@w
ÞJ¤¯×J4J Calculates 1.1
2
.
=
¤4Þ4 Completes calculation of
(4.47 + 47.2) x1.1
2
.

The Power Function (Exponentiation)
The power function,
u
, raises the preceding number to the power of
the following number.

Keys: Display: Description:
125
@u
3
=
J·>Þ¯·J4ÞÞÞ Calculates 125
3
.
125
@u
3
@t=


ÞÞÞ
Calculates the cube root of
125, which is the same as
(125)
1/3
.

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v
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v

42 2: Arithmetic
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The MATH Menu
To display the MATH menu, press
@m
(the shifted
%
key). Like the
other mathematics functions, these functions operate on only the last
number in the display.

Table 2-2. The MATH Menu Labels
Menu Label Description
Common (base 10) logarithm of a positive number.
Common (base 10) antilogarithm; calculates 10
x
.


Natural (base e) logarithm of a positive number.
Natural antilogarithm; calculates e
x
.


Factorial.


Inserts the value for π into the display.

Keys: Display: Description:
2.5
@m


¯J¤4¯
Calculates 10
2.5
.
4 4¬ÞÞ Calculates the factorial of 4.
e
Exits MATH menu.

You can access the MATH menu when another menu is displayed. For
instance, while using SUM you might want to use a MATH function. Just
press
@m
, then perform the calculation. Pressing
e
returns you
to SUM. The MATH result remains in the calculator line. Remember,
however, that you must exit MATH before you resume using SUM.


2: Arithmetic 43
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Saving and Reusing Numbers
Sometimes you might want to include the result of a previous calculation
in a new calculation. There are several ways to reuse numbers.

The History Stack of Numbers
When you start a new operation, the previous result moves out of the
display but is still accessible. Up to four lines of numbers are saved: one
in the display and three hidden. These lines make up the history stack.

"Invisi ble"
numbers
remaining from
previous results.

The
]
,
[
, and
@~
keys “roll” the history stack down or up one line,
bringing the hidden results back into the display. If you hold down
[
or
]
, the history stack wraps around on itself. However, you
cannot roll the history stack when an incomplete calculation is in the
display. Also, you cannot gain access to the stack while using lists
(SUM, CFLO) in ALG mode, or SOLVE in either ALG or RPN mode. All
numbers in the history stack are retained when you switch menus.

Pressing
@x
exchanges the contents of the bottom two lines of the
display.


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Pressing
@c
clears the history stack. Be careful if a menu is
active, because then
c
also erases the data associated with that
menu.

Keys: Display: Description:
75.55
-
32.63
=


¬4>4

150
/
7
=

4J¬¯
42.92 moves out of
display.

Now, suppose you want to multiply 42.92 x 11. Using the history stack
saves you time.
]
¬4>4 Moves 42.92 back to
calculator line.
*
11
=

¬¯4J4


Reusing the Last Result (
@L
)
The
@L
key copies the last result—that is, the number just above
the calculator line in the history stack—into a current calculation.
This lets you reuse a number without retyping it and also lets you break
up a complicated calculation.
+
+
39 8
123 17

Keys: Display: Description:
123
+
17
=
J¬ÞÞÞ Calculates 123 + 17.
@

v

JJ¤¯
Calculates 140 .
39
+
8
=/
@L


¬¯ÞÞ=JJ¤¯
Copies 11.83 to the
calculator line.
=
¯>¯ Completes the calculation.

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v

2: Arithmetic 45
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An equivalent keystroke sequence for this problem would be:
39
+
8
/

(
123
+
17
)

@v

=


Storing and Recalling Numbers
The
s
key copies a number from the calculator line into a
designated storage area, called a storage register. There are ten
storage registers in calculator memory, numbered 0 through 9. The
R
key recalls stored numbers back to the calculator line.

lf there is more than one number on the calculator line,
s
stores only
the last number in the display.

To store or recall a number:

1. Press
s
or
R
. (To cancel this step, press
<
.)
2. Key in the register number.

The following example uses two storage registers to do two calculations
that use some of the same numbers.
           
475.6 560.1 + 475.6
39.15 39.15

Keys: Display: Description:
475.6
s
1 ¬¯Þ¤Þ Stores 475.6 into register
1.
/
39.15
s
2

¬¯Þ¤Þ=¯>JÞ
Stores 39.15 (rightmost
number) into register 2.
=
J4JÞ Completes calculation.
560.1
+R
1

Þ¤ÞJÞ'¬¯Þ¤Þ
Recalls contents of register
1.
/R
2 J·Þ¯Þ¯Þ=¯>JÞ Recalls register 2.
=
4¤¬Þ Completes calculation.

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46 2: Arithmetic
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The
s
and
R
keys can also be used with variables. For example,
s

(in the MU%C menu) stores the rightmost number from the
display into the variable M%C.
R

copies the contents of
M%C into the calculator line. If there is an expression in the display
(such as
4'¬P
), then the recalled number replaces only the last
number.

You do not need to clear storage registers before using them. By storing
a number into a register, you overwrite whatever existed there before.

Doing Arithmetic Inside Registers and Variables
You can also do arithmetic inside storage registers.

Keys: Display: Description:
45.7
s
3
¬Þ¯Þ
Stores 45.7 in reg. 3.
2.5
s*
3
4ÞÞ
Multiplies contents of
register 3 by 2.5 and stores
result (114.25) back in
register 3.
R
3
JJ¬4Þ
Displays register 3.

Table 2-3. Arithmetic in Registers
Keys New Register Contents
s+
old register contents + displayed number
s-
old register contents – displayed number
s*
old register contents x displayed number
s/
old register contents ÷ displayed number
s@u
old register contents ^ displayed number

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2: Arithmetic 47
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You can also do arithmetic with the values stored in variables. For
example, 2
s*
(in the MU%C menu) multiplies the current
contents of M%C by 2 and stores the product in M%C.

Scientific Notation
Scientific notation is useful when working with very large or very small
numbers. Scientific notation shows a small number (less than 10) times
10 raised to a power. For example, the 1984 Gross National Product of
the United States was $3,662,800,000,000. In scientific notation, this is
3.6628 x10
12
. For very small numbers the decimal point is moved to the
right and 10 is raised to a negative power. For example, 0.00000752
can be written as 7.52 x 10
−6
.

When a calculation produces a result with more than 12 digits, the
number is automatically displayed in scientific notation, using a capital
E in place of “x10^”.

Remember that
&
changes the sign of the entire number, and not of
the exponent. Use
-
to make a negative exponent.

Type in the numbers 4.78 x 10
13
and −2.36 x 10
−15
.

Keys: Display: Description:
4.78
@\
13
¬¯¤¤J¯
Pressing
@\
starts the
exponent.
@c

ÞÞÞ
Clears number.
2.36
@\-
15

4¯¤¤¬JÞ
Pressing
-
before an
exponent makes it
negative.
&

¬4¯¤¤¬JÞ
Pressing
&
makes the
entire number negative.
@c
Clears number.


48 2: Arithmetic
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Range of Numbers
The largest positive and negative numbers available on the calculator
are ±9.99999999999 x 10
499
; the smallest positive and negative
numbers available are ±1 x 10
–499
.

3: Percentage Calculations in Business 49
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Percentage Calculations
in Business
The business percentages (BUS) menu is used to solve four types of
problems. Each type of problem has its own menu.
FIN
%CHG
BUS
%TOTL
SUM
MU%C
TIME
MU%P
SOLVE CURRX

Table 3-1. The Business Percentages (BUS) Menus
Menu Description
Percent change
( )
The difference between two numbers (OLD and
NEW), expressed as a percentage (%CH) of
OLD.
Percent of total
( ´ )
The portion that one number (PART) is of another
(TOTAL), expressed as a percentage (%T).
Markup on cost
( )
The difference between price (PRICE) and cost
(COST), expressed as a percentage of the cost
(M%C).
Markup on price
( )
The difference between price (PRICE) and cost
(COST), expressed as a percentage of the price
(M%P).


50 3: Percentage Calculations in Business
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The calculator retains the values of the BUS variables until you clear
them by pressing
@c
. For example, pressing
@c
while in
the %CHG menu clears OLD, NEW, and %CH.

To see what value is currently stored in a variable, press
R
menu
label. This shows you the value without recalculating it.

Using the BUS Menus

Each of the four BUS menus has three variables. You can calculate any
one of the three variables if you know the other two.

1. To display the %CHG, %TOTL, MU%C, or MU%P menu from the
MAIN menu, press

,
then the appropriate menu label. Pressing

,
for example, displays:

2. Store each value you know by keying in the number and pressing the
appropriate menu key.
3. Press the menu key for the value you want to calculate.

Examples Using the BUS Menus
Percent Change (%CHG)

Example. Total sales last year were $90,000. This year, sales were
$95,000. What is the percent change between last year’s sales and this
year’s?

Keys: Display: Description:
Displays %CHG menu.

3: Percentage Calculations in Business 51
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90000
ÞlÞ¯>Þ·ÞÞÞÞÞ
Stores 90,000 in OLD.
95000 h¤l¯>Þ·ÞÞÞÞÞ Stores 95,000 in NEW.
¨'hhh'¤¯ÞÞ¤ Calculates percent
change.


What would this year’s sales have to be to show a 12% increase from
last year? OLD remains 90,000, so you don’t have to key it in again.
Just enter %CH and ask for NEW.

12 ¨'hhh'¤¯J4ÞÞ Stores 12 in %CH.
h¤l¯JÞÞ·¤ÞÞÞÞ Calculates the value 12%
greater than 90,000.


Percent of Total (%TOTL)


Example. Total assets for your company are $67,584, The firm has
inventories of $23,457. What percentage of total assets is inventory?

You will be supplying values for TOTAL and PART and calculating %T.
This takes care of all three variables, so there is no need to use
c

to remove old data.

Keys: Display: Description:
´ Displays %TOTL menu.
67584 ¹ ¯Þ¯hl¯¤¯·Þ¤¬ÞÞ Stores $67,584 in TOTAL.
23457 lhl¯¯4¯·¬Þ¯ÞÞ Stores $23,457 in PART.
¨¯Þ¯hl¯¯¬¯J Calculates percent of total.

Markup as a Percent of Cost (MU%C)
Example. The standard markup on costume jewelry at Balkis’s Boutique
is 60%. The boutique just received a shipment of chokers costing
$19.00 each. What is the retail price per choker?


52 3: Percentage Calculations in Business
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Keys: Display: Description:
Displays MU%C menu.
19 'Þ'¯¯J>ÞÞ Stores cost in COST.
60 0hllÞl¨'¯¤ÞÞÞ Stores 60% in M%C.
+ ll]'¤¯¯Þ¬Þ Calculates price.


Markup as a Percent of Price (MU%P)
Example. Kilowatt Electronics purchases televisions for $225, with a
discount of 4%. The televisions are sold for $300. What is the markup
of the net cost as a percent of the selling price?

What is the markup as percent of price without the 4% discount?

Keys: Display: Description:
Displays MU%P menu.
225
-
4
%


'Þ'¯¯4J¤ÞÞ
Calculates and stores net
cost in COST.
300 + ll]'¤¯¯ÞÞÞÞ Stores 300 in PRICE.
0hllÞl¨l¯4¤ÞÞ Calculates markup as a
percent of price.

Use $225 for COST and leave PRICE alone.

225 'Þ'¯¯44ÞÞÞ Stores 225 in COST.
0hllÞl¨l¯4ÞÞÞ Calculates markup.

Sharing Variables Between Menus
If you compare the MU%C menu and the MU%P menus, you’ll see that
they have two menu labels in common — and +
.

v

3: Percentage Calculations in Business 53
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COST
COST
Shared variables
%CHG
PRICE
PRICE
%TOTL
M%C
M%P
MU%C MU%P

The calculator keeps track of the values you key in according to those
labels. For example, if you key in COST and PRICE in the MU%C menu,
exit to the BUS menu, and then display the MU%P menu, the calculator
retains those values. In other words, the variables are shared between
the two menus.
Example: Using Shared Variables. A food cooperative buys cases of
canned soup with an invoice cost of $9.60 per case. If the co-op
routinely uses a 15% markup on cost, for what price should it sell a case
of soup?
Keys: Display: Description:
Displays MU%C menu.
9.6 'Þ'¯¯>¤Þ Stores 9.60 in COST.
15 0hllÞl¨'¯JÞÞÞ Stores 15% in M%C.
+ ll]'¤¯JJÞ¬ Calculates retail price.
What is the markup on price? Switch menus but keep the same COST
and PRICE.
e
Exits MU%C menu and
displays MU%P menu.

0hllÞl¨l¯J¯Þ¬ Calculates markup as a
percent of price.

54 4: Currency Exchange Calculation
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Currency Exchange
Calculations
The CURRX menu does currency exchange calculations between two
currencies using an exchange rate that you calculate or store.


The CURRX Menu

BUS FIN SUM TIME SOLVE CURRX
SELCT US$ EUR RATE C.STO C.RCL


To display the currency exchange menu from the MAIN menu, press
· .

Currency #2 is EUR
(EURO Dollar)
Currency #1 is US$
(U.S Dollar)



4: Currency Exchange Calculation 55
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Table 4-1. The CURRX Menu
Menu Key Description
curr1 Current currency#1;stores or calculates the number of units
of this currency.
curr2 Currency currency#2;stores or calculates the number of
units of this currency.
Stores or calculates the exchange rate between the two
current currencies. The rate is expressed as the number of
units of currency #2 equivalent to 1 unit of currency #1.
·

Stores the current currency #1, currency #2, and RATE.
·

Recalls a previously stored pair of currencies and RATE.
´

Selects a new set of currencies.

Selecting a Set of Currencies
To select a pair of currencies:

1. Press ´

to display the menu of currencies. Press more, if
necessary, to see additional currencies ( see table 4-2 ).
2. Press a menu key to select currency #1.
3. Press a menu key to select currency #2. RATE is automatically reset to
1.0000.
4. Enter an exchange rate. There are two ways enter the RATE :

„ Calculate the rate from a known equivalency (see the
example ”Calculating an Exchange Rate,” page 57.). Calculating an
exchange rate is usually the easier way to enter a correct rate, since
the order in which you selected the two currencies doesn’t mater.
„ Store the exchange rate by keying in the value and pressing
(see “Storing an Exchange Rate” on page 58).

56 4: Currency Exchange Calculation
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Table 4-2. Currencies


United States
of America
(Dollars)
Austria,
Belgium,
Germany,
Spain,
Finland,
France,
Greece,
Ireland, Italy,
Luxembourg,
Netherlands,
Portugal,
Vatican City
(EURO)
Canada
(Dollars)
United Kingdom
(Pounds)

Switzerland
(Francs)
Israeli
(New Shekel)
Denmark
(Kroner)
Norway
(Kroner)
Sweden
(Kronor)

Russia
(Rouble)
South Africa
(Band)
Saudi Arabia
(Riyals)
Argentina Vanuatu
(Bolivar)
Brazil Peru

Bolivia Chile,
Colombia,
Mexico,
Philippines,
Uruguay
(Pesos)
Hong Kong
(Dollars)
Taiwan
(New Dollars)
China
(Yuan
Renminbi)
South Korea
(Won)



Japan
(Yen)
Australia
(Dollars)
Malaysia
(Ringgits)
New Zealand
(Dollars)
Indonesia
(Rupiahs)
¹ + ·
·
Singapore
(Dollars)
Thailand
(Baht)
India
(Rupee)
Pakistani
(Rupees)
Miscellaneous*
*
Use for currencies not shown in table


4: Currency Exchange Calculation 57
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Entering a Rate
The following two examples illustrate the two ways to enter an exchange
rate.

Example: Calculating an Exchange Rate. You have just flown from
Canada to United States, and you need to exchange your Canadian
Dollars for U.S Dollars. The conversion chart looks this :

United States Conversion Chart (in US$)
Currency Rate
Euro (EUR€) 1.0842
Canadian (CAN$) .6584
Hong Kong (HK$) .1282

The chart states these equivalencies:
*

1 EUR€ is equivalent to 1.0842 US$
1 CAN$ is equivalent to 0.6584 US$
1 HK$ is equivalent to 0.1282 US$
Part 1: Select the currencies, and calculate an exchange rate form them.
Keys: Display: Description:
· ¤h¯¤l h lh¯¤ Display the CURRX menu
´

'¤l¤'¯ 'Þll¤h'¨ 4 Select CAN$ as currency
#1
¤h¯¤l h lh¯¤ Select US$ as currency #2
1 'hh³¯JÞÞ Store number of CAN$

*
The chart is in terms of United States dollars. Many charts have two columns–a
“Buy” column and a “Sell” column. The “Buy” column is used for transactions
in which the “Bank” buys the listed currency from you in exchange for United
States dollars. Thus, if you arrive in United States with CAN$, the exchange
rate in the “Buy” column applies for buying US$ with your CAN$. The “Sell”
column applies for selling US$ in exchange for CAN$.

58 4: Currency Exchange Calculation
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0.6584 Þ'³¯Þ¤¤ Stores equivalent number
of US$
lh¯¤¯Þ¤¤ Calculates the RATE.

Part 2: The following keystrokes show that you can reverse the order in
which the two currencies are selected.
Keys: Display: Description:
´ '¤l¤'¯ 'Þll¤h'¨ 4 Select US$ as currency #1
¤h¯¤l h lh¯¤ Select CAN$ as currency
#2
1 'hh³¯JÞÞ Store number of CAN$
0.6584 Þ'³¯Þ¤¤ Stores equivalent number
of US$
lh¯¤¯JÞ4 Calculates the RATE.
(1 ÷ 0.6584 )

Example : Storing an Exchange Rate. If you choose to store the
exchange rate directly, you must select the currencies in the correct order,
since the RATE is defined as the number of units of currency #2
equivalent to one unit of currency#1

Use the United States conversion chart on page 57 to store an exchange
rate for converting between Hong Kong Dollars and U.S. Dollars.
Keys: Display: Description:
·
¤h¯¤l h lh¯¤ Display the CURRX menu
´




'¤l¤'¯ 'Þll¤h'¨ 4
Select HK$ as currency #1
¤h¯¤l h lh¯¤ Select US$ as currency #2
0.1282 lh¯¤¯ÞJ¯ Store the RATE


4: Currency Exchange Calculation 59
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Converting Between Two Currencies
Once the currencies are selected and a RATE has been entered, you can
convert any number of units of one currency to the other.

Example : Converting between Hong Kong and U.S Dollars.
Part 1: Use the exchange rate stored in the previous example to
calculate how many U.S dollars you would receive for 3,000 Hong
Kong Dollars.

Keys: Display: Description:
3000 hl³¯¯·ÞÞÞÞÞ Store number of HK$
Þ'³¯¯¤¬¤Þ Calculates equivalent US$

Part 2: A wool sweater in a shop window costs 75 US$. What is its cost
in HK$ Dollars?

Keys: Display: Description:
75 Þ'³¯¯ÞÞÞ Store number of US$
hl³¯Þ¤ÞÞ4 Calculates equivalent HK$

Storing and Recalling Sets of Currencies
Pressing · or · displays the C.STO/C.RCL menu, which is
used to store and recall sets of currencies and the rates. The menu can
store up to six sets of currencies. Initially, the menu contains six blank
labels.

Storing Sets of Currencies. To store the current set of currencies and the
rate, press. Then, press · any menu key to assign the set to that
key. For example, storing the currencies in the previous example stores
currency #1 = HK$, currency #2 = US$, and RATE = 0.1282. ( The
values US$ = 75 and HK$ = 585.02 are not stored.)


60 4: Currency Exchange Calculation
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Recalling Sets of Currencies. To recall a stored set of currencies and
their exchange rate, press · , followed by the appropriate menu
key. The hp 17bII+ automatically returns to the CURRX menu. The
equivalency message and menu labels show the recalled currencies and
RATE.

Clearing the Currency Variables
Pressing
@c
while the CURRX menu is displayed sets the RATE to
1.0000. The values of the two current currencies are cleared to 0.

5: Time Value of Money 61
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Time Value of Money
The phrase time value of money describes calculations based on money
earning interest over a period of time. The TVM menu performs
compound-interest calculations and calculates (and prints) amortization
schedules.
„ In compound interest calculations, interest is added to the principal at
specified compounding periods, thereby also earning interest.
Savings accounts, mortgages, and leases are compound-interest
calculations.
„ In simple interest calculations, the interest is a percent of the principal
and is repaid in one lump sum. Simple interest calculations can be
done using the
%
key (page 40). For an example that calculates
simple interest using an annual interest rate, see page 190.

The TVM Menu
FIN BUS SUM TIME
TVM
I%YR
BEG
N
P/YR
ICNV
PV
END
CFLO
PMT
BOND
FV
DEPRC
OTHER
AMRT
SOLVE CURRX


62 5: Time Value of Money
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The time value of money (TVM) menu does many compound-interest
calculations. Specifically, you can use the TVM menu for a series of cash
flows (money received or money paid) when:

„ The dollar amount is the same for each payment. *
„ The payments occur at regular intervals.
„ The payment periods coincide with the compounding periods.

Payment mode: the
end of each period
12 payments (or periods)
per year
To second l evel of TVM

Figure 5-1. The First Level of TVM

The first level of the TVM menu has five menu labels for variables plus
·. The · key accesses a second-level menu used to specify
payment conditions (the payment mode) and to call up the AMRT
(amortization) menu.


Figure 5-2. The Second Level of TVM

*
For situations where the amount of the payment varies, use the CFLO (cash
flows) menu.

5: Time Value of Money 63
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Table 5-1. TVM Menu Labels
Menu Label Description
First Level

Stores (or calculates) the total number of payments or
compounding periods.*† (For a 30-year loan with
monthly payments, N=12 x 30=360.)
@


Shortcut for N: Multiplies the number in the display by
P/YR, and stores the result in N. (If P/YR were 12, then
30
@

would set N=360.)


Stores (or calculates) the nominal annual interest rate
as a percentage.

Stores (or calculates) the present value—an initial cash
flow or a discounted value of a series of future cash
flows (PMTs + FV). To a lender or borrower, PV is the
amount of the loan; to an investor, PV is the initial
investment. If PV paid out, it is negative. PV always
occurs at the beginning of the first period.

Stores (or calculates) the dollar amount of each periodic
payment. All payments are equal, and no payments are
skipped. (If the payments are unequal, use CFLO, not
TVM.) Payments can occur at the beginning or end of
each period. If PMT represents money paid out, it is
negative.
Stores (or calculates) the future value—a final cash
flow or a compounded value of a series of previous
cash flows (PV + PMTs). FV always occurs at the end of
the last period. If FV is paid out, it is negative.
·

e




Second Level



Specifies the number of payments or compounding
periods per year.† (it must be an integer, 1 through
999.)
*
When a non-integer N (an “odd period”) is calculated, the answer must be
interpreted carefully. See the savings account example on page 71.
Calculations using a stored, non-integer N produce a mathematically
correct result, but this result has no simple interpretation. The example on
page 172 uses the Solver to do a partial-period (non-integer) calculation in
which interest begins to accrue prior to the beginning of the first regular
payment period.

The number of payment periods must equal the number of compounding periods. If
this is not true, see page 87. For Canadian mortgages, see page 197.

64 5: Time Value of Money
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Table 5-1. TVM Menu Labels (Continued)
Menu Label Description

Second Level (Continued)
Sets Begin mode: payments occur at the beginning of
each period. Typical for savings plans and leasing.
(The Begin and End modes do not matter if PMT=0.)


Sets End mode: payments occur at the end of each
period. Typical for loans and investments.


Accesses the amortization menu. See page 78.

The calculator retains the values of the TVM variables until you clear
them by pressing
@c
. When you see the first-level TVM menu,
pressing
@c
clears N, I%YR, PV, PMT, and FV.
When the second-level menu ( · ) is displayed, pressing
@c
resets the payment conditions to
J4

l´¨l

¤hÞ

0ÞÞ¤
.

To see what value is currently stored in a variable, press
R
menu
label. This shows you the value without recalculating it.

Cash Flow Diagrams and Signs of Numbers
It is helpful to illustrate TVM calculations with cash-flow diagrams.
Cash-flow diagrams are time lines divided into equal segments called
compounding (or payment) periods. Arrows show the occurrence of
cash flows (payments in or out). Money received is a positive number
(arrow up) and money paid out is a negative number (arrow down).

The correct sign (positive or negative) for TVM numbers is
essential. The calculations will make sense only if you
consistently show payments out as negative and payments in
Note

5: Time Value of Money 65
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(receipts) as positive. Perform a calculation from the point of view of
either the lender (investor) or the borrower, but not both!

1 2 3 4 5
PMT
Equal periods
Equal payments
(FV is
Future Value,
if any; e.g.
a balloon
payment)
Money re-
ceived is a
positive
number
Money paid out
is a negative
number
(Loan)

Figure 5-3. A Cash Flow Diagram for a Loan from Borrower’s
Point of View (End Mode)
1 2 3 4 5
Loan

Figure 5-4. A Cash Flow Diagram for a Loan from Lender’s
Point of View (End Mode)


66 5: Time Value of Money
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Payments occur at either the beginning of each period or the end of
each period. End mode is shown in the last two figures; Begin mode is
shown in the next figure.
1 2 3 4 5
Capitalized
value
of lease

Figure 5-5. Lease Payments Made at the Beginning of Each
Period (Begin Mode)

Using the TVM Menu
First draw a cash-flow diagram to match your problem. Then:

1. From the MAIN menu, press
.

2. To clear previous TVM values, press
@c
. (Note:You don’t
need to clear data if you enter new values for all five variables, or if
you want to retain previous values.)
3. Read the message that describes the number of payments per year
and the payment mode (Begin, End). If you need to change either of
these settings, press ·
.

„ To change the number of payments per year, key in the new value
and press . (If the number of payments is different from the
number of compounding periods, see “Compounding Periods
Different from Payment Periods,” page 87.)
„ To change the Begin/End mode, press or
„ Press
e
to return to the primary TVM menu.

5: Time Value of Money 67
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4. Store the values you know. (Enter each number and press its menu
key.)
5. To calculate a value, press the appropriate menu key.

You must give every variable—except the one you will calculate—a
value, even if that value is zero. For example, FV must be set to zero
when you are calculating the periodic payment (PMT) required to fully
pay back a loan. There are two ways to set values to zero:

„ Before storing any TVM values, press
@c
to clear the previous
TVM values.
„ Store zero; for example, pressing 0 sets FV to zero.

Loan Calculations
Three examples illustrate common loan calculations. (For amortization of
loan payments, see page 77.) Loan calculations typically use End mode
for payments.

Example:A Car Loan. You are financing the purchase of a new car with
a 3-year loan at 10.5% annual interest, compounded monthly. The
purchase price of the car is $7,250. Your down payment is $1,500.
What are your monthly payments? (Assume payments start one month
after purchase—in other words, at the end of the first period.) What
interest rate would reduce your monthly payment by $10?
1
2
35 36
3 12 X
0
10.5
12; End mode
7,250

_
1,500



68 5: Time Value of Money
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Keys: Display: Description:
Displays TVM menu.
@c
J4 l´¨l ¤hÞ 0ÞÞ¤ Clears history stack and
TVM variables.
·
@c
e



J4 l´¨l ¤hÞ 0ÞÞ¤
If needed: sets 12
payment periods per year;
End mode.
3
*

12


h¯¯¤ÞÞ
Figures and stores number
of payments.
10.5 ]¨¨l¯JÞÞÞ Stores annual interest rate.
7250
-

1500


l'¯Þ·¯ÞÞÞÞ
Stores amount of the loan.
l0¯¯¬J¤¤¤> Calculates payment.
Negative value means
money to be paid out.


To calculate the interest rate that reduces the payment by $10, add 10
to reduce the negative PMT value.

+
10 l0¯¯¬J¯¤¤> Stores the reduced
payment amount.

]¨¨l¯¤¯Þ Calculates the annual
interest rate.


Example: A Home Mortgage. After careful consideration of your
personal finances, you’ve decided that the maximum monthly mortgage
payment you can afford is $630. You can make a $12,000 down
payment, and annual interest rates are currently 11.5%. If you take out
a 30-year mortgage, what is the maximum purchase price you can
afford?
v
v
v

5: Time Value of Money 69
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1 2 359 360
_
630
?
30 12 X
0
11.5
12; End mode

Keys: Display: Description:
Display TVM menu.
@c

J4 l´¨l ¤hÞ 0ÞÞ¤ Clears history stack and
TVM variables.
·
@c
e


J4 l´¨l ¤hÞ 0ÞÞ¤
If needed: sets 12 payment
periods per year; End
mode.
30
@
h¯¯¤ÞÞÞ Pressing
@
first multiplies
30 by 12, then stores this
number of payments in N.
11.5 ]¨¨l¯JJÞÞ Stores annual interest rate.
630
&



l0¯¯¬¤¯ÞÞÞ
Stores a negative monthly
payment.

l'¯¤¯·¤J¯¤¬ Calculates loan amount.

+
12000
=
¯Þ·¤J¯¤¬
Calculates total price of the
house (loan plus down
payment).


Example: A Mortgage with a Balloon Payment. You’ve taken out a
25-year, $75,250 mortgage at 13.8% annual interest. You anticipate
that you will own the house for four years and then sell it, repaying the
loan in a “balloon payment.” What will be the size of your balloon
payment?
v

70 5: Time Value of Money
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
1 2 47 48
Balloon.
4 12 X
13.8
12; End mode
75,250

The problem is done in two steps:

1. Calculate the monthly payment without the balloon (FV=0).
2. Calculate the balloon payment after 4 years.

Keys: Display: Description:
Display TVM menu.
@c

J4 l´¨l ¤hÞ 0ÞÞ¤ Clears history stack and
TVM variables.
·
@c
e


J4 l´¨l ¤hÞ 0ÞÞ¤
If needed: sets 12 payment
periods per year; End
mode.

Step 1. Calculate PMT for the mortgage.

25
@


h¯¯ÞÞÞÞ Figures and stores the
number of monthly
payments in 25 years.
13.8 ]¨¨l¯J¯¤Þ Stores annual interest rate.
75250 l'¯¯Þ·4ÞÞÞÞ Stores amount of the loan.
l0¯¯¬¤>¬¯¯ Calculates monthly
payment.

5: Time Value of Money 71
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Step 2. Calculate the balloon payment after 4 years.

894.33
&



l0¯¯¬¤>¬¯¯
Stores rounded PMT value
for exact payment amount
(no fractional cents).*
4
@


h¯¬¤ÞÞ Figures and stores number
of payments in 4 years.
l'¯¬¯¯·¬Þ¤¤J Calculates balloon payment
after four years. This
amount plus last monthly
payment repays the loan.

Savings Calculations
Example: A Savings Account. You deposit $2,000 into a savings
account that pays 7.2% annual interest, compounded annually. If you
make no other deposits into the account, how long will it take for the
account to grow to $3,000? Since this account has no regular payments
(PMT=0), the payment mode (End or Begin) is irrelevant.
3,000
_
2,000
0
7.2
1



*
The PMT stored in the previous step is the 12-digit number—894.330557971.
The calculation of the balloon payment must use the actual monthly payment
amount: the rounded number $894.33, an exact dollars-and-cents amount.

72 5: Time Value of Money
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Keys: Display: Description:
Displays TVM menu.
@c

J4 l´¨l ¤hÞ 0ÞÞ¤ Clears history stack and
TVM variables.
·
1

e



J l´¨l ¤hÞ 0ÞÞ¤
Sets one compounding
per./yr. (one interest
pmt./yr.). Payment mode
does not matter.
7.2 ]¨¨l¯¯4Þ Stores annual interest rate.
2000
&
l'¯¬4·ÞÞÞÞÞ Stores amount of deposit.
3000 ¯'¯¯·ÞÞÞÞÞ Stores future account
balance in FV.


h¯Þ¤¯
Calculates number of
compounding periods
(years) for the account to
reach $3,000.

There is no conventional way to interpret results based on a non-integer
value (5.83) of N. Since the calculated value of N is between 5 and 6,
it will take 6 years of annual compounding to achieve a balance of at
least $3,000. The actual balance at the end of 6 years can be
calculated as follows:

6 h¯¤ÞÞ Stores a whole number of
years in N.
¯'¯¯·Þ¯Þ4¤ Calculates account balance
after six years.

Example: An Individual Retirement Account (IRA). You opened an IRA
on April 15, 2003, with a deposit of $2,000. Thereafter, you deposit
$80.00 into the account at the end of each half-month. The account
pays 8.3% annual interest, compounded semimonthly. How much
money will the account contain on April 15, 2018?

5: Time Value of Money 73
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1 2 359 360
_
80
_
2,000
4
/
1
5
/
2
0
1
8
4
/
1
5
/
2
0
0
3
8.3
2 12; End mode X
15 12 2 X X


Keys: Display: Description:
Displays TVM menu. It is not
necessary to clear data
because you do not need to
set any of the values to
zero.
·
24

e



4¬ l´¨l ¤hÞ 0ÞÞ¤
Sets 24 payment periods
per year. End mode.
15
@
h¯¯¤ÞÞÞ Figures and stores number
of deposits in N.
8.3 ]¨¨l¯¤¯Þ Stores annual interest rate.
2000
&
l'¯¬4·ÞÞÞÞÞ Stores initial deposit.
80
&
l0¯¯¬¤ÞÞÞ Stores semimonthly
payment.
¯'¯¤¯·>¤¯¤¬ Calculates balance in IRA
after 15 years.



74 5: Time Value of Money
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Leasing Calculations
Two common leasing calculations are 1) finding the lease payment
necessary to achieve a specified yield, and 2) finding the present value
(capitalized value) of a lease. Leasing calculations typically use
“advance payments”. For the calculator, this means Begin mode
because all payments will be made at the beginning of the period. If
there are two payments in advance, then one payment must be
combined with the present value. For examples with two or more
advance payments, see pages 74 and 199.

Example: Calculating a Lease Payment. A new car valued at $13,500
is to be leased for 3 years. The lessee has the option to purchase the car
for $7,500 at the end of the leasing period. What monthly payments,
with one payment in advance, are necessary to yield the lessor 14%
annually? Calculate the payments from the lessor’s point of view. Use
Begin payment mode because the first payment is due at the inception
of the lease.

1 3 2 34 35 36
_
13,500
7,500
14
12; Begin mode
36

Keys: Display: Description:
Displays TVM menu.
·
12

e



J4 l´¨l ¤¤']h
0ÞÞ¤
Sets 12 payment periods
per year, Begin mode.
36 h¯¯¤ÞÞ Stores number of payments.

5: Time Value of Money 75
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14 ]¨¨l¯J¬ÞÞ Stores annual interest rate.
13500
&



l'¯¬J¯·ÞÞÞÞÞ
Stores car’s value in PV.
(Money paid out by lessor.)
7500 ¯'¯¯·ÞÞÞÞÞ Stores purchase option
value in FV. (Money
received by lessor.)
l0¯¯4¤>J> Calculates monthly payment
received.

Example: Present Value of a Lease with Advance Payments and
Option to Buy. Your company is leasing a machine for 4 years.
Monthly payments are $2,400 with two payments in advance. You
have an option to buy the machine for $15,000 at the end of the
leasing period. What is the capitalized value of the lease? The interest
rate you pay to borrow funds is 18%, compounded monthly.

1 3 2 44 45 46 47 48
_
15,000
-4,800
2
_
2,400
18
12; Begin mode
47

The problem is done in four steps:

1. Calculate the present value of 47 monthly payments in Begin mode.
(Begin mode makes the first payment an advance payment.)
2. Add one additional payment to the calculated present value. This
adds a second advance payment to the beginning of the leasing
period, replacing what would have been the final (48th) payment.
3. Find the present value of the buy option.
4. Add the present values calculated in steps 2 and 3.


76 5: Time Value of Money
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Keys: Display: Description:
Displays TVM menu.
@c

J4 l´¨l ¤hÞ 0ÞÞ¤ Clears history stack and
TVM variables.
·
12

e



J4 l´¨l ¤¤']h
0ÞÞ¤
Sets 12 payment periods
per year; Begin mode.

Step 1: Find the present value of the monthly payments.

47 h¯¬¯ÞÞ Stores number of payments.
18 ]¨¨l¯J¤ÞÞ Stores annual interest rate.
2400
&
l0¯¯¬4·¬ÞÞÞÞ Stores monthly payment.
l'¯¤J·¯¯ÞÞ¤ Calculates present
(capitalized) value of the 47
monthly payments.

Step 2: Add the additional advance payment to PV. Store the answer.

+
2400

=
¤¬·J¯ÞÞ¤ Calculates present value of
all payments.
s
0 ¤¬·J¯ÞÞ¤ Stores result in register 0.

Step 3: Find the present value of the buy option.

48 h¯¬¤ÞÞ Stores number of payment
periods.
15000
&


¯'¯¬JÞ·ÞÞÞÞÞ
Stores amount of the buy
option (money paid out).
0 l0¯¯ÞÞÞ There are no payments.
v

5: Time Value of Money 77
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l'¯¯·¯¬Þ¬¯ Calculates present value
of the buy option.

Step 4: Add the results of step 2 and 3.

+R
0

=
>J·¬¯¤ÞÞ Calculates present,
capitalized value of lease.

Amortization (AMRT)
The AMRT menu (press · ) displays or prints the
following values:

„ The loan balance after the payment(s) are made.
„ The amount of the payment(s) applied toward interest.
„ The amount of the payment(s) applied toward principal.

TVM
I%YR
INT
BEG
N
#P
P/YR
PV
PRIN
END
PMT
BAL
FV
NEXT
OTHER
TABLE
AMRT










v

78 5: Time Value of Money
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Table 5-2. AMRT Menu Labels
Menu
Label
Description

Stores the number of payments to be amortized, and
calculates an amortization schedule for that many
payments. Successive schedules start where the last
schedule left off. #P can be an integer from 1 through
1,200.
Displays the amount of the payments applied toward
interest.
Displays the amount of the payments applied toward
principal.
Displays the balance of the loan.
Calculates the next amortization schedule, which
contains #P payments. The next set of payments starts
where the previous set left off.
¹ Displays a menu for printing an amortization table
(schedule).

Displaying an Amortization Schedule
For amortization calculations, you need to know PV, I%YR, and PMT. If
you have just finished doing these calculations with the TVM menu, then
skip to step 3.

To calculate and display an amortization schedule:*

1. Press to display the TVM menu.


2. Store the values for I%YR , PV, and PMT. (Press
&
to make PMT a

*
Amortization calculations use values of PV, PMT, and INT rounded to the
number of decimal places specified by the current display setting. A setting of
2 means that these calculations will be rounded to two decimal places.

5: Time Value of Money 79
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negative number.) If you need to calculate one of these values, follow
the instructions under “Using the TVM Menu,” on page 66. Then go
on to step 3.
3. Press · to display the rest of the TVM menu.
4. If necessary, change the number of payment periods per year stored
in
.

5. If necessary, change the payment mode by pressing
¤¤'
or
¤hÞ
.
(Most loan calculations use End mode.)
6. Press
.
(If you want to print the amortization schedule, go to
page 82 to continue.)
7. Key in the number of payments to be amortized at one time and press
. For example, to see a year of monthly payments at one time,
set #P to 12. To amortize the entire life of a loan at one time, set #P
equal to the total number of payments (N).
If #P = 12, the display would show:

Current set of
payments to be amortized
Number of payments
amortized at one time
Press to see results


8.To display the results, press,

, and (or press
]

to view the results from the stack).
9. To continue calculating the schedule for subsequent payments, do a
or b. To start the schedule over, do c.
a. To calculate the next successive amortization schedule, with the
same number of payments, press .

80 5: Time Value of Money
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
Next set of
payments authorized
successive

b. To calculate a subsequent schedule with a different number of
payments, key in that number and press .
c. To start over from payment #1 (using the same loan information),
press
@c
and proceed from step 7.

Example: Displaying an Amortization Schedule. To purchase your
new home, you have taken out a 30-year, $65,000 mortgage at 12.5%
annual interest. Your monthly payment is $693.72. Calculate the
amount of the first year’s and second year’s payments that are applied
toward principal and interest.

Then calculate the loan balance after 42 payments (3½ years).

Keys: Display: Description:
Displays TVM menu.
12.5 ]¨¨l¯J4ÞÞ Stores annual interest
rate.
65000 l'¯¤Þ·ÞÞÞÞÞ Stores loan amount.
693.72
&



l0¯¯¬¤>¯¯4
Stores monthly
payment.
·

@c


J4 l´¨l ¤hÞ 0ÞÞ¤
If needed: sets 12
payment periods per
year; End mode.
l¤¨ *l0¯'· ll¤''
´*l`
Displays AMRT menu.

5: Time Value of Money 81
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12 *l¯J4 l0¯'' J¬J4 Calculates amortization
schedule for first 12
payments, but does not
display it.
]h¯¤l¤'¯¯¬¤·JJ¯J¤ Displays interest paid in
first year.
ll]h']lhl¯¬4JJ¬¤ Displays principal paid
in first year.
¤hlhh'¤¯¤¬·¯¤¤Þ4 Displays balance at end
of first year.
*l¯J4 l0¯'' J¯¬4¬ Calculates amortization
schedule for next 12
payments.
]h¯¤l¤'¯¯¬¤·Þ¤ÞJÞ Displays results for
second year.
ll]h']lhl¯¬4¯>¬>
¤hlhh'¤¯¤¬·Þ¬>Þ¯

To calculate the balance after 42 payments (3½ years), amortize 18
additional payments (42-24=18):

18 *l¯J¤ l0¯'' 4Þ¬¬4 Calculates amortization
schedule for next 18
months.
]h¯¤l¤'¯¯
¬J4·Þ¤¤>¤
Displays results.
ll]h']lhl¯¬¬J>>¤
¤hlhh'¤¯¤¬·J4>ÞÞ


82 5: Time Value of Money
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Printing an Amortization Table (TABLE)
To print an amortization schedule (or “table”) do steps 1 through 5 for
displaying an amortization schedule (see page 78).

6. Press , Ignore the message
l¤¨

*l0¯'·

ll¤''

´*l`
.
7. Press ¹.
8. Key in the payment number of the first payment in the schedule and
press +
.
(For instance, for the very first payment, FIRST= 1.)
9. Key in the payment number of the last payment in the schedule and
press .
10.Key in the increment—the number of payments shown at one
time—and press . (For instance, for one year of monthly
payments at a time, INCR=12.)
11.Press .

Values are retained until you exit the TABLE menu, so you can print
successive amortization schedules by re-entering only those TABLE
values that change.

Example: Printing an Amortization Schedule. For the loan described
in the previous example (page 80), print an amortization table with
entries for the fifth and sixth years. You can continue from the AMRT
menu in the previous example (step 7, above) or repeat steps 1 through
6.

Starting from the AMRT menu:

Keys: Display: Description:
¹ ll]h¯ h0Þl¯
¯h¤l¤
Displays menu for
printing amortization
table.
4
*
12
+
1 + ¯]l'¯¯¬>ÞÞ The 49th is the first
payment in year 5.
v

5: Time Value of Money 83
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
6
*
12 lh'¯¯¯4ÞÞ The 72nd is the last
payment in year 6.
12 ]h'l¯J4ÞÞ Each table entry
represents 12 payments
(1 year).
Calculates and prints
amortization schedule
shown below.



]¨¨l¯ J4ÞÞ
l'¯ ¤Þ·ÞÞÞÞÞ
l0¯¯ ¬¤>¯¯4
¯'¯ ÞÞÞ
l´¨l¯ J4ÞÞ
¤hÞ

0ÞÞ¤

l0¯''¬>¬¤Þ
]h¯¤l¤'¯¯ ¬¯·>¯¤¤¯
ll]h']lhl¯ ¬¯¬¯¯¯
¤hlhh'¤¯ ¤¯·¤44>¬

l0¯''¤J¬¯4
]h¯¤l¤'¯¯ ¬¯·>¯Þ¤4
ll]h']lhl¯ ¬¯>¯¤4
¤hlhh'¤¯ ¤¯·44>J4




v

84 6: Interest Rate Conversions
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Interest Rate Conversions
The interest conversion (ICNV) menu converts between nominal and
effective interest rates. To compare investments with different
compounding periods, their nominal interest rates are converted to
effective interest rates. This allows you, for example, to compare a
savings account that pays interest quarterly with a bond that pays
interest semiannually.

„ The nominal rate is the stated annual interest rate compounded
periodically, such as 18% per year compounded monthly.
„ The effective rate is the rate that, compounded only once (that is,
annually), would produce the same final value as the nominal rate. A
nominal annual rate of 18% compounded monthly equals an effective
annual rate of 19.56%.

When the compounding period for a given nominal rate is one year,
then that nominal annual rate is the same as its effective annual rate.














6: Interest Rate Conversions 85
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
The ICNV Menu

FIN
TVM
NOM% NOM%
PER
BUS
ICNV
EFF% EFF%
CONT
SUM
CFLO
P
TIME
BOND
SOLVE
DEPRC
CURRX


The ICNV menu converts between nominal and effective interest rates,
using either:

„ Periodic compounding; for example, quarterly, monthly, or daily
compounding.
„ Continuous compounding.

Converting Interest Rates
To convert between a nominal annual interest rate and an effective
annual interest rate that is compounded periodically:

1. Press to display the interest conversions menu.
2. Press for periodic.
3. Key in the number of compounding periods per year and press

.

4. To convert to the effective rate, first key in the nominal rate and press

,
then press .
5. To convert to the nominal rate, first key in the effective rate and press

,
then press .


86 6: Interest Rate Conversions
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To convert between a nominal annual interest rate and an effective
annual interest rate that is compounded continuously:

1. Press to get the interest conversions menu.
2. Press for “continuous”.
3. To convert to the effective rate, key in the nominal rate and press

,
then press .
4. To convert to the nominal rate, key in the effective rate and press

,
then press .
Values of EFF% and NOM% are shared between the PER and CONT
menus. For example, an effective interest rate in CONT remains stored
in EFF% when you exit the CONT menu and enter the PER menu.
Pressing
@c
in either menu clears NOM% and EFF% in both.

NOM% NOM%
PER
ICNV
EFF% EFF%
CONT
P
Shared variables
between PER and CONT


Example: Converting from a Nominal to an Effective Interest Rate.
You are considering opening a savings account in one of three banks.
Which bank has the most favorable interest rate?
Bank #1 6.7% annual interest, compounded quarterly.
Bank #2 6.65% annual interest, compounded monthly.
Bank #3 6.65% annual interest, compounded continuously.

Keys: Display: Description:
Displays ICNV menu.
'Þ0lÞÞhÞ]h' l
¯]0¤'´¨l
Displays PER menu.

6: Interest Rate Conversions 87
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4 l¯¬ÞÞ Stores number of
compounding periods per
year for bank #1.
6.7 hÞ0¨¯¤¯Þ Stores nominal annual
interest rate for bank #1.
¤¯¯¨¯¤¤¯ Calculates effective
interest rate for bank #1.
12 l¯J4ÞÞ Stores number of
compounding periods per
year for bank #2.

6.65 hÞ0¨¯¤¤Þ Stores nominal annual
interest rate for bank #2.
¤¯¯¨¯¤¤¤ Calculates effective
interest rate for bank #2.
e
'Þh¯]hÞÞÞ'
'Þ0lÞÞhÞ]h'
Displays CONT menu.
Previous values of NOM%
and EFF% are retained.

¤¯¯¨¯¤¤¤ Calculates effective rate
for bank #3.


The calculations show that bank #3 is offering the most favorable
interest rate.

Compounding Periods Different from
Payment Periods

The TVM menu assumes that the compounding periods and the payment
periods are the same. However, regularly occurring savings- account
deposits and withdrawals do not necessarily occur at the same time as
the bank’s compounding periods. If they are not the same, you can
adjust the interest rate using the ICNV menu, and then use the adjusted

88 6: Interest Rate Conversions
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interest rate in the TVM menu. (You can also use TVM if PMT = 0,
regardless of the compounding periods.)

1. Call up the periodic interest-rate conversion menu (
).
2. Calculate the effective annual interest rate from the nominal annual
interest rate given by the bank.
a. Store annual interest rate in .
b. Store number of compounding periods per year in .
c. Press .
3. Calculate the nominal annual interest rate that corresponds to your
payment periods.
a. Store the number of regular payments or withdrawals you will be
making per year in .
b. Press .
4. Return to the TVM menu (
ee
).
5. Store the just-calculated nominal interest rate in I%YR (press
s

).
6. Store the number of payments or withdrawals per year in and
set the appropriate payment mode.
7. Continue with the TVM calculation. (Remember that money paid out is
negative; money received is positive.)
a. N is the total number of periodic deposits or withdrawals.
b. PV is the initial deposit.
c. PMT is the amount of the regular, periodic deposit or withdrawal.
d. FV is the future value.

When the interest rate is the unknown variable, first calculate I%YR in
the TVM menu. This is the nominal annual rate that corresponds to your
payment periods. Next, use the ICNV menu to convert this to the

6: Interest Rate Conversions 89
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
effective interest rate based on your payment periods. Last, convert the
effective rate to the nominal rate based on the bank’s compounding
periods.

Example: Balance of a Savings Account. Starting today, you make
monthly deposits of $25 into an account paying 5% interest
compounded daily (365-day basis). At the end of 7 years, how much
will you receive from the account?

Keys: Display: Description:
'¤l¤'¯ 'Þ0lÞÞhÞ]h'
'Þ0lÞÞhÞ]h' l
¯]0¤'´¨l
Periodic interest-rate
conversion menu.
365 l¯¯¤ÞÞÞ Stores bank’s
compounding periods.
5 hÞ0¨¯ÞÞÞ Stores bank’s nominal
interest rate.

¤¯¯¨¯ÞJ¯ Calculates effective interest
rate for daily compounding.
12 l¯J4ÞÞ Stores number of deposits
per year.

hÞ0¨¯ÞÞJ Calculates equivalent
nominal interest rate for
monthly compounding.

ee

<


ÞÞJ
Switches to TVM menu;
NOM% value is still in
calculator line.

s
]¨¨l¯ÞÞJ Stores adjusted nominal
interest rate in I%YR.

· 12

e


J4 l´¨l ¤¤']h 0ÞÞ¤
Sets 12 payments per
year; Begin mode.


90 6: Interest Rate Conversions
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
7
@


25
&

0



l'¯ÞÞÞ
Stores 84 deposit periods,
$25 per deposit, and no
money before the first
regular deposit.

¯'¯4·ÞJ>¤J Value of account in 7
years.


If the interest rate were the unknown, you would first do the TVM
calculation to get I%YR (5.01). Then, in the ICNV PER menu, store 5.01
as NOM% and 12 as P for monthly compounding. Calculate EFF%
(5.13). Then change P to 365 for daily compounding and calculate
NOM% (5.00). This is the bank’s rate.


7: Cash Flow Calculations 91
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
Cash Flow Calculations
The cash flow (CFLO) menu stores and analyzes cash flows (money
received or paid out) of unequal (ungrouped) amounts that occur at
regular intervals.* Once you’ve entered the cash flows into a list, you
can calculate:

„ The total amount of the cash flows.
„ The internal rate of return (IRR%).
„ The net present value (NPV), net uniform series (NUS), and net future
value (NFV) for a specified periodic interest rate (I%).

You can store many separate lists of cash flows. The maximum number
depends on the amount of available calculator memory.
The CFLO menu
FIN
TVM
CALC
TOTAL
BUS
ICNV
INSR
IRR%
SUM
CFLO
DELET
I%
TIME
BOND
NAME
NPV
SOLVE
DEPRC
GET
NUS NFV
CURRX

The CFLO menu creates cash-flow lists and performs calculations with a
list of cash flows.

*
You can also use CFLO with cash flows of equal amounts, but these are
usually handled more easily by the TVM menu.

92 7: Cash Flow Calculations
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Table 7-1. CFLO Menu Labels
Menu Label Description
Accesses the CALC menu to calculate TOTAL, IRR%,
NPV, NUS, NFV.
Allows you to insert cash flows into a list.
' Deletes cash flows from a list.
Allows you to name a list.
Allows you to switch from one list to another or
create a new list.
Turns the prompting for #TIMES on and off.

To see the calculator line when this menu is in the display, press
I
once. (This does not affect number entry.)

To see this menu when the calculator line is in the display, press
e
.

Cash Flow Diagrams and Signs of Numbers
The sign conventions used for cash flow calculations are the same as
those used in time-value-of-money calculations. A typical series of cash
flows is one of two types:

„ Ungrouped cash flows. These occur in series of cash flows without
“groups” of equal, consecutive flows.* Because each flow is different
from the one before it, the number of times each flow occurs is one.


*
Any cash flow series can be treated as an ungrouped one if you enter each
flow individually.

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$200
$100
$300
$200
$0
$
_
50
$250
$125
Time
periods
Money received is a
positive number
Money paid out
is a negative
number
1 2 3 4 5 6 7 8

Figure 7-1. Cash Flows (Ungrouped)
The horizontal timeline is divided into equal compounding periods. The
vertical lines represent the cash flows. For money received, the line
points up (positive); for money paid out, the line points down (negative).
In this case, the investor has invested $700. This investment has
generated a series of cash flows, starting at the end of the first period.
Notice that there is no cash flow (a cash flow of zero) for period five,
and that the investor pays a small amount in period six.

„ Grouped cash flows. These occur in a series containing “groups” of
equal, consecutive flows. Consecutive, equal cash flows are called
grouped cash flows. The series shown here is grouped into two sets of
consecutive, equal cash flows:

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1 2 3 4 5 6 7 8 9
$
_
1
0
0
$
_
1
0
0
$
_
1
0
0
$
_
1
0
0
$
_
1
0
0
$
_
2
0
0
$
_
2
0
0
$
_
2
0
0

Figure 7-2. Grouped Cash Flows
After an initial payment of $100, the investor pays $100 at the end of
periods 1 through 5, and $200 at the end of periods 6 through 8. The
investment returns $1,950 at the end of period 9. For every cash flow
you enter, the calculator prompts you to indicate how many times
(#TIMES) it occurs.

Creating a Cash-Flow List
To use CFLO, be sure your cash flows are occurring at regular intervals
and at the end of each period.* If a period is skipped, enter zero for its
cash flow. If there are any grouped (consecutive and equal) cash flows,
the #TIMES prompting makes entering the data easier.




*
If the cash flows occur at the beginning of each period, then combine the first
flow with the initial flow (which can increase or decrease the flow), and move
each cash flow up one period. (Remember: a payment made at the beginning
of period 2 is equivalent to the same payment made at the end of period 1,
and so on. Refer to pages 64-92.)

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Entering Cash Flows
To enter cash flows into a CFLO list:
1. Press
.
You will see either
¯lÞl'Þ'¯´
if the current
list is empty, or
¯lÞl'J
or more
'¯´
if the list is not empty. This is
the bottom of the current list.

2. If the list is not empty, you can do either a or b:
a. Clear the list by pressing
@c
(see also page 99.)
b. Get a new list by pressing

(The old list must be
named first. Press or see page 98.)
3. If the cash flows are ungrouped (that is, they are all different), then
press to turn
*¯]0¤'

llÞ0l¯]h'

Þ¯¯
. For grouped cash
flows, leave this prompting on. (For more information, see “Prompting
for #TIMES,” next page.)
4. Key in the value of the initial cash flow, FLOW(0) (remember that
money paid out is negative—use
&
to change the sign), and press
I
.*
5. After briefly showing FLOW(0), the display shows
¯lÞl'J'¯´
. (To
view FLOW(0) longer, hold down
I
before releasing it.) Key in
the value for FLOW(1) and press
I
. The prompt for the next
item appears.
6. For grouped cash flows: The display now shows
*¯]0¤''J'¯J
. If it does not, press
e
to turn the
#TIMES prompting on. (See “Prompting for #TIMES,” below.) #TIMES
is the number of consecutive occurrences of FLOW(1). #TIMES has
been automatically set to 1, and
JÞÞ
is displayed on the calculator
line. Do either a or b:

*
You can do calculations with a number before entering it. This does not
interfere with the list. When you press I, the evaluated expression or
number is entered into the list.

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a. To retain the value 1 and go on to the next flow, press
I

(or
]
).
b. To change #TIMES, key in the number and press
I
.*
Given #TIMES

Calculator line
7. Continue entering each cash flow and, for grouped flows, the number
of times it occurs. The calculator recognizes the end of the list when a
flow is left blank (no value is entered).
8. Press
e
to end the list and restore the CFLO menu. You can now
proceed to correct the list, name the list, get another list, or do
calculations with the values.

Use these same instructions to enter additional lists.

Prompting for #TIMES (#T?). When the calculator displays
*¯]0¤''J'¯J
, it is prompting you for the number of times the current
flow occurs. If all your cash flows are different (#TIMES always 1), then
you don’t need the
*¯]0¤'
prompt. You can turn the prompting for
#TIMES on and off by pressing in the CFLO menu. This
produces a brief message: either
*¯]0¤'

llÞ0l¯]h''

Þ¯¯
, or
*¯]0¤'

llÞ0l¯]h''

Þh
.

While prompting is off, all cash flows you enter will have #TIMES = 1.


*
The maximum #TIMES for each cash flow is 999.

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When you are viewing a cash-flow list with the #TIMES prompting off,
the calculator displays only those #TIMES values that are not 1.

The #TIMES prompting is usually on, because it is automatically turned
on whenever you clear or get a cash-flow list.

Example: Entering Cash Flows. Enter the following ungrouped cash
flows in a list and find the percentage internal rate of return (IRR).

0: $-500 2: $ 275
1: 125 3: 200

Keys: Display: Description:

@c
'l¤hl ¯h¤ l]'¯´ Asks for confirmation.
¯lÞl'Þ'¯´ Clears data from list and
prompts for initial flow.
*¯]0¤' llÞ0l¯]h''
Þ¯¯
Sets prompting off be-
cause it is not needed.
500
&I
¯lÞl'J'¯´
¬ÞÞÞÞÞ
Enters initial flow; then
immediately prompts for
next flow.

125
I
¯lÞl'4'¯´
J4ÞÞÞ
Enters FLOW(1); prompts
for next flow.

275
I
¯lÞl'¯'¯´
4¯ÞÞÞ
Enters FLOW(2); prompts
for next flow.

200
I
¯lÞl'¬'¯´
4ÞÞÞÞ
Enters FLOW(3); prompts
for next flow.

e
hl'· hÞ'· h¯' h¤¤Þ

Ends list and displays
CALC menu.


]ll¨¯>Þ¤ Calculates IRR.



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Viewing and Correcting the List
To display a particular list, use (see page 99).

The
[
and
]
keys move up and down one number at a time.
@[
and
@]
display the beginning and end of the list.

Changing or Clearing a Number. To change a number after it’s been
entered: display the number, key in the new value, and press
I
.

Use this same method to clear a number to zero. (Do not press
C
or
<
, which clear the calculator line, not the cash-flow entry.)

Inserting Cash Flows into a List. Insertion occurs before (above) the
current flow. Pressing inserts a zero cash flow and renumbers
the rest of the list. You can then enter a new cash flow and its #TIMES.

For example, if FLOW(6) is in the display, pressing puts a new,
zero flow between the previously numbered FLOW(5) and FLOW(6).

Deleting Cash Flows from a List. Pressing ' deletes both the
current flow and its #TIMES.

Copying a Number from a List to the Calculator Line
To copy a number from the list into the calculator line, use
]
or
[
to
display the number, then press
R

I
.

Naming and Renaming a Cash-Flow List
A new list has no name. You may name it before or after filling the list,
but you must name it in order to store another list.

To name a list:
1. Press from the CFLO menu.
2. Use the ALPHA menu to type a name. (The ALPHA and ALPHA-Edit
menus are covered on pages 30 - 32.) To clear a name, press
C
.

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3. Press
I
.

The name can be up to 22 characters long and include any character
except:+ - x ÷ ( ) < > : = space *

But only the first three to five characters (depending on letter widths) of
the name are used for a menu label. Avoid names with the same first
characters, since their menu labels will look alike.

Viewing the Name of the Current List. Press , then
e
.

Starting or GETting Another List
When you press , the cash-flow list that appears is the same as
the last one used.

To start a new list or switch to a different one, the current list must be
named or cleared. If it is named, then:

1. Press .The GET menu contains a menu label for each named
list plus .
2. Press the key for the desired list. ( brings up a new, empty
list.)

Clearing a Cash-Flow List and Its Name
To clear a list’s numbers and name:
1. Display the list you want to clear, then press
@c
. This
removes the numbers.
2. If the list is named, you’ll see
hl'Þ

'l¤hl

l]'¯

hh0¤´

Press to remove the name. Press to retain the name
with an empty list.

*
CFLO does accept these exceptional characters in list names, but the Solver
functions SIZEC, FLOW, and #T do not.

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To remove just one value at a time from a list, use '.

Cash-Flow Calculations: IRR, NPV, NUS, NFV
Once you have entered a list of cash flows, you can calculate the
following values in the CALC menu.

„ Sum (TOTAL).
„ Internal rate of return (IRR%). This is a periodic rate of return. To
calculate an annual nominal rate when the period is not a year,
multiply the IRR% by the number of periods per year.
If you want the IRR% as an effective annual rate, then use the FIN
ICNV menu to convert from the nominal annual rate to the effective
annual rate.
„ Net present value (NPV), net uniform series (NUS), and net future
value (NFV) for a specified, periodic interest rate, I%.

7: Cash Flow Calculations 101
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Table 7-2. The CALC Menu for CFLO Lists
Menu Label Description
¹
Calculates the sum of the cash flows.
* Calculates the internal rate of return—the interest
(discount) rate at which the net present value of the
cash flows equals zero.
Stores the periodic interest rate, expressed as a
percentage (sometimes called cost of capital,
discount rate, or required rate of return).
Given I%, calculates the net present value—the
present value of a series of cash flows.
Given I%, calculates the net uniform series—the
dollar amount of constant, equal cash flows having
a present value equivalent to the net present value.
Given I%, calculates the net future value of a series
of cash flows by finding the future value of the net
present value.
*
The calculations for internal rate of return are complex and may take a
relatively long time. To interrupt the calculation, press any key. In certain
cases, the calculator displays a message indicating that the calculation
cannot continue without further information from you, or that there is no
solution. Refer to appendix B for additional information about calculating
IRR%.

About the Internal Rate of Return (IRR%). A “conventional investment”
is considered attractive if IRR% exceeds the cost of capital. A
conventional investment meets two criteria—(1) the sequence of cash
flows changes sign only once, and (2) the sum (TOTAL) of the cash flows
is positive.

Remember that the calculator determines a periodic IRR%. If the cash
flows occur monthly, then IRR% is a monthly value, too. Multiply it by 12
for an annual value.

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Example: Calculating IRR and NPV of an Investment. An investor
makes an initial investment of $80,000, and expects returns over the
next five years as illustrated below.
$
_
80,000
1 2 3 4 5
5,000
4,500
5,500
4,000
115,000
(Initial flow)

Calculate the total of the cash flows and the internal rate of return of the
investment. In addition, calculate the net present value and net future
value, assuming an annual interest rate of 10.5%.

Start the problem with an empty cash-flow list. Since the cash flows are
ungrouped, each one occurs just once. Turn off the #TIMES prompt to
make cash-flow entry faster.

Keys: Display: Description:


Displays current cash-flow list
and CFLO menu keys.
@c

or




¯lÞl'Þ'¯´
Clears current list or gets a
new one. The empty list
prompts for its initial cash
flow.
*¯]0¤' llÞ0l¯]h''
Þ¯¯
Briefly shows the status of
, then returns to the
list. With prompting off, all
cash flows are assumed to
occur just once.

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80000
&
I

¯lÞl'J'¯´
¬¤Þ·ÞÞÞÞÞ
Prompts for next cash flow.
Calculator line
shows last number entered.

5000
I
¯lÞl'4'¯´ Stores $5,000 for FLOW(1),
prompts for next flow.

4500
I
¯lÞl'¯'¯´ Stores FLOW(2).

5500
I
¯lÞl'¬'¯´ Stores FLOW(3).

4000
I
¯lÞl'Þ'¯´ Stores FLOW(4).

115000
I

¯lÞl'¤'¯´ Stores final cash flow and
shows end of list.

e


¹

¯Þ¯hl¯Þ¬·ÞÞÞÞÞ
Calculates sum of the cash
flows.

]ll¨¯JJ>¯ Calculates internal rate of
return.

10.5 ]¨¯JÞÞÞ Stores periodic interest rate.

hl'¯¬·¯¯¬¤¯ Calculates NPV.

h¯'¯¯·¤¤Þ>Þ Calculates NFV.


Now calculate the net present value at an interest rate of 10.5% if cash
flow #4 is reduced to $1,000.
e
¯lÞl'¤'¯´ Displays the bottom of the
list.

[[
¯lÞl'¬'¯¬·ÞÞÞÞÞ Moves to cash flow #4.

1000
I
¯lÞl'Þ'¯JJÞ·ÞÞÞÞÞChanges cash flow #4 to
$1,000.

e



hl'¯4·¯¤4¬¯
Calculates new NPV.



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Example: An Investment with Grouped Cash Flows. You are
considering an investment that requires a cash outlay of $9,000, with
the promise of monthly cash flows as shown. Calculate IRR%. Also find
NPV and NFV at an annual interest rate of 9%.
$
_
9,000
0
5
0
0
5
0
0
5
0
0
1
,
0
0
0
1
,
0
0
0
1
,
0
0
0
1
,
0
0
0
1
,
5
0
0
1
,
5
0
0
1
,
5
0
0

Since some of these cash flows are grouped (consecutive and equal),
the #TIMES prompting must be on so you can specify a number other
than 1.

Group Number Amount Number of Times
Initial
1
2
3
4
-9,000
500
1,000
0
1,500

3
4
1
3

Keys: Display: Description:


Current cash-flow list and
CFLO menu.
@c



¯lÞl'Þ'¯´
Clears current list. #TIMES
prompting is turned on.
9000
& I
¯lÞl'J'¯´ Stores the initial cash flow.


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500
I
*¯]0¤''J'¯J Stores FLOW(1) and
prompts for #TIMES(1).

3
I
¯lÞl'4'¯´ FLOW(1) occurs 3 times;
prompts for next cash
flow.

1000
I
4
I


¯lÞl'¯'¯´
Stores FLOW(2) four
times.

0
I

I


¯lÞl'¬'¯´
Stores FLOW(3) one time
(the 1 is automatically
entered).

1500
I
3
I


¯lÞl'Þ'¯´
Stores FLOW(4) three
times.

e
Displays the CALC menu.

]ll¨¯JÞ¯ Calculates monthly IRR%.
9
/
12


]¨¯Þ¯Þ
Stores the periodic,
monthly interest rate.

hl'¯¬>4>Þ Calculates NPV.
h¯'¯Þ¯ÞJ¤ Calculates NFV.

Example: An Investment with Quarterly Cash Returns. You have been
offered an opportunity to invest $20,000. The investment returns
quarterly payments over four years as follows:

Year 1 4 payments of $500
Year 2 4 payments of $1,000
Year 3 4 payments of $2,000
Year 4 4 payments of $3,000
v

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5
0
0
5
0
0
5
0
0
5
0
0
1
,
0
0
0
1
,
0
0
0
1
,
0
0
0
1
,
0
0
0
2
,
0
0
0
2
,
0
0
0
2
,
0
0
0
2
,
0
0
0
3
,
0
0
0
3
,
0
0
0
3
,
0
0
0
3
,
0
0
0

Calculate the annual rate of return for this investment. (The prompting for
#TIMES should be on.)

Keys: Display: Description:
Current cash-flow list.
@c

or





¯lÞl'Þ'¯´
Clears the current list or
gets a new one. This sets
the #TIMES prompting on.
20000
&

I


¯lÞl'J'¯´
Stores the initial cash flow.
500
I
*¯]0¤''J'¯J Stores FLOW(1), then
prompts for number of
times this flow occurs.

4
I
¯lÞl'4'¯´ FLOW(1) occurs four
times.

1000
I
4
I
2000
I
4
I
3000
I
4





Stores FLOW(2), FLOW(3)
and FLOW(4), and the
number of times each flow
occurs.


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I
¯lÞl'Þ'¯´
e



]ll¨¯4¬¯
Calculates quarterly rate
of return.

*
4
=
>¯4 Calculates nominal annual
rate of return from
quarterly rate.


Doing Other Calculations with CFLO Data
If you would like to do other calculations with cash flows besides those
in the CALC menu, you can do so by writing your own Solver equations.
There are Solver functions that can access data stored in CFLO lists, and
there is a summation function that can combine all or part of the values
stored in specific lists.

Refer to “Accessing CFLO and SUM Lists from the Solver” in chapter 12.
v

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Bonds
The BOND menu calculates the yield to maturity or price of a bond. It
also calculates yield to call on a coupon date and accrued interest. You
can specify the:

„ Calendar basis: 30/360 or actual/actual (days per month/days per
year). Municipal, state, and corporate bonds issued in the United
States are typically 30/360. U.S. Treasury bonds are actual/actual.
„ Coupon payments: semi-annual or annual. Most U.S. bonds are
semi-annual.

The BOND Menu

FIN
TVM
TYPE
YLD%
BUS
ICNV
SETT
PRICE
SUM
CFLO
MAT
ACCRU
TIME
BOND
CPN%
SOLVE
DEPRC
CALL MORE
MORE
CURRX


Pressing shows you the BOND menu and the type of bond
currently specified:
¯Þ´¯¤Þ
or
h´h
;
'¤0]hhhÞhl
or
hhhÞhl
.


8: Bonds 109
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Table 8-1. BOND Menu Labels
Menu
Label
Description
Displays a menu of bond types: 30/360 or
actual/actual, semi-annual or annual.
Stores the settlement (purchase) date according to the
current date format (MM.DDYYYY or DD.MMYYYY;
see page 143).
Stores the maturity date or call date according to the
current date format. The call date must coincide with
a coupon date.
Stores the annual coupon rate as a percentage.
Stores the call price per $100 face value. For a yield
to maturity, make sure CALL equals 100. (A bond at
maturity has a “call” value that is 100% of its face
value.)

+
Stores or calculates the yield (as an annual
percentage) to maturity or yield to call date.

+ Stores or calculates the price per $100 face value.
+ Calculates the interest accrued from the last
coupon-payment date until the settlement date, per
$100 face value.

The calculator retains the values of the BOND variables until you clear
them by pressing
@c
while the BOND menu is displayed.
Clearing sets CALL to 100 and all other variables to zero.

To see the value currently stored in a variable, press
R
menu label.


110 8: Bonds
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Doing Bond Calculations
Remember that values in the BOND menu are expressed per $100 face
value or as a percentage. A CALL value of 102 means that the bond will
be worth $102 for every $100 of face value when called. Some
corporate bonds in the United States use the convention that the price of
the bond is set to 100 if the coupon rate equals the yield, whether or not
the settlement date is a coupon date. The BOND menu does not use this
convention.

To calculate the price or yield of a bond:

1. Display the BOND menu: press .
2. Press
@c
. This sets CALL=100.
3. Define the type of bond. If the message in the display does not match
the type you want, press .
Calendar basis Interest period


„ Pressing sets the calendar basis to a 30-day month and a
360-day year.
„ Pressing sets the calendar basis to the actual calendar
month and to the actual calendar year.
„ Pressing sets semi-annual coupon payments.
„ Pressing sets annual coupon payments.
Press
e
to restore the BOND menu.
4. Key in the settlement date (MM.DDYYYY or DD.MMYYYY depending
on the date format; see chapter 11) and press .
5. Key in the maturity date or call date and press .
6. Key in the coupon rate as an annual percent and press .

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7. Key in the call value, if any, and press . For a bond held to
maturity, the CALL value must equal 100. (See step 3.)
8. To calculate a result, first press + to access the remaining menu
labels. Do either a or b:
a. Key in the yield and press . Press + to calculate the
price.
b. Key in the price and press +. Press to calculate the
yield.
To calculate the accrued interest, press +
.
The total amount owed
the seller is PRICE + ACCRU, that is: +
+
+
=
.

Calculating Fractional Values. When given a fractional value that must
be entered in decimal form, do the arithmetic and then store the result
directly into a variable. Do not clear the arithmetic and then retype the
result before storing it—this is an unnecessary step that can cause
incorrect answers due to rounding. See how the following example
stores 8
3
/
8
in YLD%.

Example: Price and Yield of a Bond. What price should you pay on
August 10, 2003 for a 6¾% U.S. Treasury bond that matures on May 1,
2018 if you wish a yield of 8
3
/
8
%? The calendar basis is actual/actual
and the coupon payments are semi-annual. (The example assumes
MM.DDYYYY date format.)

Keys: Display: Description:

@c

Since there is no call on
this bond, set CALL = 100
by clearing variables.


e



h´h '¤0]hhhÞhl
Sets bond type, if
necessary.
8.102003
'¤¯¯¯
Þ¤´JÞ´4ÞÞ¯ 'Þh
Stores settlement
(purchase) date.
v

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5.012018
0h¯¯ÞÞ´ÞJ´4ÞJ¤ ¯Þ¤
Stores maturity date.
6.75 'lh¨¯¤¯Þ Stores annual coupon
rate.

3
/
8
+
8



¨lÞ¨¯¤¯¤
Stores desired yield
(displayed rounded to two
decimal places).*

+ ll]'¤¯¤¤¯¤ Result: price is $86.38 per
$100 face value.
+
+ ¤¤¯¤'J¤Þ Adds accrued interest
owed the seller.

=
¤¤4¯ Net price.


Suppose that the market quote for the bond is 88¼. What yield does it
represent?

88.25 + ll]'¤¯¤¤4Þ Stores quoted price.
¨lÞ¨¯¤J¯ Result: yield to maturity.


Example: A Bond with a Call Feature. What is the price of a 6%
corporate bond maturing on March 3, 2022 and purchased on May 2,
2003 to yield 5.7%? It is callable on March 3, 2006 (a coupon date),
at a value of 102.75. What is the yield to the call date? Use a 30/360
calendar with semi-annual coupon payments.

Keys: Display: Description:

@c

Displays BOND menu,
clears variables.


e



¯Þ´¯¤Þ '¤0]hhhÞhl
Sets bond type, if
necessary.

*
To see the full precision of the number, press @S
.
v
v
v

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5.022003 '¤¯¯¯
ÞÞ´Þ4´4ÞÞ¯

¯l]
Stores purchase date
(MM.DDYYYY format).
3.032022 0h¯¯Þ¯´Þ¯´4Þ44

¯hÞ Stores maturity date.
6 'lh¨¯¤ÞÞ Stores annual coupon
rate.

5.7

¨lÞ¨¯Þ¯Þ
Stores yield.

+ ll]'¤¯JÞ¯¬¯ Calculates price.
3.032006
102.75



'hll¯JÞ4¯Þ
Changes maturity date
to call date and stores a
call value.

¨lÞ¨¯ÞÞ¤ Calculates yield to call.

Example: A Zero-Coupon Bond. Calculate the price of a zero-coupon,
semi-annual bond using a 30/360 calendar basis. The bond was
purchased on May 19, 2003 and will mature on June 30, 2017, and
has a yield to maturity of 10%.
Keys: Display: Description:

@c

Clears BOND
variables, setting CALL
to 100.


e



¯Þ´¯¤Þ '¤0]hhhÞhl
Sets type if necessary
(check the display).
5.192003 '¤¯¯¯
ÞÞ´J>´4ÞÞ¯ 0Þh
Purchase date
(MM.DDYYYY format).
6.302017
0h¯¯Þ¤´¯Þ´4ÞJ¯ ¯l]
Maturity date.
0 'lh¨¯ÞÞÞ Coupon rate is zero.
10 ¨lÞ¨¯JÞÞÞ Yield to maturity.

+ ll]'¤¯4Þ4¯ Calculates price.


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Depreciation
The DEPRC (depreciation) menu calculates depreciation values and
remaining depreciable values one year at a time. The methods available
are:

„ Declining balance.
„ Sum-of-the-years’ digits.
„ Straight line.
„ Accelerated Cost Recovery System.

The DEPRC Menu

FIN
TVM
BASIS
YR#
BUS
ICNV
SALV
FACT%
SUM
CFLO
LIFE
DB SOYD SL
TIME
BOND
ACRS%
SOLVE
DEPRC
ACRS MORE
MORE
CURRX


Pressing ' displays the DEPRC menu.

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Table 9-1. DEPRC Menu Labels
Menu
Label
Description
+ Stores the depreciable cost basis of the asset at
acquisition.
Stores the salvage value of the asset at the end of its
useful life. If there is no salvage value, set SALV=0.
Stores the expected useful life (in whole years) of the
asset.
+ Stores the appropriate Accelerated Cost Recovery
System percentage from the published ACRS tables.
Calculates the ACRS deduction based on BASIS and
ACRS%. (The values in SALV, LIFE, FACT%, and YR#
do not matter.)


Stores the number of the year for which you want the
depreciation (1, 2, etc.).
+ Stores the declining-balance factor as a percentage
of the straight-line rate. This is for the DB method only.
For example, for a rate 1¼ times (125%) the
straight-line rate, enter 125.
Calculates the declining-balance depreciation for the
year.
Calculates the sum-of-the-years‘-digits depreciation for
the year.
Calculates the straight-line depreciation for the year.
]

Displays the remaining depreciable value, RDV, after
you have pressed , , or .

The calculator retains the values of the DEPRC variables until you clear
them by pressing
@c
while the DEPRC menu is displayed.

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To see the value currently stored in a variable, press
R
menu label.
Doing Depreciation Calculations
DB, SOYD, and SL Methods
To calculate the depreciation for an asset:*

1. Display the DEPRC menu: press '.
2. Define the characteristics of the asset:
a. Key in the cost basis and press +
b. Key in the salvage value and press . If there is no salvage
value, enter zero.
c. Key in the useful life and press .
3. Press for the rest of the DEPRC menu.
4. Key in the number for the year of depreciation you want to calculate
(1, 2, 3, etc.) and press .
5. If you are using the declining-balance method, enter the DB factor (a
percentage) and press +.
6. Press , , or to calculate the appropriate
depreciation.
7. To see the remaining depreciable value (basis-salvage value-
accumulated depreciation), press
]
.
8. To calculate the depreciation for another year, just change YR# and
press , , or again.

Example: Declining-Balance Depreciation. A metalworking machine,
purchased for $10,000, is to be depreciated over 5 years. Its salvage
value is estimated at $500. Find the depreciation and remaining

*
The calculated values of RDV, DB, SOYD, and SL are rounded internally to the
number of decimal places specified by the current display setting. A setting of
2 means that these values will be rounded internally to two decimal
places.

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depreciable value for each of the first 3 years of the machine’s life using
the double-declining-balance method (200% of the straight-line rate). For
comparison, find the straight-line depreciation, as well.

Keys: Display: Description:
' Displays DEPRC menu.
10000 +
¤h']'¯JÞ·ÞÞÞÞÞ
Cost basis.
500
'hl'¯ÞÞÞÞÞ
Salvage value.
5
l]¯¤¯ÞÞÞ
Useful life.
1 ¨l*¯JÞÞ First year of depreciation.
200 +
¯h'¯¨¯4ÞÞÞÞ
DB percentage factor.
Þ¤¯¬·ÞÞÞÞÞ Depreciation in first year.
(Salvage value ignored at
this point.)
]
lÞ'¯Þ·ÞÞÞÞÞ Remaining depreciable
value after first year
(BASIS - SALV - 4,000).
2 Þ¤¯4·¬ÞÞÞÞ Depreciation in second
year.
]
lÞ'¯¯·JÞÞÞÞ Remaining depreciable
value after second year.
3 Þ¤¯J·¬¬ÞÞÞ Depreciation in third year.
]
lÞ'¯J·¤¤ÞÞÞ
Remaining depreciable
value after third year.
'l¯J·>ÞÞÞÞ Straight-line depreciation
for each year.
]
lÞ'¯¯·¤ÞÞÞÞ Remaining depreciable
value after third year using
SL.

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The ACRS Method
To calculate the amount of tax deduction under the U.S. Accelerated
Cost Recovery System:

1. Display the DEPRC menu: press '.
2. Enter the cost basis of the asset and press +
3. The Internal Revenue Service publishes tables that list the percentage
of an asset’s basis that can be deducted each year of its prescribed
life. Look up that value, enter it, and press +.
4. Press to calculate the value of the deduction.

Example: ACRS Deductions. Use the ACRS method to find the in-
come-tax deduction for a $25,000 asset over 3 years of a 5-year life.
Use this hypothetical ACRS table:

Year Percentage Deductible
1
2
3
4
5
15
25
20
20
20

Keys: Display: Description:
' DEPRC menu.
25000 + ¤h']'¯4Þ·ÞÞÞÞÞ Enters basis.
15 + h'l'¨¯JÞÞÞ Tabular value, year 1.
h'l'¯¯·¯ÞÞÞÞ Deduction in first year.
25 + h'l'¨¯4ÞÞÞ Tabular value, year 2.
h'l'¯¤·4ÞÞÞÞ Deduction in second year.
20 + h'l'¨¯4ÞÞÞ Tabular value, year 3.

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h'l'¯Þ·ÞÞÞÞÞ Deduction in third year.

Partial-Year Depreciation
When the acquisition date of an asset does not coincide with the start of
the tax or fiscal year, then the amounts of depreciation in the first and
last years are computed as fractions of a full year’s depreciation. Except
in SL, the intermediate years are computed as sums of fractions. This
does not apply to the ACRS method.

Suppose you acquired an asset in October and wanted to depreciate it
for 3 years. (Your fiscal year begins January 1st.) The depreciation
schedule would affect parts of 4 years, as shown in the illustration. The
3 months from October to December equal ¼ year.
Number of months
Calendar
years
Depreciation
years
1
1
2
2
3
3
4
3 9
3-year life

For SL depreciation, partial-year calculations are easy: calculate the SL
value, then use ¼ of that value for the first year, the full amount the
second and third years, and ¾ of that amount the fourth year.

For DB and SOYD depreciation, each year’s depreciation value is
different, as shown in the table:



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Calendar Year Depreciation Value
1 (Oct.-Dec.)
2
3
4 (Jan.-Sept.)
¼ x year 1
(¾ x year 1) + (¼ x year 2)
(¾ x year 2) + (¼ x year 3)
¾ x year 3

Example: Partial-Year Depreciation. A movie camera bought for
$12,000 has a useful life of 10 years with a salvage value of $500.
Using the sum-of-the-years’-digits method, find the amount of
depreciation for the fourth year. Assume the first depreciation year was
11 months long.

Keys: Display: Description:
' Displays DEPRC menu.
12000 +
500
10
3



¨l*¯¯ÞÞ
Stores known values.
'Þ¨Þ¯J·¤¯4¯4 Calculates depreciation
for year 3.
/
12
=

s
1 J¯>¯> Stores 1 month’s
depreciation from year 3.
4 'Þ¨Þ¯J·¬¤¯¤¬ Calculates depreciation
for year 4.
*
11
/
12
=
J·¯¬J¤¯ Figures 11 months’
depreciation from year 4.
+R
1
=
J·¬¤JÞ¤ Figures total depreciation
for year 4.


v
v
v

10: Running Total and Statistics 121
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Running Total and Statistics
The SUM menu stores and statistically analyzes sets of numbers. As you
enter the numbers, the calculator displays their running total. Once
you’ve entered the numbers into a list, you can:

„ Calculate the mean, median, standard deviation, and range.
„ Display the largest and smallest number in the list.
„ Sort the list from smallest number to largest number.

With two lists of numbers, you can:

„ Do curve-fitting and forecasting calculations using two SUM lists and
one of four models—linear, exponential, logarithmic, and power.
(Curve fitting for the linear model is called linear regression.)
„ Calculate the weighted mean and grouped standard deviation.
„ Find the summation statistics (∑x, ∑x
2
, ∑y, ∑y
2
, ∑xy).

You can store many separate lists of numbers in SUM. The maximum
number depends on the amount of available calculator memory.


122 10: Running Total and Statistics
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The SUM Menu

FIN
CALC
TOTAL
MIN
BUS
INSR
MEAN
MAX
SUM
DELET
MEDN
SORT FRCST
TIME
NAME
STDEV
SOLVE
GET TOTAL
RANGE MORE
MORE

CURRX

The SUM menu creates lists of numbers and performs calculations with a
SUM list.
Table 10-1. SUM Menu Labels
Menu
Label
Description
Accesses the CALC menu to calculate the total, mean,
median, standard deviation, range, minimum,
maximum, sorting, and linear regression (including
weighted mean and summation statistics).
Allows you to insert numbers into the list.
' Deletes numbers from the list.
Allows you to name the list.
Allows you to switch from one named list to another
or to create a new list.
¹ Displays the total of all the items in the list.


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To see the calculator line when this menu is in the display, press
I
once. (This does not affect number entry.)

To see this menu when the calculator line is in the display, press
e
.

Creating a SUM List
To keep a running total of a list of numbers or do statistical calculations
with sets of data, first create a SUM list of the values.

Entering Numbers and Viewing the TOTAL
To enter numbers into a SUM list:
1. Press . You’ll see
]¯¤0'J'¯´
if the current list is empty, or
]¯¤0'
2 or more
'¯´
if the list is not empty. This is the bottom of the
current list.

2. If the list is empty, start filling it (step 3). If the current list is not empty,
you can do either a or b:
a. Clear the list by pressing
@c
(see also page
127.)
b. Get a new list by pressing (The old list must be
named first. Press or see page 126.)
3. Key in the value of the first item, ITEM(1) (press
&
for a negative
number), and press
I
.* (To view ITEM(1) longer, hold down
I
before releasing it.)

*
Remember that you can do calculations with a number before entering it. This
does not interfere with the list. Whenever you press I, the number (or
evaluated expression) in the calculator line is entered into the list. If you need
to use the MATH menu, just press @m, do the calculation, then press e)
to return to where you were in SUM.

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After briefly showing ITEM(1), the display shows
]¯¤0'4'¯´

¯Þ¯hl
=number
TOTAL is the updated, running TOTAL of all the numbers in the list
(only one number, so far).
4. To enter ITEM(2), key in the value and press
I
. The prompt for
ITEM(3) and the new, updated total appear.
5. Continue entering values for ITEM(3), ITEM(4), etc. The calculator
recognizes the end of the list when an item is left blank (no value is
entered).
6. Press
e
to end the list and restore the SUM menu. You can now
proceed to correct the list, name the list, get another list, or do
statistical calculations.

Use these same instructions to enter additional lists.

Viewing and Correcting the List
To display a particular list, use (see page 127).

The
[
and
]
keys move up and down the list one number at a time.
@[
and
@]
display the beginning and end of the list.

Changing or Clearing a Number. To change a number after it’s been
entered: display the number, key in the new value, and press
I
.

Use the same method to clear a number to zero. (Do not press
C
or
<
, which clears the calculator line.)

Inserting Numbers into a List. Insertion occurs before (or above) the
current entry. Pressing inserts a zero item and renumbers the rest
of the list. You can then enter a new value.

For example, if ITEM(6) is in the display, pressing puts a new,
zero item between the previously numbered ITEM(5) and ITEM(6).


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Deleting Numbers from a List. Pressing l deletes the current
item.

Example: Updating a Checkbook. On May 31, your checking account
balance was $267.82. The transactions for the first 10 days in June
are:

Date Transaction Amount Date Transaction Amount
6/1 Balance 267.82 6/3 Check -128.90
6/1 Deposit 837.42 6/7 Check - 65.35
6/1 Check -368.23 6/10 Deposit 55.67
6/2 Check -45.36

Update the checkbook by calculating the running balance.

Keys: Display: Description:

*

@c
]¯¤0'J'¯´ Displays empty SUM list.
267.82
I
]¯¤0'4'¯´
¯Þ¯hl¯4¤¯¤4
Enters beginning balance
and shows running total.
837.42
I
]¯¤0'¯'¯´
¯Þ¯hl¯J·JÞÞ4¬
Enters deposit on 6/1.

368.23
&
I
45.36
&
I
128.90
&
I
65.35
&







Enters remaining
transactions.


*
If you want to preserve the current list, skip the next step (pressing @c).
Instead, name the list and then press n {.

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I
55.67
I


]¯¤0'¤'¯´
¯Þ¯hl¯ÞÞ¯Þ¯
e
]¯¤0'¤'¯´ Ends list and displays
SUM menu again.


Copying a Number from a List to the Calculator Line
To copy a number from the list into the calculator line, use
]
or
[
to
display the number, then press
R

I
.

Naming and Renaming a SUM List
A new list has no name. You may name it before or after filling the list,
but you must name it in order to store another list.

To name a list:

1. Press m from the SUM menu.
2. Use the ALPHA menu to type in a name. (The ALPHA and ALPHA-Edit
menus are covered on pages 30 - 32.) To clear a name, press
C
.
3. Press
I
.

The name can be up to 22 characters long and include any character
except: + - x ÷ ( ) < > : = space *

But only the first three to five characters (depending on letter widths) of
the name are used for a menu label. Avoid names with the same first
characters, since their menu labels will look alike.

Viewing the Name of the Current List. Press m
,
then
e
.


*
SUM does accept these exceptional characters in list names, but the Solver
functions SIZES and ITEM do not.

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Starting or GETting Another List
When you press
,
the SUM list that appears is the last one used.

To start a new list or switch to a different one, the current list must be
named or cleared. If it is named, then:

1. Press
.
The GET menu contains a menu label for each named
list plus .
2. Press the key for the desired list. ( brings up a new, empty list.)

Clearing a SUM List and Its Name
To clear a list’s numbers and name:

1. Display the list you want to clear, then press
@c
. This
removes the numbers.
2. If the list is named, you’ll see
hl'Þ

'l¤hl

l]'¯

hh0¤´
Press
to remove the name. Press to retain the name with an
empty list.

To remove just one value at a time from a list, use '.
Doing Statistical Calculations (CALC)
Once you have entered a list of numbers, you can calculate the
following values.

„ For one variable: the total, mean, median, standard deviation, range,
minimum, and maximum. You can also sort the numbers in order of
increasing value.
„ For two variables: x-estimates and y-estimates (this is also called
forecasting), the correlation coefficient for different types of curves
(this is curve-fitting), the slope and y-intercept of the line, and
summation statistics. You can also find the weighted mean and the
grouped standard deviation.

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Calculations with One Variable
The CALC menu calculates the following statistical values using one
SUM list.
Table 10-2. The CALC Menu for SUM Lists
Menu Key Description
¹ Calculates the sum of the numbers in the list.
Calculates the arithmetic mean (average).
Calculates the median.
´ Calculates the standard deviation.*
Calculates the difference between the largest and
smallest number.


Finds the smallest (minimum) number in the list.
Finds the largest (maximum) number in the list.


Sorts the list in ascending order.
+

Displays a series of menus for calculations with two
variables for curve fitting, estimation, weighted mean
and grouped standard deviation, and summation
statistics.
*
The calculator finds the sample standard deviation. The formula assumes
that the list of numbers is a sampling of a larger, complete set of data. If the
list is, in fact, the entire set of data, the true population standard deviation
can be computed by calculating the mean of the original list, placing that
value into the list, and then calculating the standard deviation.

Example: Mean, Median, and Standard Deviation. Suppose your
shop had the following phone bills during the past six months:


10: Running Total and Statistics 129
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Month
Phone
Expense
Month
Phone
Expense
1. May
2. June
3. July
$340
$175
$450
4. August
5.September
6. October
$780
$245
$625

Calculate the mean, median, and standard deviation of the monthly
phone bills. Then display the smallest value in the list.

Keys: Display: Description:
Displays current SUM list
and SUM menu keys.
@c

or





]¯¤0'J'¯´
Clears current list or gets a
new one.
340
I
]¯¤0'4'¯´
¯Þ¯hl¯¯¬ÞÞÞ
Stores May’s phone bill;
shows total.

175
I
]¯¤0'¯'¯´
¯Þ¯hl¯ÞJÞÞÞ
Stores June; updates total.
450
I
780
I
245
I
625
I




]¯¤0'¯'¯´
¯Þ¯hl¯4·¤JÞÞÞ
Stores phone bills for
July-October and keeps a
running total.

e


4·¤JÞÞÞ Displays CALC menu.



0¤hh¯¬¯Þ¤¯ Calculates mean.



0¤Þ]hh¯¯>ÞÞÞ Calculates median.

´ '¯Þ¤'¯4¯JÞÞ Calculates standard

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deviation.



Displays rest of CALC
menu.



0]h¯J¯ÞÞÞ Finds smallest number.


Calculations with Two Variables (FRCST)
The FRCST menu does the following two-variable calculations using two
SUM lists:

„ Fits x- and y-data to a linear, logarithmic, exponential, or power
curve.
„ Forecasts estimated values based on that curve.
„ Finds the weighted mean and grouped standard deviation.
„ Shows you the summation statistics (Σx, Σx
2
, Σy, Σy
2
, Σxy, etc.).







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CALC
TOTAL
x-list
X X2 Y2 XY Y
MODL
MIN
MEAN
y-list
W.MN
MAX
MEDN
CORR
G.SD
SORT FRCST
(select x and y)
STDEV
M
RANGE
B
SIZE
MORE
MORE
MORE
MORE
MORE
LIN LOG EXP PWR


After pressing +
,
you must specify two previously created
lists—one for the x-variable and one for the y-variable. The two lists must
have the same number of items.

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Table 10-3. FRCST Menu Labels
Menu Label Description
list name for x-variable
list name for y-variable
These specify the two lists of data to be
compared. Also used for estimations:store
x and estimate y, or vice-versa. ¹ is
the menu label for an unnamed current list.
* Calculates the correlation coefficient, a
number between -1 and +1 that
measures how closely the x,y data points
match the calculated curve.
*

Calculates M. For the linear model, this is
the slope.
Calculates B. For the linear model, this is
the y-intercept.
*





Displays a choice of the four curve-fitting
models:
, , , and .
Calculates the weighted mean of the
x-values using the weights in the y-list.
Calculates the standard deviation of a set
of x-values grouped by frequencies
specified in the y-list.
The number of items in either list.


Sum of items in x-list.
Sum of items in y-list.
Sum of squares of items in x-list.
Sum of squares of items in y-list.
Sum of products of items in x- and y-lists.
*
For the non-linear models, the calculation uses the transformed data values.

10: Running Total and Statistics 133
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Curve Fitting and Forecasting
Curve fitting is a statistical method for finding a relationship between
two variables, x and y. Based on this relationship, you can estimate new
values of y based on a given x-value, and vice-versa. Each SUM list
holds the numbers (data values) for one variable. You can select one of
four curve-fitting models:*
Linear Curve Fit
Logarithmic Curve Fit
Exponential Curve Fit
Power Curve Fit
y
y
y
y
x
x
x
x
Mx
M


*
The exponential, logarithmic, and power models are calculated using
transformations that allow the data to be fitted by standard linear regression.
The equations for these transformations appear in appendix B. The
logarithmic model requires positive x-values; the exponential model requires
positive y-values; and the power curve requires positive x- and y-values.

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To do curve fitting and forecasting :

1. Enter the data into two SUM lists: one for the x-values and one for the
y-values. Make sure each list has the same number of items so that the
items are in matched pairs.
2. From the SUM menu, press + to display a menu
of SUM-list names. The current list is labeled ¹ unless named
otherwise.
3. Press a menu key to select a list of x-values (independent variable).
4. Select a list of y-values (dependent variable).
5. Now you see the FRCST menu. Whichever curve-fitting model was
used last is named in the display. If you want to select a different
model, press
,
and then the menu key for the model.

6. To calculate the curve-fitting results, press, , and
.
7. To forecast (estimate) a value:
a. Key in the known value and press the menu key for that variable.
b. Press the menu key for the variable whose value you want to
forecast.


Example: Curve Fitting. BJ’s Dahlia Garden advertises on a local radio
station. For the past six weeks, the manager has kept records of the
number of minutes of advertising that were purchased, and the sales for
that week.

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Number of Minutes
of Radio
Advertising
(x-values,
MINUTES)
Dollar Sales
(y-values,
SALES)
Week 1
Week 2
Week 3
Week 4
Week 5
Week 6
2
1
3
5
5
4
$1,400
$ 920
$1,100
$2,265
$2,890
$2,200

BJ’s wants to determine whether there is a linear relationship between
the amount of radio advertising and the weekly sales. If a strong
relationship exists, BJ’s wants to use the relationship to forecast sales. A
graph of the data looks like this:

0 1 2 3 4 5 6 7
x
1,000
2,000
3,000
y
SALES in Dollars
B
of Advertising
(forecasted)
M
4
2
5
.
8
8





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Keys: Display: Description:
Displays current SUM list
and SUM menu keys.
@c



]¯¤0'J'¯´
Clears current list.
2
I
1
I
3
I
5
I
5
I
4
I






]¯¤0'¯'¯´
¯Þ¯hl¯4ÞÞÞ
Stores minutes of
advertising (x-values) into
a SUM list.

e
¯¨l¤ h hh0¤'I]hlÞ¯¯

MINUTES
I


]¯¤0'¯'¯´
Names this list. (See page
30 to use the ALPHA
menu.)


Now enter and name the second list.
]¯¤0'J'¯´ Gets a new, empty list.
1400
I
920
I
1100
I
2265
I
2890
I
2200
I






]¯¤0'¯'¯´
¯Þ¯hl¯JÞ·¯¯ÞÞÞ
Stores weekly sales
(y-values) into a second
SUM list.

e
¯¨l¤ h hh0¤'I]hlÞ¯¯

SALES
I
]¯¤0'¯'¯´ Names y-list.


+

'¤l¤'¯ ¨ 'hl]h¤l¤
Identifies the lists for
curve-fitting.

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0]hÞ

'hl¤'
'¤l¤'¯ ¨ 'hl]h¤l¤
l]h¤hl *
Selects MINUTES as x-list,
SALES as y-list, indicates
current curve-fitting
model, and displays
FRCST menu.
'Þll¯Þ>Þ Correlation coefficient for
linear model.

The correlation coefficient calculated above is acceptable to BJ’s. Using
the linear model, estimate what the level of sales would be if the
business purchased 7 minutes of advertising time per week.

7
0]hÞ

0]hÞ¯¤'¯¯ÞÞ Stores 7 in variable
MINUTES.

'hl¤' 'hl¤'¯¯·¯Þ¯¯¤ Forecasts the sales
resulting from 7 minutes of
radio advertising.

How many minutes of advertising should BJ’s buy if it wants to attain
sales of $3,000?

3000

'hl¤'

0]hÞ

0]hÞ¯¤'¯¤J¤
The business should buy
about 6 minutes of
advertising for sales of
$3,000.†


*
If the model named here is not the one you want to use, press
and select the one you want.

This result is not the same as it would be if SALES were the independent (x)
variable, and MINUTES were the dependent (y) variable.

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Weighted Mean and Grouped Standard Deviation
Data in one list (x) can be weighted or grouped (by frequency) by data
in another list (y). To find the mean of weighted data and the standard
deviation of grouped data:

1. Enter the data values—the x-variable—into a SUM list.
2. Enter the corresponding weights or frequencies—the y-variables—
into another list. (To calculate G.SD, the y-values should be integers.)
3. From the SUM menu, press + to display a menu
of SUM-list names. The current list is ¹ unless named otherwise.
4. Press the menu key for the list of x-values.
5. Now select the list with the weights (or frequencies) (y).
6. To calculate the weighted mean, press .
7. To calculate the grouped standard deviation, press .

Example: Weighted Mean. A survey of 266 one-bedroom rental
apartments reveals that 54 of them rent for $200 per month, 32 for
$205, 88 for $210, and 92 for $216. What is the average monthly
rent and its standard deviation?

Create two SUM lists. The first, called RENT, should contain the numbers
200, 205, 210, and 216, in that order. The second can be unnamed
and should contain the numbers 54, 32, 88, and 92, in that order.

Keys: Display: Description:

@c

or





]¯¤0'J'¯´
Clears current list or gets a
new one.
200
I
205
I
210
I



Stores rents into a list.


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216
I
]¯¤0'Þ'¯´
¯Þ¯hl¯¤¯JÞÞ
e

RENT
I


]¯¤0'Þ'¯´
Names this list RENT. (See
page 30 to use the ALPHA
menu.)



]¯¤0'J'¯´ Gets a new, empty list.
54
I
32
I
88
I
92
I




]¯¤0'Þ'¯´
¯Þ¯hl¯4¤¤ÞÞ
Stores frequencies into
second list.

e

+

'¤l¤'¯ ¨ 'hl]h¤l¤
Displays names of all SUM
lists.


l¤h¯

'¤l¤'¯ ¨ 'hl]h¤l¤ Specifies RENT as the
x-list.
¹ l]h¤hl Specifies the current,
unnamed list as the y-list
and then displays the
FRCST menu. (Ignore
model type.)
l0h¯4Þ>¬¬ Average monthly rent.

''Þ¯Þ>¯ Standard deviation of the
rents.

Summation Statistics
The summation values are of interest if you want to perform other
statistical calculations besides those provided by the calculator. To find
Σx, Σx
2
, Σy, Σy
2
, Σ(xy), and n, the number of elements in either list:

1. Display the FRCST menu and select the x- and y-lists as explained in
steps 1-4 of the instructions on page 134. To find the summation

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statistics for just one list of data, specify the same list for both x and y.
2. To see n, press .
3. Press again to display the summation menu, and press the
menu label for the value you want.

Doing Other Calculations with SUM Data
If you would like to do other statistical calculations with SUM data
besides those in the CALC menu, you can do so by writing your own
Solver equation. There are Solver functions that can access data stored
in SUM lists, and there is a summation function that can combine all or
part of the values stored in specific lists.

Refer to “Accessing CFLO and SUM Lists from the Solver” in chapter 12.


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Time, Appointments, and
Date Arithmetic
The calculator contains a clock and calendar in the TIME menu. You can
select a 12-hour or 24-hour clock, and a month-day-year or day-
month-year calendar. You can:

„ Record appointments that set alarms with optional messages.
„ Determine the day of the week for a particular date.
„ Calculate the number of days between two dates using the 360-day,
the 365-day, or the actual calendar.

Viewing the Time and Date
To view the time and date, press in the MAIN menu.

If you overwrite the time and date, you can restore them to the display
by pressing
C
.


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The TIME Menu

FIN BUS
CALC
APT1
SUM
APPT
APT2
TIME
ADJST
SOLVE
SET
APT10
CURRX

Table 11-1. The TIME Menu Labels
Menu Label Description
Displays the CALC menu, for calculating the day of
the week and other date arithmetic.
Displays the APPT menu for setting and viewing
appointments.
+ Displays the ADJST menu for adjusting the clock
setting.
Displays the SET menu for setting the time and date,
and for selecting the time and date formats.


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Setting the Time and Date (SET)
Table 11-2. The SET Menu Labels
Menu Label Description
Sets the date to the displayed number (MM.DDYYYY
or DD.MMYYYY).
Sets the time to the displayed number (HH.MMSS).
Switches between AM and PM (12-hour clock).
Switches between month/day/year and
day.month.year formats.
¹ Switches between 12-hour and 24-hour clock
formats.
Displays the formats for entering the clock’s date and
time.

To set the time:

1. Press to display the SET menu.
2. Key in the correct time in the current format (
h
or
l
indicates the
12-hour clock). For example, for 9:08:30 p.m. enter 9.0830 in a
12-hour clock or 21.0830 in a 24-hour clock.
3. Press to set the new time.
4. For 12-hour format: press to switch between AM and PM.

To set the date:

1. Key in the correct date in the current format. For example, for April 3,
2003 enter 4.032003 in month/day/year format or 3.042003 in
day.month.year format.
2. Press .

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Example: Setting the Date and Time. Set the date and time to April 5,
2003, 4:07 p.m.

Keys: Display: Description:
Displays SET menu.
4.052003
'h¯ Þ¬´ÞÞ´Þ¯ time
Sets date.
4.07


'h¯
Þ¬´ÞÞ´Þ¯ Þ¬'Þ¯'xxl
Sets time. Press

if
necessary.

Changing the Time and Date Formats (SET)
Use the SET menu to change the time and date formats. To switch
between the 12- and 24-hour clocks, press ¹. To switch between
the month/day/year and day.month.year calendars, press .


Adjusting the Clock Setting (ADJST)
The ADJST menu adjusts the time setting forward or backward in
increments of hours, minutes, or seconds.

1. Press +.
2. Press the appropriate menu key(s) until the correct time is displayed.
For example, if the current time setting is 11:20:xx AM (ignoring
seconds), pressing twice changes the time to 1:20 PM. Then,
pressing three times changes the time to 1:17 PM.



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Appointments (APPT)
You can record up to ten appointments, each with an alarm. An
appointment can contain a message. You can also create repeating
appointments—appointments that recur at regular intervals.

APT1
DATE
APPT
APT2
TIME A/PM MSG RPT
MORE APT9 APT10
HELP
for each appointment


Viewing or Setting an Appointment (APT1-APT10)
Table 11-3. Menu Labels for Setting Appointments

Menu Label Description
Sets the appointment date.
Sets the appointment time, and automatically
enters the current date (if the existing appointment
date was in the past).
Sets AM or PM for 12-hour clock.
Displays the ALPHA menu and any existing
message.
Displays the existing repeat interval and the menu
for changing the repeat interval.
Displays the format for entering the date and time.





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To set an appointment or view its current setting:

1. Press , then . The display tells you which appointments
(numbered 1-10) are set and which are past due (expired with
unacknowledged alarms).

Pressing displays the status and menu labels for appointments
6 through 10.
2. Press a menu key— through +. The display shows the
current appointment, if any, and the menu labels for setting
appointments.
3. Optional: press
@c
to remove any old information.




4. Setting the appointment time: Use 12-hour or 24-hour time, as
appropriate. Key in the time as a number in the form HH.MM. For
example, 2:25 p.m. would be 2.25 (12-hour format) or 14.25
(24-hour format). Press
.
The date is automatically set to the
current date if the existing date is in the past or was cleared.
For 12-hour format: press to switch between AM and PM.
5. Setting the appointment date: Key in the date in the current date
format. For example, enter October 4, 2003 as 10.042003
(month/day/year format) or 4.102003 (day.month.year format).
Press . If the appointment is within a year from today, you can
omit the year.
6. The appointment message (optional): To set, change, or just view a
Message Repeat interval
Menu for setting
appointments
Appointment number

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message, press . Type the message (refer to page 30 for using
the ALPHA menu). Messages are limited to a maximum of 22
characters. Press
I
when done. (Press
e
to negate any
changes and retain the original message.)
7. The repeat interval (optional): To set, view, or change a repeat
interval, press . Key in an integer and press the appropriate
key. For example, 2 causes the appointment to go off at the
same time every other day; 90 sets the repeat interval to 1½
hours. sets the appointment to non- repeating. You can
specify repeat intervals up to 104 weeks in length (728 days, 17,472
hours, etc.)
8. When done, press
e
to return to the APPT menu. The appointment
you just set will be recorded, such as
'¤¯'J
You can check an
appointment by pressing its menu key (such as ).

C
restores an appointment’s time and date to the display if it has
been overwritten by other operations.

Acknowledging an Appointment
To acknowledge the appointment and clear the message, press any key
(except
@
) during the beeping. Appointments not acknowledged within
20 seconds become past due.

When an appointment “comes due,” the alarm starts beeping and the
alarm annunciator ( ) is displayed, even if the calculator was off.
*†

The message (or, if none, the time and date) is displayed.


*
If the calculator is in the middle of a complex calculation when an
appointment comes due, the alarm annunciator comes on and the calculator
beeps once. When the calculation is done, the alarm goes off.

The beeping can be suppressed or restricted to appointments. See “Beeper
On and Off,” page 36.

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Unacknowledged Appointments
An appointment not acknowledged during its alarm becomes past due.
The alarm annunciator remains on.

To acknowledge a past-due appointment:

1. Press .
2. Press the menu key for the past-due appointment.
3. Press
e
to return to the APPT menu. The acknowledged
appointment is no longer listed as past due.

A repeating appointment is deactivated while it is past due and will not
go off subsequently until the past-due appointment has been
acknowledged.

Clearing Appointments
To cancel an appointment or to get rid of a repeating appointment, you
need to clear the appointment. Clearing changes the date and time to
00/00/00, 12:00 AM, and removes the message and the repeat
interval.

To clear an appointment, press the menu label for that appointment and
press
@c


To clear all ten appointments, display the APPT menu (the menu with
, etc.) and press
@c
.

Example: Clearing and Setting an Appointment. Today is Sunday,
April 20, 2003. You want to set appointment #4 to go off every
Tuesday at 2:15 p.m. to remind you of a staff meeting. Assume 12-hour
time format and month/day/year date format.

Keys: Display: Description:
Displays setting for

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appointment #4.
@c
¬' ÞÞ´ÞÞ´ÞÞ J4'ÞÞh Clears appt. #4.
2.15 ¬' 'Þh
Þ¬´4Þ´Þ¯ 4'JÞh
Stores appt. time and
supplies current date.
¬' 'Þh
Þ¬´4Þ´Þ¯ 4'JÞl
Sets appt. time to PM.
4.22 ¬' ¯Þ¤
Þ¬´44´Þ¯ 4'JÞl
Stores appt. date.

STAFF
I


¬' ¯Þ¤
Þ¬´44´Þ¯ 4'JÞl
Enters message: “staff”.
ll¯¯hÞh¤ Displays RPT menu.
1 ll¯¯J l¤¤l'''
¬' ¯Þ¤
Þ¬´44´Þ¯ 4'JÞl
Sets repeat interval.
e

'¤¯'¬
Returns to APPT menu
Appt. 4 is “set.”


Date Arithmetic (CALC)
The CALC menu performs date arithmetic:

„ Determines the day of the week for any date.
„ Determines the number of days between dates using one of three
calendars—actual, 365-day, or 360-day.
„ Adds or subtracts days from a date to determine a new date.
The calendar for date arithmetic runs from October 15, 1582 to
December 31, 9999.

To display the CALC menu, press , then .

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Table 11-4. CALC Menu Labels for Date Arithmetic
Menu
Label
Description
'
'
Stores or calculates a date. Also displays the day of
the week. If you omit the year, the calculator uses the
current year.
Stores or calculates the number of actual days
between DATE1 and DATE2 , recognizing leap years.
Calculates the number of days between DATE1 and
DATE2 using the 360-day calendar (30-day months).
Calculates the number of days between DATE1 and
DATE2, using the 365-day calendar, ignoring leap
years.
¹ A shortcut: recalls the current date, which can then be
stored in DATE1 or DATE2.

The calculator retains the values for the TIME CALC variables DATE1,
DATE2, DAYS until you clear them by pressing
@c
while the
CALC menu is displayed.

To see what value is currently stored in a variable, press
R
menu
label.

Determining the Day of the Week for Any Date
To find the day of the week for any date, key in the date and press
' or '.

Calculating the Number of Days between Dates
To calculate the number of days between two dates:

1. Key in the first date (for today’s date, use ¹ ) and press '.

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2. Key in the second date and press '.
3. Press , , or to calculate the number of days
using that calendar.

Example: Calculating the Number of Days between Two Dates. Find
the number of days between April 20, 2003 and August 2, 2040, using
both the actual calendar and the 365-day calendar. Assume the date
format is month/day/year.

Keys: Display: Description:
Displays CALC menu.
4.202003
'

Þh¯¤J¯
Þ¬´4Þ´4ÞÞ¯ 'Þh
Stores Apr. 20, 2003
as first date and
displays its day of the
week.
8.022040
'

Þh¯¤4
¯Þ¤´Þ4´4Þ¬Þ ¯hÞ
Stores Aug. 2, 2040 as
second date.
h'¯Þhl Þh¨'¯
J¯·¤J>ÞÞ
Calculates actual
number of intervening
days.
¯¤Þ Þh¨'¯J¯·¤Þ>ÞÞ Calculates number of
intervening days by a
365-day calendar.

Calculating Past or Future Dates
To calculate a date a specified number of days from another date:

1. Key in the known date (for today’s date, use ¹ ) and press
'.
2. Key in the number of days. This number should be negative if the
unknown date precedes the known date. Press .

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3. Press '.

This calculation always uses the actual calendar.

Example: Determining a Future Date. On February 9, 2003, you
purchase a 120-day option on a piece of land. Determine the expiration
date. Assume the date format is month/day/year.

Keys: Display: Description:
Displays CALC menu.
2.092003
'

Þh¯¤J¯
Þ4´Þ>´4ÞÞ¯ 'Þh
Stores Feb. 9, 2003.
120 h'¯Þhl Þh¨'¯J4ÞÞÞStores number of days into
the future.
' Þh¯¤4¯
Þ¤´Þ>´4ÞÞ¯ 0Þh
Calculates expiration date
(DATE2).


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The Equation Solver
The Equation Solver (the SOLVE menu) stores equations that you enter
and creates menus for them. You can then use those menus to do
calculations. Enter Solver equations in algebraic form regardless of the
calculation mode (ALG or RPN).

The Solver can store many equations—the number and length of
equations is limited only by the amount of memory available. The
equations are stored in a list.

FIN BUS
CALC
SUM
EDIT
TIME
DELETE
SOLVE
NEW
CURRX


Solver Example: Sales Forecasts
Suppose part of your job includes making sales forecasts, and that these
forecasts are revised based on new information. For instance,

„ A change in the price of the product will affect sales by a forecasted
percentage, A%.
„ A change in sales-force training will affect sales by a forecasted
percentage, B%.
„ A competitor’s new product will affect sales by a forecasted
percentage, C%.


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Regardless of how you do this calculation (even if you do it longhand),
you are using an equation:

Next Forecast = Old Forecast + Change in Old Forecast
= Old Forecast + (Projected Percentage Changes
xOld Forecast)
or:

NEXT = OLD + ((A% + B% + C%) ÷ 100 x OLD)

Using the SOLVE and ALPHAbetic menus, you can type in this equation
as
h¤¨¯¯ÞlÞ''h¨'¤¨''¨'=JÞÞ×ÞlÞ
and then automatically create this menu—which contains all the
variables’ labels—by pressing
I


:*

Each menu label represents a variable. You can use them to store and
calculate values the same way you use other menus and their built-in
variables.

Entering a Solver Equation. To type this equation, you must use the
ALPHA menu. If you are not familiar with the ALPHAbetic menu, refer to
“ Typing Words and Characters ” on page 30.

Keys: Display: Description:
' ¯¨l¤ ¤'Þh¯]Þh·
I]hlÞ¯¯
Displays SOLVE menu,
then ALPHA menu.


*
Because the Solver uses arithmetic priority (
×
,
=
before
'
,
¬
), a second set of
parentheses (before A% and after the second OLD) is not necessary. See
“Order of Calculations,” page 165.

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NEXT
=
OLD
+(
A
%+
B
%+
C
%
)/
100
*
OLD




~Þ''h¨'¤¨''¨'
=JÞÞ×ÞlÞ
The equation is too long
for the display.
I
h¤¨¯¯ÞlÞ'
'h¨'¤¨''¨'=J~
Enters equation into list.


~Þ''h¨'¤¨''¨'
=JÞÞ×ÞlÞ
Controls view of full
equation.
e

h¤¨¯¯ÞlÞ'
'h¨'¤¨''¨'=J~
Displays SOLVE menu.

Calculating with the Solver. Suppose last month’s forecast for a
product was 2,000 units. In the meantime, three market changes have
occurred that affect this forecast. A) The price of the product has
dropped, causing an expected 20% increase in sales. B) A major
sales-force training program started, causing an expected 5% increase
in sales. C) A competitor is introducing a new product, causing an
expected 15% drop in sales. Calculate the new forecast for next month.
Menu Label: Display: Description:
'¤l]¯¨]h' ¤'Þh¯]ÞhVerifies that equation is
valid; creates Solver menu
with menu labels for this
equation.
2000 ÞlÞ¯4·ÞÞÞÞÞ Stores old forecast.
20


h¨¯4ÞÞÞ Stores effect of price drop
on sales.
5
¤¨

¤¨¯ÞÞÞ Stores effect of sales-force
training on sales.

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15
&



'¨¯¬JÞÞÞ
Stores effect of
competitor’s new product
on sales.

h¤¨¯¯4·4ÞÞÞÞ
Calculates new forecast for
next month.

Suppose your boss wants next month’s forecast to be 2,300 units. You
can’t affect A% or C%, but you can affect B% through the sales training
program. Determine what B% must be for NEXT to equal 2,300 units.
All you need to do is re-enter the one value you are changing:

Keys: Display: Description:
2300
h¤¨¯¯4·¯ÞÞÞÞ


¤¨
¤¨¯JÞÞÞ
The training program
would need to result in a
10% increase in sales to
effect a new forecast of
2,300.

The SOLVE Menu
If the Solver list is empty, you will see an instruction for entering an
equation when you press ':

If the Solver list is not empty, you will see the current equation—the last
one entered or selected.

Pressing
[
,
]
,
@[
, and
@]
moves you through the list.




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Table 12-1. The SOLVE Menu Labels
Menu
Label
Description
Verifies the current equation and creates menu labels
for it. This is necessary before doing any calculations.
Accesses the ALPHA-Edit menu (page 31) so you can
alter the current equation. The arrow keys move long
equations across the display.
' Deletes the current equation or just its variables (that is,
the space allotted in memory for the variables).
Allows you to enter a new equation.

While you’re working with a specific equation in the Solver, the
equation’s own menu appears in the display. To retrieve the primary
SOLVE menu, press
e
.

Entering Equations
To make an entry into the Solver list:

1. Press ' . (To insert the new entry at the bottom of the list,
press
@]
.)
2. Use the ALPHA menu to type in characters (see page 30), and use the
regular keyboard to type in digits and arithmetic operators (+, =, y
x
,
etc.). If you make a mistake, use
<
to backspace or
C
to start
over. Or press
e
to bring up the ALPHA-Edit menu.
3. Press
I
to store the equation.
4. Press to verify that the equation is valid, and to create its
menu labels. You now can proceed with your calculations.

When you press the calculator displays:
'¤l]¯¨]h'

¤'Þh¯]Þh~

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while the Solver checks that the equation is mathematically valid.
(However, the Solver has no way of checking whether the equation is
the right one for your problem.) If the equation cannot be solved, the
calculator briefly displays:
]h'hl]Þ

¤'Þh¯]Þh

and the cursor will blink at the first character that the Solver could not
interpret. (It is possible that your mistake is somewhere else, but this is a
good place to start looking, since this is where the Solver got stuck.) The
ALPHA-Edit menu appears so you can make changes.
Check to be sure you’ve made no typing mistakes, and that you’ve
followed the rules for writing equations given on page 166 under
“What Can Appear in an Equation.”

An entry that is not an equation will be stored when you press
I
,
but it cannot be verified when you press .

Calculating Using Solver Menus (CALC)
If pressing creates a Solver menu for your equation, then the
equation is good (that is, mathematically valid).

If the equation contains more than six variables, the Solver uses the label
to switch between sets of menu labels.

Calculator line

Solver menu
To test whether your equation is in fact correct, test it out by entering
some values for which you already know the result, and see if the
Solver’s result is correct.

To do a calculation using a Solver menu:

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1. Store values in all but one of the variables (for example, 2000

,
etc.). Remember that you can verify stored values by pressing
R
menu label.
2. To start the calculation, press the menu key for the variable you want
to calculate.

In most cases, this is all you need to know about how the Solver works.
However, certain types of equations are more difficult to solve.
If, during the calculation, the display temporarily shows two lines of
changing numbers, such as

h'JÞÞÞÞÞÞÞÞÞÞÞ

¬
h'JJ¯¬¯¤J4>¤¯¬

'

then the Solver is searching for a result for the variable A. Read the
section, “How the Solver Works,” starting on page 179.

Example: Return on Equity. The Return on Equity of a business can be
defined as:
ROE=
− − Operating income Interest Taxes
Common equity

Find the ROE of a small firm with $2,000 in assets. The assets earned
10% while its debt cost it 8%. The assets were financed using $500 of
common equity and $1,500 of debt. The firm paid no taxes.

Operating income=assets × percentage earnings on assets

h''¤¯×¨¤lh

Interest=debt × percentage interest paid on debt

Þ¤¤¯×¨]h¯

Common equity=amount of common equity used for financing

¤'¯¨


The Solver equation would be:

lÞ¤¯'h''¤¯×¨¤lh=JÞÞ¬Þ¤¤¯×¨]h¯=JÞÞ¬¯h¨'=¤'¯¨×JÞÞ


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Keys: Display: Description:
@A
Restores MAIN menu.
' ¯¨l¤ ¤'Þh¯]Þh·
I]hlÞ¯¯
Displays ALPHA menu.
ROE
=

(
ASSET
*

%
ERN
-
DEBT
*

%
INT
-
TAX
)

/
EQTY






~¬Þ¤¤¯×¨]h¯¬¯h¨'
=¤'¯¨
Entering the equation.
I
lÞ¤¯'h''¤¯×¨¤lh
¬Þ¤¤¯×~
Stores the equation.
Verifies the equation and
displays the menu labels
for ROE, ASSET, %ERN,
DEBT, %INT, and (press
) TAX and EQTY.
2000
h''¤¯

10
¨¤lh

1500
Þ¤¤¯

8
¨]h¯

0

¯h¨

500
¤'¯¨

h''¤¯¯4·ÞÞÞÞÞ
¨¤lh¯JÞÞÞ
Þ¤¤¯¯J·ÞÞÞÞÞ
¨]h¯¯¤ÞÞ

¯h¨¯ÞÞÞ
¤'¯¨¯ÞÞÞÞÞ
Stores the values for the
assets, the percentage
earnings on assets, the
amount of debt, the
percentage interest paid
on the debt, the taxes
paid, and the common
equity.


lޤ

lÞ¤¯J¤ÞÞ
The return on equity is
16%.



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Editing an Equation (EDIT)
If you have an
]h'hl]Þ

¤'Þh¯]Þh
, the cursor stops over the first
character that the Solver could not logically interpret.

You can alter the current equation using the ALPHA-Edit menu:

1. Press to access the ALPHA-Edit menu. (See “Editing
ALPHAbetic Text,” page 31.) You can use
<
(backspace) and
C

(clear), as well.
2. To insert letters, press + and the appropriate letters. Press
e

to bring back the editing menu.
3. Press
I
to replace the previous version with the edited version.

Editing an equation clears its variables.

To abort an editing operation without saving any of the changes, press
e
.

Naming an Equation
Naming equations helps you identify them later. The name precedes the
equation, separated by a colon. If you don’t name an equation initially,
you can name it later using .

Type the name just as you type the rest of the equation. The calculator
knows that whatever comes before the colon is not part of the equation.
The name is for your visual aid only; the calculator cannot recognize it.

Names can be any length and contain any character except + - x ÷ ( )
< > ^ : = space


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Finding an Equation in the Solver List
To display an entry in the Solver list, display the SOLVE menu and move
through the list using the
[
and
]
keys.
@[
moves to
´¯Þl

Þ¯

l]'¯·
and
@]
moves to
´¤Þ¯¯Þ0

Þ¯

l]'¯·
.

Shared Variables
If two or more equations contain the same variable, that variable is
shared among those equations. For example, suppose your Solver list of
equations includes these two equations labeled RUG, which figures the
cost of a carpet, and TOTAL, which figures the total cost of buying a
carpet and installing it:
lÞ''

l´¨Þ×l×l=>¯'Þ'¯
¯Þ¯hl'

'Þ'¯'hÞÞl'×4ÞÞÞ¯'hhl'¤
COST is a shared variable. You can calculate a value for COST using
the RUG equation, then switch to the TOTAL equation and calculate
CHARGE after entering HOURS. Since the value for COST is shared,
you do not need to store it again.

No sharing occurs between variables outside the Solver and those
within the Solver. For example, this COST variable in the Solver is not
shared with the COST variable in the MU%C and MU%P menus in BUS.

To transfer values between built-in variables and Solver variables, store
them into storage registers. Recall them after switching menus.
Remember that the value in the calculator line stays there when you
switch menus.

Clearing Variables
You can clear the variables in a Solver equation just as you clear
variables in other menus: press
@c
while the menu with those
variables is displayed.

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Make sure that the menu for the variables is in the display. (The
equation itself should not be in the display. If it is, press .)
Pressing
@c
now sets NEXT; OLD, A%, B%, and C% to zero.

Variables are also cleared when their equation is edited.


If the SOLVE menu is displayed (rather than the SOLVE CALC
menu), then pressing
@c
will prompt
Þ¤l¤¯¤

hll

'hl]h¤l¤'´
. Press , otherwise you will lose the
variables in all the equations. (See “Deleting All Equations or
Variables in the Solver,” page 164.)

Deleting Variables and Equations
Each equation in the Solver list uses calculator memory to store 1) itself,
and 2) its variables.*

Deleting a variable is quite different from clearing it:

„ Clearing a variable sets it to zero; the variable retains its storage
location in memory. This does not save memory space.
„ Deleting a variable erases its value and its storage location. This is a
way to save memory space. If a variable is shared, its value is lost to
all equations that share it. The memory space for a deleted variable is
re-created the next time you use that equation.


*
An equation that has not been verified ( pressed) does not have any
variables allocated to it. Therefore, it has no variables to be cleared or
deleted.
Note

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Deleting One Equation or Its Variables (DELET)
To delete an equation or its variables:

1. Display the equation.
2. Press ' in the SOLVE menu.
3. To delete the equation, respond to both questions:
Þ¤l¤¯¤

¯h¤

'hl]h¤l¤'´
Þ¤l¤¯¤

¯h¤

¤'Þh¯]Þh´
(If the entry has no variables allocated, then only the second question
appears.)
4. To delete just the variables, respond to
Þ¤l¤¯¤

¯h¤

¤'Þh¯]Þh´
. This preserves the equation.

Deleting All Equations or All Variables in the Solver
(
@c
)
To delete all the equations in the Solver, or just all the variables in all the
equations:

1. Display the SOLVE menu. It doesn’t matter which equation is
displayed.
2. Press
@c
. To delete all equations, respond to both
questions:
Þ¤l¤¯¤

hll

'hl]h¤l¤'´
Þ¤l¤¯¤

hll

¤'Þh¯]Þh'´
3. To delete just the variables, respond to
Þ¤l¤¯¤

hll

¤'Þh¯]Þh'´
. This preserves all equations.

Writing Equations
An equation in a book looks different from an equation in the Solver. A
numerator and denominator might be separated by a bar, such as

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+ +
− ×
a b c
d e f

Since a Solver equation appears all on one line, you must group the
numerator and denominator separately by using parentheses, such as
'h'¤'''='Þ¬¤×¯'
Order of Calculations. Operations occur from left to right but do:

„ Exponentiation first. For example,
hפ´¯¯'
is interpreted as A ×
B
3
= C. B is raised to the 3rd power and then multiplied by A. To
raise A × B to the 3rd power, write the equation as
'hפ'´¯¯'
.
„ Multiplication and division before addition and subtraction. For
example,
h'¤='¯J4
is interpreted as A + ( B/C ) = 12. To divide
the sum of A + B by C, enter the equation as
'h'¤'='¯J4
.

Parentheses. Parentheses override the above rules of priority. When in
doubt, use parentheses. It never hurts to use parentheses─even multiple
parentheses. (Do not use brackets or braces.)

For example, earlier (page 154) we used the equation

Next Forecast=Old Forecast +
( )
+ + × ⎛ ⎞
⎜ ⎟
⎝ ⎠
% % % Old Forecast
100
A B C
,

which was entered into the calculator as

h¤¨¯¯ÞlÞ''h¨'¤¨''¨'=JÞÞ×ÞlÞ
.

×
A
B C
would be entered as
h='¤×''

×
+
×



B C
A
D E

could be entered as
h'¤×'='Þפ'

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×
+
+ ×


( 5)
B C
A
D E
could be entered as
h'¤×'=''Þ'Þ'פ'

What Can Appear in an Equation
Long Equations. There is no limit on the length of an equation (or the
number of variables it has) if there is enough memory to store it. An
equation longer than one display line (22 characters) moves to the left
and adds an ellipsis (...).

To view a long equation, move the cursor using the arrow keys on the
ALPHA-Edit menu. For example:

¯Þ¯hl'Þ'¯¯l¤h'¯h×l]Þ¯h×h¤]'h¯=J4×Þh]¯×'J'0hllÞl¨=JÞÞ'


looks like
¯Þ¯hl'Þ'¯¯l¤h'¯h×l]Þ¯~
when it is stored. Press to view successive
portions of the equation:
~h×h¤]'h¯=J4×Þh]¯×'J'~
Spaces. You can use as many spaces as you like between variables,
operators, and numbers.

Names of Variables. A variable’s name can be up to 10 characters
long, but cannot contain the characters + - x ÷ ^ ( ) < > = : space

The first three to five characters (depending on their widths) become the
variable’s menu label. Therefore, make sure no two variables in the
same equation have the same first three to five characters.

Do not use AND, NOT, OR, XOR, or PI as variable names because they
will be interpreted as functions.

Numbers (Constants). Do not put commas or other characters in
numbers. For instance, type
JÞÞÞÞ
for ten thousand (not
³JÞ·ÞÞÞ
).

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Parentheses. Do not use brackets or braces. Parentheses determine
order, but do not imply multiplication. For example, the equation Psn =
Ps (1-F) would be typed into the Solver as
l'h¯l'×'J¬¯'
. The ×
sign must be inserted between
l'
and the parenthesis.

Functions and Conditional Expressions. An equation can contain any
of the functions and conditional expressions given in the table on pages
168-171. Some of these functions also have typing aids.

Math Operators (“Typing Aids”). All of the math operators are located
either on the keyboard (
/
,
@t
, etc.) or in the MATH menu ( ,
, etc.). Any of these operators except
%
can be included in an
equation. (In the Solver,
¨
is just a character.) You can call up the
MATH menu from the Solver.

Many of these operators look different in an equation: pressing
@v

produces
''l¯'
, for example. You then supply a number or variable
followed by a closing parenthesis. The list of Solver functions on pages
168-171 shows the spelling of each function. Note that you supply the
number after supplying the function.

You can also type these functions letter by letter using the ALPHA menu.
However, it is faster to select math operators directly on the keyboard or
in the MATH menu. This is called a typing aid.

For instance, these two methods of placing 25! (factorial) into an
equation are equivalent. Starting after ' :

1. Using the ALPHA Menu

Keys: Display: Description:

¯
+
¯h

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+
¯h'
+
¯h'¯
(

25

)=
¯h'¯'4Þ'¯
+


¯h'¯'4Þ'¯h
This calculates 25!
(factorial).

2. Using a Typing Aid

Keys: Display: Description:
@m
MATH menu labels
appear.
¯h'¯' The ALPHA menu
automatically returns after
one MATH selection.
25
)=
¯h'¯'4Þ'¯
+


¯h'¯'4Þ'¯h
This also calculates 25!,
and with fewer
keystrokes.

Solver Functions
Here is a complete list of functions that you can include in Solver
equations. The items inside parentheses must be replaced by specific
numbers, variables, or algebraic expressions.

In addition, you can use the arithmetic operators (+, -, x, ÷ , y
x
), but
not
%
. (In the Solver,
¨
is just a character, not an operator.)



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Table 12-2. Solver Functions for Equations
Function Description
ABS(x) Absolute value of x.
ALOG(x) Common (base 10) antilogarithm;
10
x
.
CDATE Current date.
CTIME Current time.
DATE(d1:n) The date n days after (when n is
positive) or before (when n is
negative) date d1. The format for d1
is set in the TIME/SET menu.
DDAYS(d1:d2:cal) Number of days between dates d1
and d2. Formats for d1 and d2 are
set in the TIME menu; cal designates
the calendar:
„ cal = 1 for the actual calendar,
which recognizes leap years.
„ cal = 2 for the 365-day
calendar, which ignores leap
years.
„ cal = 3 for the 360-day
calendar, which uses 12, 30-day
months.
EXP(x) Natural antilogarithm; e
x
.
EXPM1(x) e
x
-1.
FACT(x) x!; factorial of a positive integer.
FLOW(CFLO-listname:flow#) Value of the specified cash flow.
FP(x) Fractional part of x.
G(x) Returns (Get) the value of the variable.
The variable will not appear in the
SOLVE menu if it is only used in L and
G functions. See L function on page
170.



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Table 12-2. Solver Functions for Equations (Continued)
Function Description
HMS(time)
Converts time in decimal hours to
HH.MMSS format.
HRS(time)
Converts time in HH.MMSS format to
decimal hours.
IDIV(x:y) Integer part of the quotient of x/y.
IF(cond:expr
1
:expr
2
)
Conditional expression: if cond is true, use
expr
1
; if cond is false, use expr
2
. See page
174.
INT(x)
Greatest integer less than or equal to x.
INV(x) Inverse of x; 1/x.
IP(x) Integer part of x.
ITEM(SUM-listname:item#) Value of the specified SUM-list item.
L(x:expr)
Store the value of expr in the variable x.
The variable will not appear in the SOLVE
menu if it is only used in L and G functions.
This is useful if you have a complex
expression that uses the same sub
expression multiples times for example:
(1+i)^N x PV+((1–(1+i)^N)/(1–(1+i))) x PMT+FV
It can be written:
l'hl'J'''×Þ

'l'hlh'''hl'´h'×l' '''J¬''hlh
''´'J¬''hl'''×l0¯'¯'
.
LN(x) Natural (base e) log of x.
LNP1(x) In (1 + x)
LOG(x) Common (base 10) log of x.
MAX(x:y)
Compares x and y, and returns the larger
of the two.
MIN(x:y)
Compares x and y, and returns the smaller
of the two.
MOD(x:y)
Remainder of the division x/y. MOD(x,y) =
x-y x INT(x/y)
PI π ; 3.14159265359 (12 digits).
RND(x:y)
Rounds x to y decimal places if 0 ≤ y ≤ 11,
or rounds x to y significant digits if -12 ≤
y ≤-1. y must be an integer.
S(variable name)
Used in an IF function to test if solving for
the variable named. Used to combine
related equations into one Solver menu.
See page 178.
SGN(x)
Sign of x (+1 if x>0, 0 if x=0,-1 if x<0.

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Table 12-2. Solver Functions for Equations (Continued)
Function Description
Σ(cfr:c
1
:c
2
:s:expr) Summation of the algebraic expression
expr for values of the counter ctr,
stepping from c
1
to c
2
at increments of s.
See page 176.
SIZEC(CFLO-listname) The number of the last flow in specified
CFLO list.
SIZES(SUM-listname) The number of items in specified SUM
list.
SPFV(i%:n)
Future value of a single $1.00 payment;
equivalent to (1 + i% ÷ 100)
n
. n is the
number of compounding periods. i% is
the interest rate per compounding
period, expressed as a percentage.
SPPV(i%:n)
Present value of a single $1.00
payment; equivalent to 1 ÷ SPFV(i%:n).
n is the number of compounding
periods. i% is the interest rate per
compounding period, expressed as a
percentage.
SQ(x) Square of x ; x
2
.
SQRT(x) Square root of x ;
X
.
#T(CFLO-listname:flow#)
The number of times that specified cash
flow occurs.
TRN(x:y)
Truncates x to y decimal places if 0 ≤ y
≤11, or truncates x to y significant digits
if -12 ≤ y ≤-1. y must be an integer.
USFV(i%:n)
Future value of a uniform series of
$1.00 payments; equivalent to
(SPFV(i%:n)-1) ÷ (i% ÷100). n is
number of payments. i% is periodic
interest rate, expressed as a
percentage.
USPV(i%:n)
Present value of a uniform series of
$1.00 payments; equivalent to
USFV(i%:n) ÷ SPFV(i%:n). n is number of
payments. i% is periodic interest rate,
expressed as a percentage.

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Example Using a Solver Function (USPV): Calculations for a Loan
with an Odd First Period. Suppose an auto purchase is financed with a
$6,000 loan at 13.5% annual interest. There are 36 monthly payments
starting in one month and five days. What is the payment amount?

Use the following formula when the time until the first payment is more
than one month but less than two months. Interest for this odd
(non-integer) period is calculated by multiplying the monthly interest by
the number of days and dividing by 30.

The formula for this loan is:

⎛ ⎞
⎛ ⎞
− +
⎜ ⎟
⎜ ⎟
⎛ ⎞
⎝ ⎠
⎜ ⎟
+ × + =
⎜ ⎟
⎜ ⎟
⎝ ⎠
⎜ ⎟
⎜ ⎟
⎝ ⎠
1 1
1200
1 0
1200 30
1200
N
ANNI
ANNI DAYS
PV PMT
ANNI

where:

ANNI= the annual percentage interest rate.
N= the number of payment periods.
DAYS= the number of leftover, odd days (an integer from 0 through
30).
PV= the amount of the loan.
PMT= the monthly payment.

The formula can be rearranged and simplified using USPV, the Solver
function for returning the present value of a uniform series of payments:
l'×'J'hhh]=J4ÞÞ×Þh¨'=¯Þ''
l0¯×Þ'l''hhh]=J4'h'¯Þ
The keystrokes are:

PV
*(
1
+
ANNI
/
1200
*
DAYS
/
30
)

+
PMT
*
USPV
(
ANNI
/
12:N
)=
0



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Keys: Display: Description:
'
@]
´¤Þ¯¯Þ0 Þ¯ l]'¯· Displays SOLVE menu and
bottom of Solver list.
¯¨l¤ ¤'Þh¯]Þh·
I]hlÞ¯¯
Displays ALPHA menu.
(type in
equation as
shown above)


0¯×Þ'l''hhh]=
J4'h'¯Þ
Remember that the colon is
located after. ·
(Press · )
I


ÞÞÞ Enters equation, verifies
it, and creates menu.
6000 l'¯¤·ÞÞÞÞÞ Stores loan amount in
PV.
13.5
hhh]
hhh]¯J¯ÞÞ Stores annual percent interest
in ANNI.
5 Þh¨'¯ÞÞÞ Stores number of odd days in
DAYS.
36 h¯¯¤ÞÞ Stores number of payments in
N.
l0¯¯¬4Þ¯>> Calculates monthly PMT of
$203.99.












174 12: The Equation Solver
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Conditional Expressions with IF
Equations can include conditional expressions using the function IF. The
syntax of the IF function is:

IF
'
conditional expression
'
algebraic expression
'
algebraic expression
'



For example, the solver accepts the equation:
¤ÞhÞ'¯]¯''hl¤'·¯ÞÞÞ'Þ4

×

'hl¤''ÞJ

×

'hl¤''
According to this equation, if SALES is greater than 3000, then the
BONUS equals .02 × SALES; otherwise (“or else”), BONUS equals
.01 × SALES.

Logical Operators. Four logical operators can be used in conditional
expressions: AND, OR, XOR, and NOT.

Relational Operators. Six relational operators are available for
conditional expressions.

Operator Keys






(ALPHA menu)
(ALPHA menu)
=


=


=



then or else

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Examples of Conditional Equations.

„
¤
=


'h·¯

hhÞ

h´¯JÞ'4×h=¤'¯×h'JÞ'''

Means: If A is greater than 7 and is less than or equal to 15, then
B= 2 x A ÷ 6+C. Otherwise, B=3 x A+10+C.
„
'hlޤ

¯

¯]l'¯']¯'hÞ¯'¯]l'¯¯Þ''J=¯]l'¯'Þ'

Means: If FIRST is not equal to 0, then
VALUE=FIRST+1 ÷ FIRST. If FIRST=0, then VALUE=FIRST.
„
¯

¯

l ×]¯'h¯Þ

¨Þl

¤¯Þ'h'¤'h¨¤'

Means: If A or B, but not both, equals 0, then T=W x (A + B).
Otherwise, T = W x A x B. In other words,
When A=0 and B≠0, T=W x B.
When A≠0 and B=0, T=W x A
When A=0 and B=0, T=0.
When A≠0 and B≠0, T=W x A x B.

Example: Nested IF Functions. An IF function can be used as the
argument of another IF function. This is called nesting. Suppose a
corporation uses a rating system to determine salary. Employees are
rated on a scale from 1 through 3, and are given the following annual
percent raise based on their rating:

Rating Percent Salary Increase
1
2
3
3%
6%
10%

The Solver equation to calculate an employee’s new salary is based on
his or her rating and old salary. What would be the new annual salary
for an employee with a rating of 2 who currently earns $27,500
annually?



176 12: The Equation Solver
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Press ' , then enter the equation:

h¤l¯ÞlÞ ¨ 'J']¯'l¯J'Þ¯']¯'l¯4'Þ¤'J'''

To do the calculation:

Keys: Display: Description:
I

Stores, verifies, and
creates menu labels for the
equation.
27500 ÞlÞ¯4¯·ÞÞÞÞÞ Stores old salary.
2 l¯4ÞÞ Stores rating.
h¤l¯4>·JÞÞÞÞ Calculates new salary.

The Summation Function (∑)
The Σ function does summation calculations in an equation:

¯'
counter variable
'
starting value
'
ending value
'
step size
'

algebraic expression
'


The counter variable takes on a series of values, beginning with the
starting value, and incrementing according to the step size, until it
passes the ending value. For each value of the counter, the algebraic
expression is evaluated, and the value is added to the previous value.
The Σ function returns the final summation.

For example, when the equation:
'¤l]¤'¯¯']'J'¤'J']ר´]'
is solved for SERIES, the counter I runs from 1 through 6 in steps of one
─that is, 1, 2, 3, 4, 5, 6. For each value I, the expression
]ר´]
is



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calculated and added to the sum. Thus the stored value of X is used to
calculate X + 2X
2
+ 3X
3
+ 4X
4
+ 5X
5
+ 6X
6
.

The following equation uses a variable as the ending value, 0 as the
beginning value, and a step size of 2.
'¤l]¤'¯¯']'Þ'lh'¯'4']ר´]'
If 8 is stored in LAST, I takes on values of 0, 2, 4, 6, and 8. Then the
stored value of X will calculate 2X
2
+ 4X
4
+ 6X
6
+ 8X
8
.

Accessing CFLO and SUM Lists from the Solver
You can use a Solver equation to perform calculations other than those
in the CFLO and SUM menus using data stored in CFLO and SUM lists.
The following Solver functions gain access to these lists.

„
']¯¤''
CFLO-listname
'
returns the number of the last flow in the
specified CFLO list. For example, if the last flow in the list INV were
¯lÞl'¤'¯Þ·ÞÞÞÞÞ
, then
']¯¤'']h''
would equal 6.00.
„
¯lÞl'
CFLO-listname
'
flow number
'
returns the value of the
specified flow.
„
*¯'
CFLO-listname
'
flow number
'
returns the number of times the
specified flow occurs.
„
']¯¤''
SUM-listname
'
returns the number of items in the specified
SUM list.
„
]¯¤0'
SUM-listname
'
item number
'
returns the value of the
specified item.

Summation of List Data. The Σ function can be used to sum calculations
done with numbers in lists. For example, the following equation
calculates Σx
i
2
y
i
2
for values stored in two SUM lists named XVAR and
YVAR, which must have the same number of items:

'¨4¨4¯¯']'J'']¯¤''¨'hl''J']¯¤0'¨'hl']'´4×
]¯¤0'¨'hl']'´4'


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“Chi-Squared Statistics” in chapter 14 illustrates another use of the Σ
function with SUM lists.

Creating Menus for Multiple Equations (S Function)
The S (solving for) function is used in conjunction with the IF function
to group related equations together and to specify the criteria for
choosing one of them to solve.
S(variable name)

The advantage over two separate equations is that the single equation
gives you a single menu with all possible variables. That way, if you are
working with two different but related problems, you can keep the same
Solver menu labels in the display all the time─you don’t have to switch
equations.

For example, consider these two equations for conversions:

l'×44J¯l¤
and
0ׯ4¤¯¯¯

The following, rearranged single equation can do either conversion:
]¯'''l''

Þl

''l¤''l'×44J¬l¤'0ׯ4¤¬¯¯'¯Þ
This means: if you are solving for either KG or LB, then use
KG × 2.21-LB=0. Otherwise (that is, if you are solving for M or FT),
use M × 3.28-FT = 0. The two conversion equations are rewritten so
that all the variables appear on one side of each equation, and the
other side is set equal to zero.

The S function appears as part of the conditional expression of the IF
function. You can leave out the “=0” and it will be understood that the
whole equation is set equal to zero.

Example: Unit Conversions. Use the above equation to convert
between kilograms and pounds and between meters and feet.

Press ' then enter the equation:


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]¯'''l''

Þl

''l¤''l'×44J¬l¤'0ׯ4¤¬¯¯'


Press
I
to store it, then to verify it and create its menu:

1. Convert 225 pounds to kilograms.
Press 225



l' Result is
l'¯JÞJ¤J
.
2. How many feet equal 100 meters?
Press 100

0

¯¯ Result is
¯¯¯¯4¤ÞÞ


Note that you do not have to clear variables between steps 1 and 2.
The S function considers only those values in the part of the equation
that it is solving.

How the Solver Works
The Solver has two ways of finding an answer. First, it tries to find a
direct solution by rearranging the equation and then solving for the
variable. If the Solver finds a direct solution, the calculator displays the
result.

If the Solver is unable to find a direct solution, it tries to find the answer
indirectly by iteration. It estimates a set of answers, sees how close they
are to a solution, and then makes another set of estimates. The
calculator displays the Solver’s current estimates as the Solver searches
for an answer. You should keep in mind that there might be more than
one solution to an equation, and that it might be necessary for you to
enter guesses to influence which solution the Solver finds. If the
displayed estimates don’t appear to be proceeding towards a number
you judge to be a reasonable answer, you can stop this iterative process,
enter your own guesses, and restart the search. (See “Halting and
Restarting the Iterative Search” and “Entering Guesses,” below.)


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The process of finding a solution iteratively is very complex. There are
four possible outcomes. Refer to “Solver Calculations” in appendix B for
additional descriptions of these outcomes.

„ Case 1: The calculator displays a result. It is very likely that this is a
solution to the equation. To check how good this result is, you can
repeat the calculation by pressing the menu key for the variable you
solved for. If the two sides of the equation have not been calculated to
be exactly equal, the calculator displays a message with the values
for the left and right sides of the equation. Read “Solver Calculations”
in appendix B for an explanation of the meaning of this display.
„ Case 2: The calculator displays a message with the calculated,
unequal values of the left and right sides of the equation. The Solver
has found a possible solution, but you must interpret its validity. To see
the questionable solution, press
<
or
C
. Refer to “Solver
Calculations” in appendix B for more information.
„ Case 3: The calculator displays
¤hÞ

'Þ¤''¤''

ll¤''

I'll¯

¯Þ

']¤l
. The Solver cannot begin the search with the
current guesses. Press
<
or
C
to view the starting guesses. To
supply new guesses, see “Entering Guesses,” below.
„ Case 4: The calculator displays
'ÞlÞ¯]Þh

hޯ

¯ÞÞhÞ
. Check
to see if your equation and stored values are correct. If the equation is
correct, you might be able to find a solution by entering very good
guesses.

Halting and Restarting the Iterative Search
When the Solver is iteratively searching for a solution (in other words,
when the Solver is displaying sets of estimates), you can halt the
calculation by pressing any key except
@
. The calculator displays the
message
]h¯¤llÞl¯¤Þ
. To see the best estimate the Solver has
found so far, press
C
or
<
. You can restart the search from where
it left off by pressing the menu key for the variable you are solving for.
Or, you can restart the search using your own guesses (see “Entering
Guesses,” below).


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Entering Guesses
Entering your own guesses serves two purposes. First, it can save time
by telling the Solver where to start searching. Second, if more than one
solution exists, entering guesses may lead the Solver to a solution in a
specified range. The closer your guesses are to the desired solution, the
better chance the Solver has of finding it.

You can enter guesses at these times:

„ Before beginning the calculation, after you’ve stored a value for every
variable except the unknown variable. If you enter one guess, the
Solver generates a second guess.
„ After you’ve halted the iterative search.
„ After the Solver has returned an answer, and you wish to begin
searching for another answer.

You can enter one or two guesses. If you enter one guess, the Solver
makes a second guess. If you enter two guesses, the Solver uses those
two guesses to start searching for a solution. The Solver works most
efficiently when the answer is between your two guesses. For example,
if you know the answer is between 5 and 12, you should enter 5 and
12 as the starting guesses.

To enter one guess, key in the value and press the menu key twice.
For example, 4.5 enters 4.5 as a guess for a Solver
variable named A and starts the calculation.

To enter two guesses, key in the first guess and press the menu key. Then
key in the second guess and press the menu key twice. For example, 0
100 causes the Solver to search for A using 0
and 100.

Example: Using Guesses to Find a Solution Iteratively. One equation
for calculating the profit from a manufacturing operation is:


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Profit = (Price × Quantity) - (Variable costs × Quantity)
- Fixed Costs

The C-Sharp Piano Corporation sells pianos for $6,000. Variable costs
are $4,100; fixed costs per year are $112,000. How many pianos
must C-Sharp sell this year in order to earn a profit of $130,000? (In
past years, C-Sharp has had to sell between 100 and 200 pianos to
make an acceptable profit. You can use this information as initial
guesses.)

Press ' , then enter the equation:
llÞ¯]¯¯ll]'¤

¨

'¯¨¬'hl'Þ'¯

¨

'¯¨¬¯]¨'Þ'¯

Keys: Display: Description:
I
Stores, verifies, and
creates labels for the
equation.
6000 + ll]'¤¯¤·ÞÞÞÞÞ Stores price.
4100

'hl'Þ
112000

¯]¨'Þ
130000

llޯ]
'hl'Þ'¯¯¬·JÞÞÞÞ
¯]¨'Þ'¯¯JJ4·ÞÞÞÞÞ
llÞ¯]¯¯J¯Þ·ÞÞÞÞÞ
Stores variable cost,
fixed cost, and profit.

The following steps enter guesses for QTY. If the Solver must search
iteratively to solve for QTY, it will begin by using the estimates 100 and
200.

Keys: Display: Description:
100
'¯¨

'¯¨¯JÞÞÞÞ The first guess for QTY.
200
'¯¨

'¯¨¯4ÞÞÞÞ The second guess for
QTY.

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'¯¨
'¯¨'4ÞÞÞÞÞÞÞÞÞÞÞ¬
'¯¨'JÞÞÞÞÞÞÞÞÞÞÞ'



'¯¨¯J4¯¯¯
Solves for QTY iteratively.


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Printing
The calculator can print information using the HP 82240 Infrared Printer,
which accepts the infrared signal from the printer port. This chapter
describes information you can print. Operation of the printer is covered
in the printer user’s guide.*

The print annunciator ( )appears in the display whenever the
calculator sends information through its printer port.

Because communication goes only one way—from calculator to
printer—the calculator cannot determine whether the printer is receiving
information. If a printing operation involves many lines of information,
the calculator slows its transmission rate to allow the printer time to print.

To preserve battery power, the calculator will not transmit data to the
printer when the low-power annunciator (

) is on. If a low-power
condition occurs after you’ve started a printing operation, printing stops
and the calculator displays the message
¤h¯¯

¯ÞÞ

lÞl

¯Þ

ll]h¯
.


*
Since the HP-17bII+ cannot send control characters to the printer, portions of
the printer’s manual pertaining to control codes and graphics characters do
not apply.

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The Printer’s Power Source
The speed of the printer depends on whether it is using its optional ac
adapter. To optimize printing performance, set the printing speed mode
in the calculator appropriately. To view or change the printing speed
mode:

1. Press
@>
.
2. Press to change and display the new mode. If necessary,
press again to set the desired mode:
„
ll]h¯¤l'

h'

hÞhl¯¤l

„
ll]h¯¤l'



h'

hÞhl¯¤l

3. Press
e
.

For long printing operations, printing will be faster using the printer’s ac
adapter and the calculator’s appropriate printing speed mode. When
the printer is powered by batteries alone, be sure to change the mode to
ll]h¯¤l'



h'

hÞhl¯¤l
so that the calculator will not transmit
data too rapidly.


Double-Space Printing
Press
@>
to turn double-space printing on or off. Then
press
e
.


Printing the Display(
P
)
To print whatever is in the calculator line, press
P
. This prints
numbers, expressions, single Solver equations, and messages. Menus
cannot be printed.



186 13: Printing
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Printing Other Information (
@p
)
LIST STK REGS
PRINTER
TIME MSG TRACE

The PRINTER menu provides the ability to print most of the information
you’ve stored, including the contents of variables, lists, appointments,
the history stack, registers, and the current date and time. You can also
transmit descriptive notes to label the output. (To print amortization
schedules, see “Printing an Amortization Table,” page 82.)

From within any menu you can press
@p
to bring up the PRINTER
menu. This table summarizes those printing activities.
Table 13-1. The PRINTER Menu Labels
Menu Label Description
Prints data stored or calculated in the current menu.
See “Printing Variables and Lists,” below.
Prints the contents of the history stack.
Prints the contents of registers 0 through 9.
Prints the current date and time.
Displays the ALPHA menu for typing a message up to
22 characters long. See page 188.
¹ Switches between Trace On and Trace Off modes.
See “Trace Printing,” page 188.

Upon completion, all of these functions except ¹ return the
previous menu to the display.

Printing Variables, Lists, and Appointments (LIST)
You can list specific sets of information stored in menus by pressing
@p
while the relevant menu labels are displayed.


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Printing the Values Stored in Variables. You can print a listing giving
the values of all variables whose menu labels are displayed.
For example, if the calculator is in the FIN TVM menu, it displays the
labels ·.

Pressing
@p
now produces a print-out like this:


h¯ ¯¤ÞÞÞ
]¨¨l¯ J4ÞÞ
l'¯ ¤Þ·ÞÞÞÞÞ
l0¯¯ ¬¤>¯ÞÞ
¯'¯ ¤ÞÞ
l´¨l¯ J4ÞÞ
¤hÞ 0ÞÞ¤

Printing Number Lists. To print out the contents of a particular SUM or
CFLO list, that list must be the current list. Pressing
@p

while a SUM list named SALES is the current list produces labeled output
like this:

hh0¤' 'hl¤'

]¯¤0* 'hlÞ¤

J¯ J·¬ÞÞÞÞ
4¯ >4ÞÞÞ
¯¯ J·JÞÞÞÞ
¬¯ 4·4¤ÞÞÞ
¯Þ¯hl¯ Þ·¤¤ÞÞÞ

Printing Solver Equations. To print one or all Solver equations, display
the main SOLVE menu (press ').

„ To print just the current equation, press
P
.
„ To print out the entire list of equations, press
@p
.

188 13: Printing
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Printing Appointments. To print all stored appointments, display the
menu (press then press
@p
. This
produces a listing like this for each appointment:

J' l¤Þ Þ¯´4¯´Þ¯ JÞ'ÞÞh
Þ¤0Þ ¯Þl '0]¯h
ll¯¯hÞh¤

Menus Not Associated with Stored Data. Remember that many menu
labels do not represent data, but rather activities, such as ,
, ' and . They contain no information for printing.
The calculator beeps if there is nothing to print when you press
@p
.

Printing Descriptive Messages (MSG)
You can include descriptive messages with your printed output by using
. For example, suppose you wanted to print a number that
represents the balance for September. You could start the output with the
label “SEPTEMBER BALANCE”.

1. Press
@p
, then . This brings up the ALPHA menu.
2. Type (and edit) the label or message.
3. Press
I
to print out the label or message.

Now print out the number itself (if it’s in the calculator line, press
P
).

Trace Printing (TRACE)
Trace printing produces a record of all the keys you’ve pressed and of
calculated results. When tracing is off, use
P
and
@p
to print
what you want. When tracing is on, the calculator uses more power and
operates more slowly.

To switch trace printing on and off:

1. Press
@p
.

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2. Press ¹ to change the setting. A message informs you that
tracing is on or off. If necessary, press ¹ again to display the
desired message.
3. Press
e
.

Example: Trace-Printing an Arithmetic Calculation. Produce a record
of the keystrokes you use to do the following calculation and store the
result in the TVM variable PMT.
1
/
12
× 4,800 + 125
Press
@p
¹ to set
ll]h¯

0ÞÞ¤'

¯lh'¤

Þh
. If you
see
ll]h¯

0ÞÞ¤'

¯lh'¤

Þ¯¯
, press ¹ again.

Keys: Print-out:
e
¤¨]¯

¯]h

¯'0
12

@t

J4ÞÞ J´¨

ÞÞ¤ ¹¹¹
*
×
4800
+

¬·¤ÞÞÞÞ '
125
=

J4ÞÞÞ ¯

Þ4ÞÞÞ ¹¹¹

l0¯
@p
ll]h¯¤l
¹
¯lh'¤
e
How to Interrupt the Printer
Pressing a calculator key during a printing operation will interrupt
transmission, but not immediately stop the printing.

To stop the printer immediately, turn it off.

v
v
v

190 14: Additional Examples
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Additional Examples
Loans
Simple Annual Interest
See appendix F for RPN keystrokes for this example.

Example: Simple Interest at an Annual Rate. Your good friend needs
a loan to start her latest enterprise and has requested that you lend her
$450 for 60 days. You lend her the money at 7% simple annual interest,
to be calculated on a 365-day basis. How much interest will she owe
you in 60 days, and what is the total amount owed?
The interest is: (7% of $450) ×
60 days
365 days

Keys: Display: Description:
450
*
7
%
¬ÞÞÞÞ ×ÞÞ¯ Annual interest.
*
60
/
365
+


ÞJ¤'
Actual interest for 60
days.
450
=
¬ÞÞJ¤ Add principal to get total
debt

A Solver Equation for Simple Annual Interest:
Þ¤¤¯¯lÞhh'lÞhh×]¨=JÞÞ×Þh¨'=¯¤Þ
DEBT = the total owed at the end of the loan period.
LOAN = the original amount (principal) lent.
I% = the annual interest rate as a percent.
DAYS = the number of days in the loan.
v

14: Additional Examples 191
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For instructions on entering Solver equations, see “Solving Your Own
Equations,” on page 29.

If you know the dates for the course of the loan, rather than the number
of days, use this for an actual-calendar basis:
Þ¤¤¯¯lÞhh'lÞhh×]¨=JÞÞ×ÞÞh¨''Þh¯¤J'Þh¯¤4'J'=¯¤Þ
or use this for a 360-day basis:
Þ¤¤¯¯lÞhh'lÞhh×]¨=JÞÞ×ÞÞh¨''Þh¯¤J'Þh¯¤4'¯'=¯¤Þ
DATE1 = the date the loan commences.
DATE2 = the date the loan ends.


Yield of a Discounted (or Premium) Mortgage
The annual yield of a mortgage bought at a discount or premium can be
calculated given the original mortgage amount (PV), interest rate (I%YR),
periodic payment (PMT), balloon payment amount (if any) (FV), and the
price paid for the mortgage (new PV).

Remember the cash-flow sign convention: money paid out is negative,
money received is positive.

Example: Discounted Mortgage. An investor wishes to purchase a
$100,000 mortgage taken out at 9% for 20 years. Since the mortgage
was issued, 42 monthly payments have been made. The loan is to be
paid in full (a balloon payment) at the end of its fifth year. What is the
yield if the purchase price of the mortgage is $79,000?

1. Since the payment amount (PMT) is not given, calculate it first. To
do this, first assume 20 years’ amortization on the original mortgage
with no balloon payment (so N = 20 × 12, FV = 0, PV =-100,000,
and I%YR = 9).
2. Since the balloon amount is not given, calculate it (FV) next. Use PMT
from step 1, but change N to 5 years (N = 5 × 12).

192 14: Additional Examples
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3. Finally enter current values for N (less number of payment periods
already passed, or 5 × 12-42) and PV (proposed purchase price,
$79,000); then calculate I%YR for the annual yield.

Step 1: Calculate PMT. Make sure FV = 0.

Keys: Display: Description:

·
@c
e




J4 l´¨l ¤hÞ 0ÞÞ¤
Selects menu; sets 12
payments per year and
End mode.
20
@
h¯4¬ÞÞÞ Figures and stores total
number of payments for a
full 20-year loan with
monthly payments.
9
100000
&



l'¯¬JÞÞ·ÞÞÞÞÞ
Stores interest rate and
amount of original loan.
(Money paid out is
negative.)
0 ¯'¯ÞÞÞ Sets FV to zero.
l0¯¯¤>>¯¯ Calculates monthly
payment received.

Step 2: Enter the new value for N given a balloon in 5 years, then find
FV, the amount of the balloon.

Keys: Display: Description:
5
@
h¯¤ÞÞÞ Stores number of
payments for 5 years.
¯'¯¤¤·¯Þ¯ÞÞ Calculates balloon due in
5 years.

14: Additional Examples 193
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Step 3: Enter actual, current values for N and PV; then find new I%YR
for discounted mortgage with balloon.

Keys: Display: Description:
R


-

42

h¯J¤ÞÞ
Stores number of
payments remaining in
5-year loan.
79000
&



l'¯¬¯>·ÞÞÞ
Stores proposed,
discounted purchase price
(new present value).
]¨¨l¯4Þ¯4 Calculates percent annual
yield.

Annual Percentage Rate for a Loan with Fees
See appendix F for RPN keystrokes for the next two examples.

The annual percentage rate, APR, incorporates fees usually charged
when a mortgage is issued, which effectively raises the interest rate. The
actual amount received (the PV) by the borrower is reduced, while the
periodic payments remain the same. The APR can be calculated given
the term of the mortgage (N periods), the annual interest rate (I%YR), the
mortgage amount (new PV), and the basis of the fee charged (how the
fee is calculated).

Remember the cash-flow sign convention: money paid out is negative,
money received is positive.

Example: APR for a Loan with Fees. A borrower is charged two points
for the issuance of a mortgage. (One point is equal to 1% of the
mortgage amount.) If the mortgage amount is $60,000 for 30 years
and the interest rate is 11½% annually with monthly payments, what
APR is the borrower paying?

v

194 14: Additional Examples
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1. Since the payment amount is not given, calculate it (PMT) first. Use the
given mortgage amount (PV = $60,000) and interest rate (I%YR =
11
1
/
2
%).
2. To find the APR (the new I%YR), use the PMT calculated in step 1 and
adjust the mortgage amount to reflect the points paid (PV = $60,000
- 2%). All other values remain the same (term is 30 years; no future
value).

Keys: Display: Description:


·
@c
e





J4 l´¨l ¤hÞ 0ÞÞ¤
If necessary, sets 12
payments per year and
End mode.
30
@

h¯¯¤ÞÞÞ
Figures and stores number
of payments.
11.5
60000

l'¯¤Þ·ÞÞÞÞÞ
Stores interest rate and
amount of loan.
0
¯'¯ÞÞÞ
No balloon payment, so
future value is zero.

l0¯¯¬Þ>¬J¯
Borrower’s monthly
payment.
R


-

2
%



l'¯Þ¤·¤ÞÞÞÞ
Stores actual amount of
money received by
borrower into PV.

]¨¨l¯JJ¯¤
Calculates APR.

Example: Loan from the Lender’s Point of View. A $1,000,000,
10-year, 12% (annual interest) interest-only loan has an origination fee
of 3 points. What is the yield to the lender? Assume that monthly
payments of interest are made. (Before figuring the yield, you must
v

14: Additional Examples 195
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calculate the monthly PMT = (loan x 12%) ÷ 12 mos.) When calculating
the I%YR, the FV (a balloon payment) is the entire loan amount, or
$1,000,000, while the PV is the loan amount minus the points.

Keys: Display: Description:

·
@c e



J4 l´¨l ¤hÞ 0ÞÞ¤
If necessary, sets 12
payments per year and
End mode.
10
@
h¯J4ÞÞÞ Stores total number of
payments.
1000000
*
12
%/


J4Þ·ÞÞÞÞÞ=
Calculates annual interest
on $1,000,000 ...
12 l0¯¯JÞ·ÞÞÞÞÞ ...and calculates, then
stores monthly payment.
1000000


¯'¯J·ÞÞÞ·ÞÞÞÞÞ
Stores entire loan amount
as balloon payment.
-
3
%=
&


l'¯¬>¯Þ·ÞÞÞÞÞ
Calculates, then stores
amount borrowed (total —
points).
]¨¨l¯J4Þ¯ Calculates APR—the yield
to lender.

Loan with an Odd (Partial) First Period
The TVM menu deals with financial transactions in which each payment
period is the same length. However, situations exist in which the first
payment period is not the same length as the remaining periods. This
first period is sometimes called an odd or partial first period.

The following Solver equation calculates N, I%, PV, PMT, or FV for
transactions involving an odd first period, using simple interest for the
odd period. The formula is valid for 0 to 59 days from inception to
v
v
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196 14: Additional Examples
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first payment, and a 30-day month is assumed.*

A Solver Equation for Odd-Period Calculations:
ÞÞÞ'

l'×']¨=JÞÞׯl'Þh¨'=¯Þ''J'¯¬]¯'Þh¨'´¯Þ'
'J']¨=JÞÞ'×l0¯'l0¯'×Þ'l'']¨'h'¬¯'×'ll'']¨'h'
(For the
´
character, press · .)

PV = the loan amount.
I% = the periodic interest rate.
DAYS = the actual number of days until the first payment is made.
PMT = the periodic payment.
N = the total number of payment periods.
FV = the balloon payment. A balloon payment occurs at the end of the
last (Nth) period and is in addition to any periodic payment.

The following examples assume that you have entered the equation
named ODD, above, into the Solver. For instructions on entering Solver
equations, see “Solving Your Own Equations,” on page 29.

Example: Loan with an Odd First Period. A 36-month loan for $4,500
has an annual interest rate of 15%. If the first payment is made in 46
days, what is the monthly payment amount?

Select equation ODD in the Solver.

Keys: Display: Description:


Creates menu.
36
h¯¯¤ÞÞ
36 payment periods.
4500
l'¯¬·ÞÞÞÞÞ
Stores loan amount.
15
/
12 Stores periodic, monthly

*
You do not need to specify Begin or End mode. If the number of days until the
first payment is less than 30, Begin mode is assumed. If the number of days
until the first payment is between 30 and 59, inclusive, End mode is assumed.
v

14: Additional Examples 197
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]¨¯J4Þ interest rate.
46 Þh¨'¯¬¤ÞÞ Stores days until first
payment.
0 ¯'¯ÞÞÞ No balloon payment.
l0¯¯¬JÞ¯Þ¯ Calculates payment.

Example: Loan with an Odd First Period Plus Balloon. A $10,000
loan has 24 monthly payments of $400, plus a balloon payment of
$3,000 at the end of the 24th month. If the payments begin in 8 days,
what annual interest rate is being charged?

Select equation ODD.

Keys: Display: Description:


Creates menu.
10000

24
l'¯JÞ·ÞÞÞÞÞ
h¯4¬ÞÞ
Stores known values.
400
&
l0¯¯¬¬ÞÞÞÞ
3000
&

8

¯'¯¬¯·ÞÞÞÞÞ
Þh¨'¯¤ÞÞ

]¨¯J¤¬ Calculates periodic
(monthly) interest rate.
*
12
=

J>¤¯ Annual interest rate.

Canadian Mortgages
In Canadian mortgages, the compounding and payment periods are not
the same. Interest is compounded semi-annually while payments are
made monthly. To use the TVM menu in the hp 17bII+, you need to
calculate a Canadian mortgage factor to store as I%YR.

1. Set End mode and store 12 .
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198 14: Additional Examples
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2. Store 0 , 6 , and 200 .
3. Add 200 to the annual interest rate, make the number negative, and
store it in .
4. Press to calculate the Canadian mortgage factor.
5. Continue the problem by supplying the other mortgage values and
solving for the unknown item. Do not change I%YR from step 4.

Example: Canadian Mortgage. What is the monthly payment required
to fully amortize a 30-year, $30,000 Canadian mortgage if the interest
rate is 12%?

Keys: Display: Description:

·
@c
e


J4 l´¨l ¤hÞ 0ÞÞ¤
Displays TVM menu; sets
12 payments per year
with End mode.
0 l0¯¯ÞÞÞ
6 h¯¤ÞÞ
200 l'¯4ÞÞÞÞ
+
12
=

&



¯'¯¬4J4ÞÞ



]¨¨l¯JJ¯J Calculates I%YR for
Canadian mortgage
factor.
30
@
h¯¯¤ÞÞÞ Stores other values.
30000 l'¯¯Þ·ÞÞÞÞÞ
0 ¯'¯ÞÞÞ
l0¯¯¬¯ÞJ>4 Monthly payment.

A Solver Equation for Canadian Mortgages:

'hh'

l'¯¬l0¯×Þ'l''''J']¨¨l=4ÞÞ'´'J=¤'¬J'×JÞÞ'h'
¬¯'×'ll''''J']¨¨l=4ÞÞ'´'J=¤'¬J'×JÞÞ'h'
v

14: Additional Examples 199
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(For the
´
operator press
@u
.)

PV = loan amount, or present value.
PMT = monthly payment amount.
I%YR = annual (Canadian) interest rate as a percent.
N = total number of payment periods for the life of the loan.
FV = remaining balance, or future value.

For instructions on entering Solver equations, see “Solving Your Own
Equations,” on page 29.


Advance Payments (Leasing)
Occasionally payments are made in advance, such as in leasing.
Leasing agreements sometimes call for the extra payments to be made
when the transaction is closed. A residual value (salvage value) can also
exist at the end of the normal term.

The following equation calculates the monthly payment and the annual
yield when one or more payments are made in advance. It can be
modified to accommodate periods other than monthly by changing the
number 12 to the appropriate number of payment periods per year.

Remember the cash-flow sign convention: money paid out is negative,
money received is positive.

A Solver Equation for Advance Payments:

hÞ''

l0¯¯'¬l'¬¯'×''ll'']¨¨l=J4'h'''=
'Þ'l'']¨¨l=J4'h¬*hÞ'''*hÞ''


(For the
*
character press · .)

PMT = the monthly payment amount.
PV = the value of the equipment.
FV = the residual value.

200 14: Additional Examples
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I%YR = the annual interest rate as a percent.
N = the total number of payments.
#ADV = the number of advance payments.

The following example assumes that you have entered the equation ADV,
above, into the Solver. For instructions on entering Solver equations, see
“Solving Your Own Equations,” on page 29.

Example: Leasing with Advance Payments. Equipment worth $750 is
leased to you for 12 months. The equipment is assumed to have no
salvage value at the end of the lease. You agree to make three
payments at the time of closing. What is the monthly payment if the
annual interest rate is 10%?

Select the ADV equation in the Solver.

Keys: Display: Description:
Creates menu.
750
12
0
3
*hÞ'

10




]¨¨l¯JÞÞÞ
Stores known values.
l0¯¯¬¤¬¬Þ Calculates payment.


Savings
Value of a Fund with Regular Withdrawals
Example: A Fund with Regular Withdrawals. What are the balances
after 1, 10, and 20 years of a fund that starts at $750,000, has
$20,000 withdrawn at the beginning of each quarter, and earns 10%
annual interest compounded monthly?

14: Additional Examples 201
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15

1. Because the compounding periods and the withdrawal periods are
not coincident, you must first convert the nominal interest rate to one in
terms of the withdrawal periods. You can do this using the ICNV
menu, as explained on page 87, “Compounding Periods Different
from Payment Periods.”
2. The rest of the calculation is a straightforward TVM problem.
Remember that money deposited is paid out and therefore negative;
money withdrawn is received and therefore positive.

Step 1: Find the adjusted nominal interest rate.

Keys: Display: Description:



'Þ0lÞÞhÞ]h' l
¯]0¤'´¨l
Displays periodic
interest-rate conversion
menu.
12 l¯J4ÞÞ Stores number of
compounding periods.
10 hÞ0¨¯JÞÞÞ Stores nominal interest
rate.
¤¯¯¨¯JÞ¬¯ Calculates effective
interest rate.
4 l¯¬ÞÞ Stores number of
withdrawal periods.


hÞ0¨¯JÞÞ¤ Calculates adjusted
nominal interest rate.

Step 2: Calculate the future values.

Keys: Display: Description:
e

e



Switches to TVM menu.

202 14: Additional Examples
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
<
JÞÞ¤ Clears message to show
NOM% value still in
calculator line.
s
]¨¨l¯JÞÞ¤ Stores adjusted nominal
interest rate in I%YR.
·
4

e



¬ l´¨l ¤¤']h 0ÞÞ¤
Sets 4 payments
(withdrawals) per year
and
Begin mode.
750000
&



l'¯¬¯ÞÞ·ÞÞÞÞÞ
Stores present (initial)
value of fund.
20000 l0¯¯4Þ·ÞÞÞÞÞ Stores withdrawal amount.
4 h¯¬ÞÞ Stores number of
withdrawals in 1 year.


¯'¯¯¬¯·¯¤¬¯J Value of fund at end of
year 1.
40 h¯¬ÞÞÞ Stores number of
withdrawals over 10
years.


¯'¯¤¬J·¤4¬¬J Calculates value of fund at
end of year 10.
20
@
h¯¤ÞÞÞ Stores number of
withdrawals after 20
years.


¯'¯¯¬¤·>¤¤¤Þ Calculates value of fund
at end of year 20.

Deposits Needed for a Child’s College Account
See appendix F for RPN keystrokes for this example.


14: Additional Examples 203
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Suppose you want to start saving now to accommodate a future series of
cash outflows. An example of this is saving money for college. To
determine how much you need to save each period, you must know
when you’ll need the money, how much you’ll need, and at what interest
rate you can invest your deposits.

Use a CFLO list to calculate the net uniform series (NUS) of the future
withdrawals:

1. Store zero for all cash flows except the withdrawals. For those cash
flows, store the amounts you will need to withdraw (since this is cash
received, these cash flows will be positive).
2. Store the periodic interest rate in I% and calculate NUS. The NUS
equals the amount of the monthly deposit you will need to make.

You can also calculate the equivalent present value of all the monthly
deposits combined by calculating the net present value, NPV.

Example: Savings for College. Your daughter will be going to college
in 12 years and you are starting a fund for her education. She will need
$15,000 at the beginning of each year for four years. The fund earns
9% annually, compounded monthly, and you plan to make monthly
deposits, starting at the end of the current month. How much should you
deposit each month to meet her educational expenses?

The cash-flow diagram looks like this:


204 14: Additional Examples
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
0
$0 $0
1 2
$0 $0 $0
144
$0 $0
156 168 180
$0 $0 $0
$
1
5
,
0
0
0
$
1
5
,
0
0
0
$
1
5
,
0
0
0
$
1
5
,
0
0
0

Figure 14-1. Flow of Withdrawals

1 3 2 178 179 180
0
9.00


Figure 14-2. Flow of Deposits


Keys: Display: Description:



Displays current cash-flow
list and CFLO
menu keys.
@c

or




¯lÞl'Þ'¯´
Clears current list or gets a
new one.

14: Additional Examples 205
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15

Step 1: Set up a CFLO list.

0
I
¯lÞl'J'¯´ Sets initial cash flow,
FLOW(0), to zero.
0
I
*¯]0¤''J'¯J Stores zero in FLOW(1)
and prompts for the
number of times it occurs.
12
*
12
-
1
I


¯lÞl'4'¯´
Stores 143 (for 11 years,
11 months) in #TIMES(1)
for FLOW(1).
15000
I
*¯]0¤''4'¯J Stores amount of first
withdrawal, at end of 12th
year.
I
¯lÞl'¯'¯´
0
I
*¯]0¤''¯'¯J Stores cash flows of
zero...
11
I
¯lÞl'¬'¯´ ...for the next 11 months.
15000
I
I


¯lÞl'Þ'¯´
Stores second withdrawal,
for sophomore year.
0
I
11
I


¯lÞl'¤'¯´
Stores cash flows of zero
for the next 11 months.
15000
I
I


¯lÞl'¯'¯´
Stores third withdrawal,
for junior year.
0
I
11
I


¯lÞl'¤'¯´
Stores cash flows of zero
for the next 11 months.
15000
I
I


¯lÞl'>'¯´
Stores fourth withdrawal,
for senior year.
e
hl'· hÞ'· h¯'
h¤¤Þ ]¨
Done entering cash flows;
gets CALC menu.

v

206 14: Additional Examples
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
Step 2: Calculate NUS for the monthly deposit.

Keys: Display: Description:
9
/
12




]¨¯Þ¯Þ
Figures the periodic
(monthly) interest rate and
stores it in I%.


hÞ'¯J¤4¯Þ Amount of monthly deposit
needed to meet
planned withdrawals.


hl'¯J¯·>¯¯¬¤ Calculates the net present
value of the monthly
deposits, which is the
same as the NPV of the
four future withdrawals.

Value of a Tax-Free Account
See appendix F for RPN keystrokes for this example.

You can use the TVM menu to calculate the future value of a tax-free or
tax-deferred account, such as an IRA or Keogh account. Remember that
for calculations with cash flows, money paid out is negative and money
received is positive. (Current tax law and your current income will
determine whether just interest or also principal are tax-free, and for
how long. You can solve for either case.)

N = the number of payments until retirement.
I%YR = the annual dividend rate.
PV = the present value of the retirement account.
PMT = the amount of your deposit. (It must be constant for the duration
of the account.)
FV = the future value of the retirement account.

The purchasing power of that future value depends on the inflation rate
and the duration of the account.
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14: Additional Examples 207
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Example: Tax-Free Account. Consider opening an IRA account with a
dividend rate of 8.175%. 1) If you invest $2,000 at the beginning of
each year for 35 years, how much will you have at retirement? 2) How
much will you have paid into the IRA? 3) How much interest will you
have earned? 4) If your post-retirement tax rate is 15%, what is the
after-tax future value of the account? Assume only the interest will be
taxed. (Assume the principal was taxed before deposit.) 5) What is the
purchasing power of that amount, in today’s dollars, assuming an 8%
annual inflation rate?

Keys: Display: Description:

·
1

e




J l´¨l ¤¤']h 0ÞÞ¤
Sets 1 payment per year
and Begin mode.
35
h¯¯ÞÞÞ
Stores number of payment
periods until retirement (1
× 35).
8.175
]¨¨l¯¤J¤
Stores dividend rate.
0
l'¯ÞÞÞ
Present value of account
(before first payment).

2000
&



l0¯¯¬4·ÞÞÞÞÞ
Annual payment
(deposit).


¯'¯¯¤¯·¤¬Þ¬Þ
Calculates amount in
account at retirement.

R

*

R

=



¬¯Þ·ÞÞÞÞÞ
Calculates total amount
paid into IRA by
retirement.

+

R

=


¯J¯·¤¬Þ¬Þ
Calculates interest you
will earn.

v
v
v
v

208 14: Additional Examples
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
*
15
%

=

¬¯·¤¬¤Þ¯
Taxes at 15% of interest.
&

+

R

=


¯¯>·>>¬¯>
Subtracts taxes from total
FV to calculate after-tax
FV.


¯'¯¯¯>·>>¬¯>
Stores after-tax future
value in FV.

8
0



l'¯¬44·>>Þ¯¤
Calculates present-value
purchasing power of the
above after-tax FV at 8%
inflation rate.


Value of a Taxable Retirement Account
See appendix F for RPN keystrokes for this example.

This problem uses the TVM menu to calculate the future value of a
taxable retirement account that receives regular, annual payments
beginning today (Begin mode). The annual tax on the interest is paid out
of the account. (Assume the deposits have been taxed already.)

N = the number of years until retirement.
I%YR = the annual interest rate diminished by the tax rate:
interest rate × (1-tax rate).
PV = the current amount in the retirement account.
PMT = the amount of the annual payment.
FV = the future value of the retirement account.

Example: Taxable Retirement Account. If you invest $3,000 each year
for 35 years, with dividends taxed as ordinary income, how much will
you have in the account at retirement? Assume an annual dividend rate
of 8.175% and a tax rate of 28%, and that payments begin today.
What will be the purchasing power of that amount in today’s dollars,
assuming 8% annual inflation?

v
v
v

14: Additional Examples 209
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
Keys: Display: Description:
Displays TVM menu.
· 1

e


J l´¨l ¤¤']h 0ÞÞ¤
Sets 1 payment per year
and Begin mode.
35 h¯¯ÞÞÞ Stores years until
retirement.
8.175
-
28
%

¤J¤¬44>
]¨¨l¯Þ¤>
Calculates and stores
interest rate diminished by
tax rate.
0
l'¯ÞÞÞ
Stores no present value.

3000
&

l0¯¯¬¯·ÞÞÞÞÞ
Stores annual payment.


¯'¯¯¬Þ·ÞÞÞ¤J
Calculates future value.

8
0



l'¯¬4¯·¯¤¤JJ
Calculates present-value
purchasing power of the
above FV at 8%
inflation.


Modified Internal Rate of Return
When there is more than one sign change (positive to negative or
negative to positive) in a series of cash flows, there is a potential for
more than one IRR%. For example, the cash-flow sequence in the
following example has three sign changes and hence up to three
potential internal rates of return. (This particular example has three
positive real answers: 1.86, 14.35, and 29.02% monthly.)

The Modified Internal Rate of Return (MIRR) procedure is an alternative
that can be used when your cash-flow situation has multiple sign
changes. The procedure eliminates the sign change problem by utilizing
reinvestment and borrowing rates that you specify. Negative cash flows
are discounted at a safe rate that reflects the return on an investment in
v
v

210 14: Additional Examples
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a liquid account. The figure generally used is a short-term security (T-bill)
or bank passbook rate. Positive cash flows are reinvested at a
reinvestment rate that reflects the return on an investment of comparable
risk. An average return rate on recent market investments might be used.

1. In the CFLO menu, calculate the present value of the negative cash
flows (NPV) at the safe rate and store the result in register 0. Enter
zero for any cash flow that is positive.
2. Calculate the future value of the positive cash flows (NFV) at the
reinvestment rate and store the result in register 1. Enter zero for any
cash flow that is negative.
3. In the TVM menu, store the total number of periods in N, the NPV
result in PV, and the NFV result in FV.
4. Press to calculate the periodic interest rate. This is the
modified internal rate of return, MIRR.

Example: Modified IRR. An investor has an investment opportunity with
the following cash flows:

Group
(FLOW no.)
No. of Months
(#TIMES)
Cash Flow, $
0
1
2
3
4
1
5
5
9
1
-180,000
100,000
-100,000
0
200,000

Calculate the MIRR using a safe rate of 8% and a reinvestment (risk) rate
of 13%.

Keys: Display: Description:


Displays current cash-flow
list.


14: Additional Examples 211
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@c

or




¯lÞl'Þ'¯´
Clears current list or gets a
new one.
180000
&

I

¯lÞl'J'¯´
Stores initial cash flow,
FLOW(0).
0
I
*¯]0¤''J'¯J
Stores FLOW(1) as zero
since the flow amount is
positive.
5
I
¯lÞl'4'¯´
Stores 5 for #TIMES(1).
100000
&

I

*¯]0¤''4'¯J
Stores FLOW(2).
5
I
¯lÞl'¯'¯´
Stores FLOW(2) 5 times.
You can skip FLOW(3)
and FLOW(4) because
they are equal to zero for
this part.
e
hl'· hÞ'· h¯'
h¤¤Þ ]¨

8
/
12



]¨¯Þ¤¯
Stores monthly safe
interest rate.


hl'¯¬¤Þ¬·J¯¤¤J Calculates NPV of
negative cash flows.
s
0

hl'¯¬¤Þ¬·J¯¤¤J Stores NPV in register 0.
e


¯lÞl'¯'¯´ Returns to CFLO menu.
@c
¯lÞl'Þ'¯´ Clears list.
0
I
¯lÞl'J'¯´ Stores zero as FLOW(0).
(Skip negative flows; store
positive flows.)
100000
I
5
I

¯lÞl'4'¯´
Stores FLOW(1) 5 times.
v

212 14: Additional Examples
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0
I
5
I

¯lÞl'¯'¯´
Stores zero for FLOW(2),
5 times.
0
I
9
I

¯lÞl'¬'¯´
Stores zero for FLOW(3),
9 times.
200000
I

I

¯lÞl'Þ'¯´
Stores FLOW(4), 1 time.
e
hl'· hÞ'· h¯'
h¤¤Þ ]¨

13
/
12



]¨¯JÞ¤
Stores monthly
reinvestment rate.
h¯'¯¤ÞÞ·Þ¤4¯Þ Calculates NFV of positive
cash flows.
s
1 h¯'¯¤ÞÞ·Þ¤4¯Þ Stores NFV in register 1.
@A

·
@c e



J4 l´¨l ¤hÞ 0ÞÞ¤
Switches to TVM menu;
sets 12 periods per year
with End mode, if
necessary.
20

h¯4ÞÞÞ Stores total number of
investment periods.
R
0

l'¯¬¤Þ¬·J¯¤¤J Recalls present value of
negative cash flows and
stores in PV.
R
1

¯'¯¤ÞÞ·Þ¤4¯Þ Recalls future value of
positive cash flows and
stores in FV.
0

l0¯¯ÞÞÞ Stores zero in PMT (no
payments).
]¨¨l¯J4J¤ Calculates annual MIRR.


v

14: Additional Examples 213
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Price of an Insurance Policy
The price of an insurance policy, other than term life insurance, is rarely
apparent at first glance. The price should include not only the premium
payments, but also the interest that could have been earned on the cash
value or savings portion of the policy.

The following equation calculates the price per $1,000 of protection for
one policy year and the interest rate earned on the savings portion of
the policy.

To calculate the price, assume some value for interest—for example, the
interest rate you could earn on a one-year savings certificate after tax.
Similarly, to calculate interest, assume a price per $1,000 per year for
alternative insurance; for example, a low-cost term policy of the
one-year renewable type.

Even complex policies like minimum-deposit plans can be analyzed with
this procedure. Use policy surrender values for cash values and the
actual (after-tax) amounts for payments (premiums) and dividends.

A Solver Equation for Insurance Price:

]h'¯''ll¤0'l'hl'×'J']¨=JÞÞ'¬'hl¬Þ]''=
'ÞÞJ×'¯h'¤¬'hl''

INS = the price per $1,000 of protection in one policy year.
PREM = the annual premium amount.
LVAL = the value of the policy at the end of last year.
I% = the rate of return, as a percent, on a savings account.
VAL = the value of the policy at the end of the current year.
DIV = the dollar value of the dividend for one year.
FACE = the face value of the policy for one year.

The following example assumes that you have entered the above
equation into the Solver. For instructions on entering Solver equations,
see “Solving Your Own Equations,” on page 30.


214 14: Additional Examples
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Example: Insurance Policy. You are evaluating your $50,000
insurance policy. The premium of $1,010 is due at the beginning of the
year, and a dividend of $165 is received at the end of the policy year.
The cash value of the policy is $3,302 at the beginning of the year; it
will grow to $4,104 by the end of the year. You can earn 6% on a
savings account. What is the annual price per $1,000 protection?

Select the correct equation in the Solver.
Keys: Display: Description:
Creates menu.
1010
ll¤0

ll¤0¯J·ÞJÞÞÞ Stores annual premium.
3302
l'hl

l'hl¯¯·¯Þ4ÞÞ Stores value of policy at
end of last year.
6

]¨¯¤ÞÞ Stores interest rate you
could get elsewhere.
4104
'hl

'hl¯¬·JÞ¬ÞÞ Stores value of policy at
end of this year.


165
Þ]'


Þ]'¯J¤ÞÞÞ
Stores annual dividend.
50000
¯h'¤

¯h'¤¯ÞÞ·ÞÞÞÞÞ Stores face value of
policy.

]h'

]h'¯¤Þ¯ Your protection cost
$6.57 per $1,000 face
(protection) value.

Insurance protection could be purchased for $3 per $1,000 face value.
Calculate the rate of return on your savings.

Keys: Display: Description:
3
]h'

]h'¯¯ÞÞ Stores price of alternate
insurance.
]¨¯44Þ Calculates rate of return.

14: Additional Examples 215
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Reference: Joseph M. Belth, Life Insurance—A Consumer’s Handbook,
Indiana University Press, 1973, p. 234.

Bonds
Example: Yield to Maturity and Yield to Call. On March 16, 2003
you consider the purchase of a $1,000 bond that was issued on
January 1, 2001. It has a 10.5% semiannual coupon using a 30/360
calendar, and matures on January 1, 2031. The bond is callable on
January 1, 2006 at 110 (that is, $1,100). The bond is now selling at
115.174 (that is, $1,151.74). Determine both the yield to maturity and
the yield to call for this bond.

First, calculate the yield to maturity:

Keys: Display: Description:
Displays BOND menu.


e


¯Þ´¯¤Þ '¤0]hhhÞhl
Sets semiannual bond
on 30/360 calendar.
@c
¯Þ´¯¤Þ '¤0]hhhÞhl Clears variables; sets
CALL to 100.
3.162003 '¤¯¯¯
Þ¯´J¤´4ÞÞ¯ 'Þh
Stores today as
purchase date.
1.012031 0h¯¯ÞJ´ÞJ´4Þ¯J l¤Þ Stores maturity date.
10.5 'lh¨¯JÞÞÞ Stores coupon rate.

115.174 +

ll]'¤¯JJÞJ¯
Stores price. Displays
only two decimal
places, but stores all
three.
¨lÞ¨¯>ÞÞ Calculates yield to
maturity.


216 14: Additional Examples
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Second, calculate the yield to call:

Keys: Display: Description:
¨lÞ¨¯>ÞÞ Returns to first BOND
menu.
1.012006
0h¯¯ÞJ´ÞJ´4ÞÞ¤ 'Þh
Changes maturity date
to the call date.
110 'hll¯JJÞÞÞ Stores call value.
¨lÞ¨¯¯¤¯ Calculates a yield to
call.

Discounted Notes
A note is a written agreement to pay to the buyer of the note a sum of
money plus interest. Notes do not have periodic coupons, since all
interest is paid at maturity. A discounted note is a note that is purchased
below its face value. The following equations find the price or yield of a
discounted note. The calendar basis is actual/360.

Solver Equations for Discounted Notes: To find the price given the
discount rate:
hÞ¯¤'ll]'¤¯l'¬'Þ]''×l'×ÞÞh¨'''¤¯¯'0h¯'J'=¯¤ÞÞÞ'
To find the yield given the price (or to find the price given the yield):

hÞ¯¤'¨]¤lÞ¯'l'¬ll]'¤'=ll]'¤×¯¤ÞÞÞ=
ÞÞh¨'''¤¯¯'0h¯'J'

PRICE = the purchase price per $100 face value.
YIELD = the yield as an annual percentage.
RV = the redemption value per $100.
DISC = the discount rate as a percent.
SETT = the settlement date (in current date format).
MAT = the maturity date (in current date format).

14: Additional Examples 217
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The following example assumes that you have entered the NOTE
equations into the Solver. For instructions on entering Solver equations,
see “Solving Your Own Equations,” on page 30.

Example:Price and Yield of a Discounted Note. What are the price
and yield of the following U.S. Treasury Bill: settlement date October 14,
2003; maturity date March 17, 2004; discount rate 8.7%? (Assume
month/day/year format.)

Select the NOTE:PRICE equation in the Solver.
Keys: Display: Description:
Creates menu.
10.142003


'¤¯¯¯JÞJ¬
Stores known values.
3.172004
8.7
Þ]''

100
l'


0h¯¯¯J¯
Þ]''¯¤¯Þ
l'¯JÞÞÞÞ

+ ll]'¤¯>¤4Þ Calculates price.
e]
hÞ¯¤'¨]¤lÞ¯
'l'¬ll]'¤'~
Displays NOTE:YIELD
equation, then its menu.

¨]¤lÞ ¨]¤lÞ¯>Þ¬ Calculates yield.

Statistics
Moving Average
Moving averages are often useful in predicting trends in data taken over
a period of time. In moving-average calculations, a specified number of
points is averaged. Each time a new point is acquired, the oldest point
is discarded. Thus, the same number of points is used in each
calculation.


218 14: Additional Examples
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A Solver Equation for Moving Averages:
0h''¯¯']'0h¨'J'lh'¯¬h'J''lh'¯'J']¯¤0'
name
']''=
0]h'h'lh'¯'
N = the number of values averaged in each calculation.
LAST = the item number of the most recent value to be averaged.

name = the name of the SUM list whose data will be averaged. When
you create and name the SUM list, make sure its name matches
the name in the Solver equation.

The following example assumes that you have entered the equation
MAVG into the Solver, using VOL for the SUM list’s name. For
instructions on entering Solver equations, see “Solving Your Own
Equations,” on page 30.

Example: A Moving Average in Manufacturing. Calculate a three-
month moving average for the number of units manufactured during the
first half of the year. Manufacturing volumes are:

January February March April May June
4400 5360 2900 3670 4040 3200

Keys: Display: Description:
Displays SUM menu
and
current list.
@c

or



]¯¤0'J'¯´
Clears current list or
gets
a new one.
4400
I
5360
I
2900
I
3670
I




Enters data.

14: Additional Examples 219
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
4040
I
3200
I


]¯¤0'¯'¯´
¯Þ¯hl¯4¯·Þ¯ÞÞÞ
e


VOL
I


]¯¤0'¯'¯´
Names the list VOL.
e
'

(use
]
and
[
if necessary)
Displays the MAVG
equation. Make sure
name is VOL.
Displays menu.
3 h¯¯ÞÞ Stores number of
points.
3

0h''

0h''¯¬·44ÞÞÞ
Calculates average for
months 1, 2, and 3.
4

0h''

0h''¯¯·>¯¤¤¯
Calculates average for
months 2, 3, and 4.
5

0h''

0h''¯¯·Þ¯¤¤¯
Calculates average for
months 3, 4, and 5.
6

0h''

0h''¯¯·¤¯¤¤¯
Calculates average for
months 4, 5, and 6.

Chi-Squared ( χ
2
) Statistics
The χ
2
statistic is a measure of the goodness of fit between data and an
assumed distribution.* It is used to test whether a set of observed
frequencies differs from a set of expected frequencies sufficiently to
reject the hypothesis under which the expected frequencies were
obtained.


*
The statistic can be assumed to be χ
2
distributed with n–1 degrees of freedom
if n or some of the E
i
values are large.

220 14: Additional Examples
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In other words, it tests whether discrepancies between the observed
frequencies (O
i
) and the expected frequencies (E
i
) are significant, or
whether they might reasonably result from chance. The equation is:
2
2
1
( )

n
i i
i
i
O E
E
χ
=

=


If there is a close agreement between the observed and expected
frequencies, χ
2
will be small. If the agreement is poor, χ
2
will be large.

Solver Equations for χ
2
Calculations:

If the expected value is a constant:
'h]¯¯']'J'']¯¤''
name1
''J'']¯¤0'
name1
']'
¬¤¨l'´4=¤¨l'
If the expected values vary:
'h]4¯¯']'J'']¯¤''
name1
'J'']¯¤0'
name1
']'
¬]¯¤0'
name2
']''´4=]¯¤0'
name2
']''
(To enter the Σ character, press · .)

CHI2 = the final χ
2
value for your data.
name1 = the name of the SUM list that contains the observed values.
name2 = the name of the SUM list that contains the expected values.
EXP = the expected value when it is a constant.

When you create and name the SUM list(s), make sure the name(s)
match name1 (and name2, if applicable) in the Solver equation.

To solve the equation, press 'h]4 once or twice (until you see the
message
'hl'Þlh¯]h'~
).

The following example assumes that you have entered the CHI equation
into the Solver, using OBS for name1. For instructions on entering Solver
equations, see “Solving Your Own Equations,” on page 30.

Example: Expected Throws of a Die. To determine whether a suspect
die is biased, you toss it 120 times and observe the following results.
(The expected frequency is the same for each number, 120 ÷ 6, or 20.)

14: Additional Examples 221
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Number 1 2 3 4 5 6
Frequency Observed 25 17 15 23 24 16

Keystroke: Display: Description:
Displays SUM menu and
current list.
@c

or



]¯¤0'J'¯´
Clears current list or gets a
new one.
25
I
17
I
15
I
23
I
24
I
16
I






]¯¤0'¯'¯´
¯Þ¯hl¯J4ÞÞÞ
Enters observed values.
e


OBS
I


]¯¤0'¯'¯´
Names the list OBS.
e
'

(use
[
and
]


if necessary )
Displays the CHI equation.
Make sure name1 is OBS.
Displays menu.
20 ¤¨l¯4ÞÞÞ Stores expected value.

'h]

'h]¯ÞÞÞ
Calculates

χ
2
.

The number of degrees of freedom is (n–1)=5. Consult statistical tables
to find

χ
2
to a significance level of 0.05 with 5 degrees of freedom. The
table shows that
2
0 05 5
χ
. ,
=11.07. Since the computed value (5.00) is less
than 11.07, you can conclude that, to a 0.05 significance level (95%
probability), the die is fair.


222 A: Assistance, Batteries, Memory, and Service
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A
Assistance, Batteries,
Memory, and Service
Obtaining Help in Operating the Calculator

Hewlett-Packard is committed to supporting users of HP calculators. You
can obtain answers to your questions about using the calculator from
our Calculator Support department.

We suggest reading “Answers to Common questions,” below, before
contacting us. Past experience has shown that many of our customers
have similar questions.

Answers to Common Questions
Q: I’m not sure if the calculator is malfunctioning or if I’m doing
something incorrectly. How can I determine if the calculator is operating
properly?
A: Refer to page 232, which describes the diagnostic self-test.

Q: My arithmetic keys don’t work like I expect. I press 12
+
3
=
and
get 3.00.
A: You may be in the wrong mode. Press
@>
to set
Algebraic mode.

Q: My numbers contain commas as decimal points. How do I restore
the periods?
A: Press
D
.


A: Assistance, Batteries, Memory, and Service 223
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Q: How do I change the number of decimal places the calculator
displays?
A: The procedure is described in “Decimal Places” on page 34.
Q: How do I clear all or portions of memory?
A:
C
clears the calculator line.
@c
clears the data lists or
variables accessible from the current menu. Erasing the entire contents
of memory is covered in “Erasing Continuous Memory” on page 229.

Q: Why am I getting the wrong answer using the TVM menu?
A: Be sure to enter a value for all five TVM variables, even if a value is
zero (as FV is for a loan without a balloon). Clearing the variables
before starting (
@c
) accomplishes the same thing. Check the
appropriate payment mode (mortgages and loans are typically End
mode calculations), and specify the number of payments per year
( ). Also check that all figures for money paid out are negative
(the cash-flow sign convention).

Q: Can I access the TVM menu functions from the Solver?
A: No, but you can do the same functions by copying the appropriate
financial formulas into the Solver. The formulas are given starting on
page 168.

Q: Can I access the data stored in my CFLO and SUM lists from the
Solver?
A: Yes. See “Accessing CFLO and SUM Lists from the Solver,” page
177.

Q: How do I indicate multiplication in an equation typed into the
Solver?
A: Use the multiplication key (
*
). You cannot use the letter in
the ALPHA menu.

Q: What does an “E” in a number (for example, 2.51E-13) mean?
A: Exponent of ten (for example, 2.51 x 10
-13
). Refer to “Scientific
Notation” on page 47.

Q: The calculator has displayed the message
]h'Þ¯¯]']¤h¯

0¤0Þl¨
. What should I do?

224 A: Assistance, Batteries, Memory, and Service
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A: Refer to “Managing Calculator Memory” on page 227 for
instructions on how to reclaim memory for your use.

Q: The calculator is operating slowly, and the annunciator is
blinking. Why?
A: The calculator is trace printing. Press
@p
¹
e
to turn
off tracing.

Q: How can I change the sign of a number in a list without keying in the
number again?
A: Press
R

I

&

I
.

Q: The beeper is not working.
A: Check the beeper mode by pressing
@>
. See also
page 36.

Q: The messages and the menu labels in the display are not in English.
How do I restore the English?
A: Models of the hp 17bII+ sold in many countries outside of the United
States include a menu to select the language for messages and labels.
To select the English language, press
@>
.


Power and Batteries
The calculator is power by two 3-volt lithium coin batteries.
When changing batteries, use only fresh button-cell batteries. Both
batteries must be changed at the same time.
Do not use rechargeable batteries.

Low-Power Indications
When the low-battery annunciator (

) comes on, the calculator
can continue normal operation for several hours. If the calculator is
turned off. Continuous Memory will be preserved for approximately two
weeks. To conserve battery power, printing does not function when the
battery annunciator is on. Printing might halt during a printing operation

A: Assistance, Batteries, Memory, and Service 225
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due to a borderline low-battery condition. The calculator can detect that
there is insufficient power for printing before the battery annunciator
comes on.

If you continue to use the calculator after the battery annunciator comes
on, power can eventually drop to a level at which the calculator stops
powering the display and keyboard. The calculator will require fresh
batteries before it can be turned back on. When you turn the calculator
on after fresh batteries have been installed, the calculator returns to the
previous display if your stored data is intact. If data has been lost, the
calculator displays
'¤l¤'¯ lhh'Þh'¤
. Please see page 18 for
information about the language setting. After selecting a language, the
display will show
0¤0Þl¨ lÞ'¯
. Pressing any key will clear this
message from the display. In either case, the clock’s time might be
incorrect.

Installing Batteries
Once the batteries are removed, you must replace the batteries
within 30 seconds to prevent loss of Continuous Memory.

To install batteries:

1. Have two fresh CR2032 batteries at hand. Hold batteries by the
edges. Do not touch the contacts. Wipe each battery with a clean,
lint-free cloth to remove dirt and oil.
2. Make sure the calculator is off. Do not press
C
again until the
entire procedure for changing batteries is completed. Changing
batteries with the calculator on can erase the contents of
Continuous Memory. If you have set any appointments, make sure
they will not come due while the batteries are out.
3. Turn the calculator over and prize off the battery cover.

226 A: Assistance, Batteries, Memory, and Service
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4. Never remove two old batteries at the same time, in case memory
lost. Remove one of the two batteries once. Insert a new battery,
making sure that the positive sign (+) is facing outward.

Warning
Do not mutilate, puncture, or dispose of batteries in fire.
The batteries can burst or explode, releasing hazardous
chemicals.

5. Remove and insert the other battery as step 4. Make sure that the
positive sign (+) on each battery is facing outward.
6. Replace the battery compartment cover.
7. Press on.

Now turn the calculator back on. If it does not function, you might have
taken too long to change the batteries or inadvertently turned the
calculator on while the batteries were out. Remove the batteries again
and lightly press a coin against both battery contacts in the calculator
for a few seconds. Put the batteries back in and turn the calculator on.
You should see
'¤l¤'¯

lhh'Þh'¤
.

A: Assistance, Batteries, Memory, and Service 227
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Managing Calculator Memory
The calculator has approximately 30,740 units (or “bytes”) of user
memory available. (This is separate from the system memory that stores
all the unerasable information with which the calculator is manufactured.)

The calculator displays
]h'Þ¯¯]']¤h¯

0¤0Þl¨
if you attempt an
operation that uses more memory than is currently available. If you see
this message:
1. Complete any calculations in the calculator line (press
=
or
C
).
This frees the memory that was being used to store each of the
numbers and operators.
2. To further increase the amount of available memory:
Rename the named SUM and CFLO lists with shorter names (see
page 98), and clear any lists you no longer need (see page 99).

„ Shorten or delete any messages with appointments (see page
146).
„ Delete any Solver variables or equations you no longer need (see
page 164).


228 A: Assistance, Batteries, Memory, and Service
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Resetting the Calculator
If the calculator doesn’t respond to keystrokes or is behaving unusually,
attempt to reset it. Resetting the calculator halts the current calculation,
clears the calculator line, and displays the MAIN menu. Stored data
remains intact.

To reset the calculator, hold down
C
while pressing the third menu
key from the left. Repeat if necessary. The calculator displays
0h'h]h¤

l¤'¤¯
to confirm that reset has occurred.

The calculator can reset itself if it is dropped or if power is interrupted.

If the calculator still does not respond to keystrokes, use a thin, pointed
object to press the reset hole near of the battery compartment.

Warning
Never press the reset button twice within 1 second as
this could result in a memory lost.


Resetting the calculator halts the current calculation, clears the calculator
line, and displays the MAIN menu. Stored data remains intact except
setting those conditions: double-space printing off, printer tracing off,
printer without the ac adapter, and beeper on.


A: Assistance, Batteries, Memory, and Service 229
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Erasing Continuous Memory
Erasing Continuous Memory is a way of freeing a large amount of
memory so that you can use it for other things. In addition, the calculator
is set to certain “default” settings.
„ Clears the calculator line and history stack.
„ Deletes all Solver equations and their variables, and clears all other
variables in menus.
„ Clears all CFLO and SUM lists and their names.
„ Clears all appointments.
„ Returns U.S Dollars and EURO Dollars currencies and the rate equals
1.0000.
„ Sets those conditions:
For English language:
Month/day/year date format, 12-hour clock, 2 decimal places,
double-space printing off, printer tracing off, printer without the ac
adapter, and beeper on.
For the other languages:
Day/month/year date format, 24-hour clock, 2 decimal places,
double-space printing off, printer tracing off, printer without the ac
adapter, and beeper on.
„ Maintains the selected mode
-ALG or RPN
-Period (.) or comma (,) decimal point.

Erasing Continuous Memory does not affect the current time and date,
date and the selected language.

To erase Continuous Memory, press and hold down
C
, the leftmost
menu key, and the rightmost menu key. (Press three keys simultaneously).
When the three keys are released, the calculator displays
0¤0Þl¨

lÞ'¯
.

Continuous Memory can inadvertently be erased if the calculator is
dropped or if power is interrupted.


230 A: Assistance, Batteries, Memory, and Service
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Clock Accuracy
The clock is regulated by a quartz crystal accurate to within 1.5 minutes
per month under normal conditions. The accuracy of the clock crystal is
affected by temperature, physical shock, humidity, and aging. Optimum
accuracy is maintained at 25°C (77°F).

Environmental Limits
In order to maintain product reliability, observe the following limits:

„ Operating temperature: 0° to 45°C (32° to 113°F).
„ Storage temperature: -20° to 65°C (-4° to 149°F).
„ Operating and storage humidity: 90% relative humidity at 40°C
(104°F) maximum.

Determining If the Calculator Requires
Service
Use these guidelines to determine if the calculator requires service. If it
does, read “Service” on page 234.

„ If the calculator won’t turn on:
1. Attempt to reset the calculator (see page 228).
2. If the calculator fails to respond after step 1, replace the batteries
(see page 225). If you have just replaced the batteries, see page
227.
If these steps do not help, the calculator requires service.

„ If the calculator doesn’t respond to keystrokes:
1. Attempt to reset the calculator (see page 228).
2. If the calculator still fails to respond, attempt to erase Continuous
Memory (see page 229). This will erase all the information you’ve
stored.
If these steps do not help, the calculator requires service.

A: Assistance, Batteries, Memory, and Service 231
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„ If the calculator responds to keystrokes but you suspect that it is
malfunctioning:
1. Do the self-test (described below). If the calculator fails the self test,
it requires service.
2. If the calculator passes the self-test, it is quite likely you’ve made a
mistake in operating the calculator. Try rereading portions of the
manual, and check “Answers to Common Questions” on page
222.
3. Contact the Calculator Support department.


232 A: Assistance, Batteries, Memory, and Service
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Confirming Calculator Operation:
Self-Test
If the display can be turned on, but it appears that the calculator is not
operating properly, you can do a diagnostic self-test. The self-test runs
continuously, repeating until you halt it.

To run the self-test:

1. Turn the calculator on.
2. If you have the optional infrared printer, turn it on. Certain diagnostic
information is printed during the test.
3. If possible, return to the MAIN menu (press
@A
).
4. To start the self-test, hold down
C
while you press the fifth menu
key from the left. Once the self-test has begun, do not press any keys
until you are ready to halt the test.
5. During the test, the calculator beeps periodically and displays various
patterns and characters. Watch for one of two messages that are
displayed before the test automatically repeats:
„ If the calculator passes the self-test, the calculator displays
Þl J¯¤]]'

„ If the calculator displays
¯h]l
followed by a five-digit number,
the calculator requires service.
6. To halt the self-test, hold down
C
while you press the third menu
key from the left. The calculator displays
0h'h]h¤

l¤'¤¯
. If you
press any other key instead, the test halts and the calculator displays
a
¯h]l
message. This results from an incorrect key being pressed,
and does not mean that the calculator requires service.

7. If the calculator failed the self-test, repeat steps 4 through 6 to verify
the results. If you do not have a printer, write down the messages that
are displayed in step 5.


A: Assistance, Batteries, Memory, and Service 233
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Warranty
hp 17bII+ Financial Calculator; Warranty period: 12 months

1. HP warrants to you, the end-user customer, that HP hardware,
accessories and supplies will be free from defects in materials and
workmanship after the date of purchase, for the period specified above.
If HP receives notice of such defects during the warranty period, HP will,
at its option, either repair or replace products which prove to be
defective. Replacement products may be either new or like-new.
2. HP warrants to you that HP software will not fail to execute its
programming instructions after the date of purchase, for the period
specified above, due to defects in material and workmanship when
properly installed and used. If HP receives notice of such defects during
the warranty period, HP will replace software media which does not
execute its programming instructions due to such defects.
3. HP does not warrant that the operation of HP products will be
uninterrupted or error free. If HP is unable, within a reasonable time, to
repair or replace any product to a condition as warranted, you will be
entitled to a refund of the purchase price upon prompt return of the
product.
4. HP products may contain remanufactured parts equivalent to new in
performance or may have been subject to incidental use.
5. Warranty does not apply to defects resulting from (a) improper or
inadequate maintenance or calibration, (b) software, interfacing, parts
or supplies not supplied by HP, (c) unauthorized modification or misuse,
(d) operation outside of the published environmental specifications for
the product, or (e) improper site preparation or maintenance.
6. HP MAKES NO OTHER EXPRESS WARRANTY OR CONDITION
WHETHER WRITTEN OR ORAL. TO THE EXTENT ALLOWED BY LOCAL
LAW, ANY IMPLIED WARRANTY OR CONDITION OF
MERCHANTABILITY, SATISFACTORY QUALITY, OR FITNESS FOR A
PARTICULAR PURPOSE IS LIMITED TO THE DURATION OF THE
EXPRESS WARRANTY SET FORTH ABOVE. Some countries, states or
provinces do not allow limitations on the duration of an implied
warranty, so the above limitation or exclusion might not apply to you.
This warranty gives you specific legal rights and you might also have
other rights that vary from country to country, state to state, or province
to province.

234 A: Assistance, Batteries, Memory, and Service
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7. TO THE EXTENT ALLOWED BY LOCAL LAW, THE REMEDIES IN THIS
WARRANTY STATEMENT ARE YOUR SOLE AND EXCLUSIVE REMEDIES.
EXCEPT AS INDICATED ABOVE, IN NO EVENT WILL HP OR ITS
SUPPLIERS BE LIABLE FOR LOSS OF DATA OR FOR DIRECT, SPECIAL,
INCIDENTAL, CONSEQUENTIAL (INCLUDING LOST PROFIT OR DATA),
OR OTHER DAMAGE, WHETHER BASED IN CONTRACT, TORT, OR
OTHERWISE. Some countries, States or provinces do not allow the
exclusion or limitation of incidental or consequential damages, so the
above limitation or exclusion may not apply to you.
8. The only warranties for HP products and services are set forth in the
express warranty statements accompanying such products and services .
Nothing herein should be construed as constituting an additional
warranty.HP shall not be liable for technical or editorial errors or
omissions contained herein.
FOR CONSUMER TRANSACTIONS IN AUSTRALIA AND NEW
ZEALAND: THE WARRANTY TERMS CONTAINED IN THIS STATEMENT,
EXCEPT TO THE EXTENT LAWFULLY PERMITTED, DO NOT EXCLUDE,
RESTRICT OR MODIFY AND ARE IN ADDITION TO THE MANDATORY
STATUTORY RIGHTS APPLICABLE TO THE SALE OF THIS PRODUCT TO
YOU.
Customer Support
AP Country : Telephone numbers
Australia 1300-551-664 or 03-9841-5211
China 010-68002397
Hong Kong 2805-2563
Indonesia +65 6100 6682
Japan +852 2805-2563
Malaysia +65 6100 6682
New Zealand 09-574-2700
Philippines +65 6100 6682
Singapore 6100 6682
South Korea 2-561-2700
Taiwan +852 2805-2563
Thailand +65 6100 6682
Vietnam +65 6100 6682



A: Assistance, Batteries, Memory, and Service 235
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EMEA Country : Telephone numbers
Austria 01 360 277 1203
Belgium 02 620 00 86
Belgium 02 620 00 85
Czech Republic 296 335 612
Denmark 82 33 28 44
Finland 09 8171 0281
France 01 4993 9006
Germany 069 9530 7103
Greece 210 969 6421
Netherlands 020 654 5301
Ireland 01 605 0356
Italy 02 754 19 782
Luxembourg 2730 2146
Norway 23500027
Portugal 021 318 0093
Russia 495 228 3050
South Africa 0800980410
Spain 913753382
Sweden 08 5199 2065
Switzerland 022 827 8780 (French)
Switzerland 01 439 5358 (German)
Switzerland 022 567 5308 (Italian)
United Kingdom 0207 458 0161

LA Country : Telephone numbers
Anguila 1-800-711-2884
Antigua 1-800-711-2884
Argentina 0-800- 555-5000
Aruba 800-8000 ♦ 800-711-2884
Bahamas 1-800-711-2884
Barbados 1-800-711-2884
Bermuda 1-800-711-2884
Bolivia 800-100-193
Brazil 0-800-709-7751
British Virgin Islands 1-800-711-2884
Cayman Island 1-800-711-2884

236 A: Assistance, Batteries, Memory, and Service
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Curacao 001-800-872-2881 + 800-711-2884
Chile 800-360-999

Colombia 01-8000-51-4746-8368 (01-8000-51- HP
INVENT)
Costa Rica 0-800-011-0524
Dominica 1-800-711-2884
Dominican Republic 1-800-711-2884

Ecuador 1-999-119 ♦ 800-711-2884 (Andinatel)
1-800-225-528 ♦ 800-711-2884 (Pacifitel)
El Salvador 800-6160
French Antilles 0-800-990-011♦ 800-711-2884
French Guiana 0-800-990-011♦ 800-711-2884
Grenada 1-800-711-2884
Guadelupe 0-800-990-011♦ 800-711-2884
Guatemala 1-800-999-5105
Guyana 159 ♦ 800-711-2884
Haiti 183 ♦ 800-711-2884
Honduras 800-0-123 ♦ 800-711-2884
Jamaica 1-800-711-2884
Martinica 0-800-990-011 ♦ 877-219-8671
Mexico 01-800-474-68368 (800 HP INVENT)
Montserrat 1-800-711-2884
Netherland Antilles 001-800-872-2881 ♦ 800-711-2884
Nicaragua 1-800-0164 ♦ 800-711-2884
Panama 001-800-711-2884
Paraguay (009) 800-541-0006
Peru 0-800-10111
Puerto Rico 1-877 232 0589
St. Lucia 1-800-478-4602
St Vincent 01-800-711-2884
St. Kitts & Nevis 1-800-711-2884
St. Marteen 1-800-711-2884
Suriname 156 ♦ 800-711-2884
Trinidad & Tobago 1-800-711-2884
Turks & Caicos 01-800-711-2884
US Virgin Islands 1-800-711-2884
Uruguay 0004-054-177
Venezuela 0-800-474-68368 (0-800 HP INVENT)

A: Assistance, Batteries, Memory, and Service 237
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NA Country : Telephone numbers
Canada 800-HP-INVENT
USA 800-HP INVENT
Please logon to http://www.hp.com for the latest service and support
information.
Regulatory information
Federal Communications Commission Notice
This equipment has been tested and found to comply with the limits for a Class B
digital device, pursuant to Part 15 of the FCC Rules. These limits are designed to
provide reasonable protection against harmful interference in a residential
installation. This equipment generates, uses, and can radiate radio frequency
energy and, if not installed and used in accordance with the instructions, may
cause harmful interference to radio communications. However, there is no
guarantee that interference will not occur in a particular installation. If this
equipment does cause harmful interference to radio or television reception,
which can be determined by turning the equipment off and on, the user is
encouraged to try to correct the interference by one or more of the following
measures:
• Reorient or relocate the receiving antenna.
• Increase the separation between the equipment and the receiver.
• Connect the equipment into an outlet on a circuit different from that to
which the receiver is connected.
• Consult the dealer or an experienced radio or television technician for
help.
Modifications
The FCC requires the user to be notified that any changes or modifications made
to this device that are not expressly approved by Hewlett-Packard Company
may void the user’s authority to operate the equipment.

Declaration of Conformity for Products Marked with FCC Logo,
United States Only
This device complies with Part 15 of the FCC Rules. Operation is subject
to the following two conditions: (1) this device may not cause harmful
interference, and (2) this device must accept any interference received,
including interference that may cause undesired operation.

238 A: Assistance, Batteries, Memory, and Service
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If you have questions about the product that are not related to this declaration,
write to
Hewlett-Packard Company
P. O. Box 692000, Mail Stop 530113
Houston, TX 77269-2000
For questions regarding this FCC declaration, write to
Hewlett-Packard Company
P. O. Box 692000, Mail Stop 510101
Houston, TX 77269-2000
or call HP at 281-514-3333
To identify your product, refer to the part, series, or model number located on
the product.
Canadian Notice
This Class B digital apparatus meets all requirements of the Canadian
Interference-Causing Equipment Regulations.
Avis Canadien
Cet appareil numérique de la classe B respecte toutes les exigences du
Règlement sur le matériel brouilleur du Canada.

European Union Regulatory Notice
This product complies with the following EU Directives:
• Low Voltage Directive 2006/95/EEC
• EMC Directive 2004/108/EEC

Compliance with these directives implies conformity to applicable harmonized
European standards (European Norms) which are listed on the EU Declaration
of Conformity issued by Hewlett-Packard for this product or product family.
This compliance is indicated by the following conformity marking placed on the
product:

This marking is valid for non-Telecom products
and EU harmonized Telecom products (e.g.
Bluetooth).
xxxx
*

This marking is valid for EU non-harmonized
Telecom products .
*Notified body number (used only if applicable -
refer to the product label)
Hewlett-Packard GmbH, HQ-TRE, Herrenberger Strasse 140, 71034
Boeblingen, Germany


A: Assistance, Batteries, Memory, and Service 239
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Japanese Notice

Disposal of Waste Equipment by Users in Private Household in the
European Union

This symbol on the product or on its packaging indicates
that this product must not be disposed of with your other
household waste. Instead, it is your responsibility to
dispose of your waste equipment by handing it over to a
designated collection point for the recycling of waste
electrical and electronic equipment. The separate
collection and recycling of your waste equipment at the time of disposal
will help to conserve natural resources and ensure that it is recycled in a
manner that protects human health and the environment. For more
information about where you can drop off your waste equipment for
recycling, please contact your local city office, your household waste
disposal service or the shop where you purchased the product.

Perchlorate Material -- - special handling may apply
This calculator’s battery may contain perchlorate and may require
special handling when recycled or disposed in California.

Noise Declaration
In the operator position under normal operation (per ISO 7779): LpA <
70dB.

240 B: More About Calculations
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B
More About Calculations
IRR% Calculations

The calculator determines IRR% for a set of cash flows using
mathematical formulas that “search” for the answer. The process finds a
solution by estimating an answer and then using that estimate to do
another calculation—in mathematical terms, this is called an iterative
process.

In most cases, the calculator finds the desired answer, since there is
usually only one solution to the calculation. However, calculating IRR%
for certain sets of cash flows is more complex. There may be more than
one mathematical solution to the problem, or there may be no solution.
In these cases, the calculator displays a message to help you interpret
what has happened.

Possible Outcomes of Calculating IRR%
These are the possible outcomes of an IRR% calculation for which you
have not stored a guess.

„ Case 1: The calculator displays a positive answer. This is the only
positive answer. However, one or more negative answers may exist.
„ Case 2: The calculator finds a negative answer but a single positive
solution also exists. It displays:
]ll¨·Þ

¤¨]'¯'·

l¤¨
]h

'Þ¤''·

I'¯Þ¯

´]ll¨`
To see the negative answer, press
<
. To search for that positive
answer, you must input a guess. (Refer to “Storing a Guess for IRR%”;
below). There might also be additional negative answers.
„ Case 3: The calculator displays a negative answer and no message.

B: More About Calculations 241
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This is the only answer.
„ Case 4: The calculator displays the message:
0hh¨´hÞ

'ÞlÞ¯]Þh'·

l¤¨

]h

'Þ¤''·

I'¯Þ¯

´]ll¨`

The calculation is very complex. It might involve more than one
positive or negative answer, or there may be no solution. To continue
the calculation, you must store a guess.
„ Case 5: The calculator displays:


'ÞlÞ¯]Þh

There is no answer. This situation might be the result of an error, such
as a mistake in keying in the cash flows. A common mistake is to put
the wrong sign for a cash flow. A valid cash flow series must have at
least one positive and one negative cash flow.

Halting and Restarting the IRR% Calculation
The search for IRR% may take a relatively long time. You can halt the
calculation at any time by pressing any key. The calculator then displays
the current estimate for IRR%. You can resume the calculation by:
„ Pressing
s
while the current estimate is displayed in the
calculator line. This continues the calculation from where it left off.
„ Storing a guess for IRR%, discussed below.

Storing a Guess for IRR%
To enter a guess, key in an estimate of IRR% and then press
s

.
You can enter a guess for IRR% at these times:
„ Before beginning the calculation. This can reduce the time required to
calculate an answer.
„ After you’ve halted the calculation.
„ After the calculator has halted the calculation due to any of the above
cases. For cases 3 and 5, however, no (other) solutions will be found.

When calculating IRR% using a guess, the calculator displays the current
estimate of IRR% and the calculated value of NPV for each iteration. The
calculation halts when the calculator finds an answer. However, there

242 B: More About Calculations
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may be additional positive or negative answers, or no true solution at all.
You can continue searching for other solutions by halting the calculation
and entering a different guess.

One way to obtain a good guess for IRR% is to calculate NPV for
various interest rates (I%). Since IRR% is the interest rate at which NPV
equals zero, the best estimate of IRR% is the interest rate that yields the
value for NPV closest to zero.

To find a good estimate for IRR%, key in a guess for IRR% and press
Then, press to calculate NPV for that value. Repeat the
calculation of NPV for several values of I%, and look for trends in the
results. Choose as your guess for IRR% a value of I% that produces an
NPV close to zero.

Solver Calculations
As noted in chapter12, the Solver uses two methods to find solutions,
depending on the complexity of the equation: direct and iterative (an
indirect). To use all the calculating power included in the Solver, it
would help to understand, in a general way, how it works.

Direct Solutions
When you start a calculation (by pressing a menu key), the Solver first
tries to find a direct solution by “isolating” the variable you are solving
for (the unknown). Isolating a variable involves rearranging the equation
so that the unknown variable is by itself on the left-hand side of the
equation. For example, suppose you enter the equation:

P R OF I T = P R I CE

COS T
If you’ve stored values for PROFIT and PRICE, pressing causes
the Solver to internally rearrange the equation algebraically to solve for
COST (COST is the unknown):
COS T = P R I CE

P R OF I T
Answers calculated this way are called direct solutions.

B: More About Calculations 243
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For certain equations, the unknown can be isolated, but an answer
cannot be calculated with the values stored. Then the calculator displays:
'ÞlÞ¯]Þh

hޯ

¯ÞÞhÞ


For example, if you enter an equation:
AR E A

L x W
and then enter values for AREA and W, the Solver rearranges the
equation to:
L

AR E A÷ W
in order to calculate L. However, if you enter the value zero for W, the
Solver cannot find an answer because division by zero is not allowed.

The Solver can isolate the unknown variable if the equation meets these
conditions:

„ The unknown variable occurs only once in the equation.*
„ The only functions in which the unknown variable appears are ALOG,
DATE, DDAYS (actual calendar only), EXP, EXPM1, IF (in then and else
clauses only), INV, LN, LNP1, LOG, S, SQ, and SQRT.
„ The only operators involving the unknown variable are+,-,x, ÷ , and
^ (power). If you are solving for a variable raised to a positive, even
power (for example, A ^ 2=4), there may be more than one solution.
However, if the Solver can isolate the variable, it will find one of the
solutions using the positive root. For example, the Solver rearranges A
^ 2 =4 to A= 4 and calculates the answer+2.†
„ The unknown variable does not appear as an exponent.


*Exceptions: (1) Occurrences of the unknown variable as the argument of the S
function are ignored. (2) The unknown variable can appear twice within an IF
function: once in the then clause and once in the else clause.

The Solver’s ability to find a solution iteratively can often be enhanced by
rewriting the equation so that the unknown variable does not appear as a
divisor. For example, the Solver may more easily solve for A if the equation 1
÷
(A ^ 2–A)

B is rewritten as (A ^ 2–A)
×
B

1.

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Iterative Solutions
If the Solver is not able to isolate the unknown variable, it cannot
provide a direct solution. In these cases, the Solver searches iteratively
for a solution.*

In its iterative search for a solution, the Solver looks for a value that sets
the left side of the equation equal to the right side. To do this, the Solver
starts with two initial estimates of the answer, which we’ll call estimate
#1 and estimate #2. Using estimate #1, the Solver calculates values for
the left and right side of the equation (LEFT and RIGHT) and calculates
LEFT minus RIGHT (LEFT-RIGHT). Then, the Solver does the same
calculations for estimate #2. If neither estimate produces a value of zero
for LEFT-RIGHT, the Solver analyzes the results and produces two new
estimates that it judges to be closer to the answer. By repeating this
process many times, the Solver narrows in on the answer. During this
search, the calculator displays the two current estimates and the sign of
(LEFT-RIGHT) for each estimate, as shown.


Sign of LEFT-RIGHT for each estimate


Since calculators cannot do calculations with infinite precision (the
hp17bII+ uses 12 digits in its calculations), sometimes the Solver will be
unable to find an estimate where LEFT-RIGHT is exactly zero. However,
the Solver can distinguish between situations where the current estimate
could be a solution, and situations where no solution is found.


*
The Solver’s ability to find a solution iteratively can often be enhanced by
rewriting the equation so that the unknown variable does not appear as a
divisor. For example, the Solver may more easily solve for A if the equation 1
÷
(A ^ 2

A)

B is rewritten as (A ^ 2

A)
×
B

1.

B: More About Calculations 245
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The iterative search for a solution sometimes takes several minutes. (You
can halt the search at any time by pressing any key except
@
) There
are four possible outcomes:

„ Case 1: The calculator displays an answer. This is very likely the true
solution for the unknown variable.
There are two situations in which the Solver returns a case 1 answer:
„ Case la: LEFT-RIGHT is exactly zero.
„ Case lb: LEFT-RIGHT is not zero for either estimate. However,
the Solver has found two estimates that cannot get any closer
together. (Numbers that are as close together as possible are
called neighbors.) Furthermore, LEFT-RIGHT is a positive value
for one estimate and a negative value for the other estimate.
Case 1a:
is exactly 0.
Case 1b:
is not exactly 0.
and are relatively
close together. The two estim-
ates are "neighbors".

If you want to know whether LEFT-RIGHT is exactly zero, press the
menu key for the unknown variable. If LEFT-RIGHT is not equal to
zero, the calculator displays the values of LEFT and RIGHT.

The equation could have more than one iterative solution. If the
answer does not seem reasonable, enter one or two guesses and

246 B: More About Calculations
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restart the search.

„ Case 2: The calculator displays the values of LEFT and RIGHT, which
are unequal. To see the calculator’s result, press
<
or
C
. If LEFT
and RIGHT are relatively close to one another in value, the result is
probably a true solution. Otherwise, the result is probably not a true
solution.
If the result seems unreasonable, it could be because the equation has
more than one solution. You might want to enter one or two guesses
and restart the search.
If you want to obtain additional information about the answer, press
and hold down the menu key for the unknown variable until the numbers
in the display stop changing. At this point, the Solver is displaying the
final estimates and the signs of LEFT-RIGHT for each estimate.

This information can be helpful:
„ Case 2a: If the signs of LEFT-RIGHT are opposite, and the two
estimates are as close together as two 12-digit numbers can get
(neighbors), the Solver found two estimates that “bracket” an
ideal solution (a solution where LEFT-RIGHT equals zero). If LEFT
and RIGHT are relatively close together, the answer is probably a
solution.
„ Case 2b: If the signs of LEFT-RIGHT are opposite, and the two
estimates are not neighbors, be very cautious about accepting the
answer as a solution. If LEFT and RIGHT are relatively close
together, the answer is probably a solution.
„ Case 2c: If LEFT-RIGHT for the two estimates have the same sign,
the Solver has halted because it could find no estimates that
further reduced the magnitude of LEFT-RIGHT. Be very cautious
about accepting the answer. If the values of LEFT and RIGHT are
not relatively close to one another, you should reject the answer.


B: More About Calculations 247
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Case 2a:
have opposite
signs. The two estimates are
"neighbors".
Case 2b:
have opposite
signs. The two estimates are
far apart.
Case 2c:
have the same
sign..


„ Case 3: The calculator displays:
¤hÞ

'Þ¤''¤''
ll¤''

I'll¯

¯Þ

']¤l

The Solver is unable to begin its iterative search for a solution using
the current initial estimates (guesses). You might find a solution by

248 B: More About Calculations
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entering different estimates. The closer you can estimate the answer,
the more likely that the Solver will find a solution.
„ Case 4: The calculator displays:
'ÞlÞ¯]Þh hÞ¯ ¯ÞÞhÞ
The Solver is unable to find a solution. Check your equation to make
sure you have made no errors in entering it. Also check the value of
each known variable. If your equation and variables are correct, you
might be able to find a solution by entering very good guesses.

Equations Used by Built-in Menus

Actuarial Functions
n=number of compounding periods.
i%=periodic interest rate, expressed as a percentage.

Single Payment Present Value Function
(Present value of a single $1.00 payment made after n periods.)
%
( % : ) 1
100
n
i
SPPV i n
⎛ ⎞
⎜ ⎟
⎝ ⎠

=  + 

Single Payment Future Value Function
(Future value after n periods of a single $1.00 payment.)
%
( % : ) 1
100
n
i
SPFV i n
⎛ ⎞
⎜ ⎟
⎝ ⎠
= +

Uniform Series Present Value Function
(Present value of a $1.00 payment that occurs n times.)
%
1 1
100
( % : )
%
100
n
i
USPV i n
i
⎛ ⎞
⎜ ⎟
⎝ ⎠
 

-   +  


Uniform Series Future Value Function
(Future value of a $1.00 payment that occurs n times.)

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%
1 1
100
( % : )
%
100
n
i
USFV i n
i
⎛ ⎞
⎜ ⎟
⎝ ⎠
  +  - 


Percentage Calculations in Business (BUS)
⎛ ⎞
×
⎜ ⎟
⎝ ⎠
⎛ ⎞
×
⎜ ⎟
⎝ ⎠
⎛ ⎞
×
⎜ ⎟
⎝ ⎠
⎛ ⎞
×
⎜ ⎟
⎝ ⎠








% 100
% 100

% 100

% 100
NEW OLD
CHANGE
OLD
PART
TOTAL
TOTAL
PRICE COST
MARKUP C
COST
PRICE COST
MARKUP P
PRICE

Time Value of Money (TVM)
S = payment mode factor (0 for End mode; 1 for Begin mode).
×
⎛ ⎞
+ + × × ×
⎜ ⎟
⎝ ⎠

= +
I%YR
i%
P/YR
%
0 PV 1 ( %: )
100
i S
PMT USPV i n FV SPPV(i%: n)


Amortization
∑INT=accumulated interest
∑PRIN=accumulated principal
i=periodic interest rate
BAL is initially PV rounded to the current display setting.
PMT is initially PMT rounded to the current display setting.
%

/ 100
I YR
i
P YR ×


For each payment amortized:

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INT’ = BAL x i (INT’ is rounded to the current display setting;
INT’ = 0 for period 0 in Begin mode)
INT = INT’ (with sign of PMT )
PRIN = PMT + INT’
PRIN = PMT + INT’
BAL
new
= BAL
old
+ PRIN
∑INT
new
= ∑INT
old
+ INT
∑PRIN
new
= ∑PRIN
old
+ PRIN
Interest Rate Conversions
Periodic compounding
%
% 1 1 100
100
P
NOM
EFF
P
⎡ ⎤
⎛ ⎞
+ − ×
⎢ ⎥
⎜ ⎟
×
⎝ ⎠
⎢ ⎥
⎣ ⎦


Continuous compounding
%
100
% 1 100
NOM
EFF e
⎛ ⎞
− ×
⎜ ⎟
⎝ ⎠


Cash-Flow Calculations
j = the group number of the cash flow.
CF
j
= amount of the cash flow for group j.
n
j
= #TIMES the cash flow occurs for group j.
k = the group number of the last group of cash flows.

0
1
total number of cash flows prior to group j
( x ( %: ) ( %: ))
j l
l
k
j j j
j
N n
NPV CF CF USPV i n x SPPV i N

=
+


1 <j
=



When NPV = 0, the solution for i% is IRR%.

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×
×


=
=0
= =


1
( %: )

( %: )
( )
k
j
j
k
j j
j
NFV NPV SPFV i N where N n
NPV
NUS
USPV i N
TOTAL n CF

Bond Calculations
Reference: Lynch, John J., Jr. and Jan H. Mayle, Standard Securities
Calculation Methods, Securities Industry Association, New York, 1986.

A=accrued days, the number of days from beginning of coupon period
to settlement date.
E=number of days in coupon period bracketing settlement date. By
convention, E is 180 (or 360) if calendar basis is 30/360.
DSC=number of days from settlement date to next coupon date. (DSC=
E-A).
M=coupon periods per year ( 1 = annual, 2 = semiannual),
N=number of coupon periods between settlement and redemption dates.
If N has a fractional part (settlement not on coupon date), then
round it to the next higher whole number.
Y=annual yield as a decimal fraction, YLD% / 100.

For one or fewer coupon period to redemption:
%

%

1
CPN
CALL
A CPN
M
PRICE
DSC Y E M
E M
⎡ ⎤
+
⎢ ⎥
⎛ ⎞
⎢ ⎥
×
⎜ ⎟
⎛ ⎞
⎢ ⎥ ⎝ ⎠
+ ×
⎜ ⎟
⎢ ⎥
⎝ ⎠
⎣ ⎦
= -

For more than one coupon period to redemption:

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− +
− +
⎡ ⎤
⎢ ⎥
⎢ ⎥
⎢ ⎥
⎢ ⎥
⎛ ⎞
+
⎜ ⎟
⎢ ⎥
⎝ ⎠
⎣ ⎦
⎡ ⎤
⎢ ⎥
⎢ ⎥ ⎛ ⎞
− ×
⎜ ⎟
⎢ ⎥
⎝ ⎠
⎢ ⎥
⎛ ⎞
+
⎜ ⎟
⎢ ⎥
⎝ ⎠
⎣ ⎦

=


1
1
1

1
%
%

1
DSC
N
E
N
DSC
K
K
E
CALL
PRICE
Y
M
CPN
A CPN
M
E M
Y
M

The “end-of-month” convention is used to determine coupon dates in the
following exceptional situations. (This affects calculations for YLD%,
PRICE, and ACCRU.)

„ If the maturity date falls on the last day of the month, then the coupon
payments will also fall on the last day of the month. For example, a
semiannual bond that matures on September 30 will have coupon
payment dates on March 31 and September 30.
„ If the maturity date of a semiannual bond falls on August 29 or 30,
then the February coupon payment dates will fall on the last day of
February (28, or 29 in leap years).

Depreciation Calculations
For the given year, YR#:

×


× − +
+
×
× ⎛ ⎞
× −
⎜ ⎟
⎝ ⎠




( # 1)
%

100



( # 1)
( 1)

2
%/100 ( %/100)
1
YR
ACRS
ACRS BASIS
BASIS SALV
SL
LIFE
BASIS SALV
SOYD LIFE YR
LIFE
LIFE
BASIS FACT FACT
DB
LIFE LIFE


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For the last year of depreciation, DB equals the remaining depreciable
value for the prior year.

Sum and Statistics
n=number of items in the list.
x’=an element of the sorted list.

RANGE

MAX

MIN

Forecasting
Model Transformation X
i
Y
i

LIN
EXP
LOG
PWR
y = B + Mx
y = Be
Mx

y = B + M ln x
y = Bx
M

y = B + Mx
In y = ln B + Mx
y = B + M ln x
ln y = ln B + M ln x
x
i

x
i

ln x
i

ln x
i

y
i

ln y
i

y
i

ln y
i



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Σ Σ
= =
= Σ − = Σ −
= Σ − −
2 2
Let:
2 ( ) 2 ( )
( ) ( )
Then:
i i
i i
i i
X Y
X Y
n n
SX X X SX Y Y
SXY X X Y Y
=
2
SXY
M
SX


B = b for LIN and LOG models, and
B = e
b
for EXP and PWR models,

where b Y M X = −
CORR
2 2
SXY
SX SY
=
×

Equations Used in Chapter 14
Canadian Mortgages


⎡ ⎤ − +
= − − +
⎢ ⎥
⎣ ⎦
⎡ ⎤
⎛ ⎞
⎢ ⎥ = + −
⎜ ⎟
⎝ ⎠ ⎢ ⎥
⎣ ⎦
1
6
1 (1 )
(1 )
%
where: 1 1
200
N
N
r
PV PMT FV r
r
CI YR
r


N = total number of monthly payments
CI%YR = annual interest rate (as a percent)
PV = loan amount
PMT = monthly payment
FV = balloon payment


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Odd-Period Calculations


⎡ ⎤
+ × =
⎢ ⎥
⎣ ⎦
⎡ ⎤ − +
− + × × × − +
⎢ ⎥
⎣ ⎦
1
30
1 (1 )
(1 ) (1 )
N
N
DAYS
PV i
i
i S PMT FV i
i

Where: PV = loan amount
i = periodic interest rate as a decimal
DAYS = actual number of days until the first payment
PMT = periodic payment amount
N = total number of payments
FV = balloon payment amount
S = 1 if DAYS < 30
S = 0 if DAYS ≥ 30

Advance Payments
( # )
(1 )

1 (1 )
#
N
N ADV
PV FV i
PMT
i
ADV
i

− −
− − +
=
⎡ ⎤ − +
+
⎢ ⎥
⎣ ⎦

where: PMT = payment amount
PV = loan amount
FV = balloon payment amount
i = periodic interest rate (as a decimal)
N = total number of payments
#ADV = number of payments made in advance

Modified Internal Rate of Return
1
100 1

n
P
N
NFV
MIRR
NPV
⎡ ⎤
⎛ ⎞
⎢ ⎥ = −
⎜ ⎟

⎢ ⎥
⎝ ⎠
⎣ ⎦

where: n = total number of compounding periods
NFV
P
= net future value of positive cash flows
NPV
N
= net present value of negative cash flows

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Menu Maps
The following maps show how to display each of the menus. There is a
map for each menu label in the MAIN menu and for each menu found
on the keyboard. The menu labels for variables are enclosed in boxes to
illustrate how they are used:

Variable used to store and calculate values.
Variable used to calculate or display values; cannot be
used to store values.
Variable used to store values; cannot be used to calculate
values.


%CHG
OLD NEW %CH
MU%P
BUS
%TOTL MU%C
COST PRICE M%C
TOTAL PART %T COST PRICE M%P

Figure C-1. BUS Menu

C: Menu Maps 257
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CURR1 C.RCL
CURRX
CURR2 RATE C.STO SELCT
Currencies

Figure C-2. CURRX Menu


258 C: Menu Maps
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FIN
TVM ICNV CFLO
NOM% EFF% P NOM% EFF%
CALC INSR DELET NAME GET
*NEW Names of Lists
TOTAL IRR%
I% NPV NUS NFV
N I%YR PV PMT FV OTHER
P/YR BEG END AMRT
#P INT PRIN BAL NEXT TABLE
FIRST LAST INCR GO

Figure C-3. FIN Menu



C: Menu Maps 259
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FIN
BOND DEPRC
BASIS SALV LIFE ACRS MORE
YR# DB SOYD SL MORE
TYPE SETT MAT MORE
YLD% PRICE
360 A/A SEMI ANN

Figure C-3 (continued). FIN Menu


260 C: Menu Maps
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SUM
CALC TOTAL
Names of lists
TOTAL MEAN MEDN RANG MORE
SORT FRCST MORE
INSR DELET NAME GET
ALPHA-Edit menu*
ALPHA menu*
MIN MAX
(Select x and y)
MORE x-list
y-list
CORR M B
MORE MODL W.MN G.SD SIZE
LIN LOG EXP PWR
MORE
*

Figure C-4. SUM Menu


*
For the complete menu, see pages 30-31.

C: Menu Maps 261
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TIME
CALC APPT SET
APT1 APT2 ...MORE ...
TIME
M/D 12/24 HELP
MIN
A/PM MSG RPT HELP
A/PM
DATE1 DAYS 360D 365D

Figure C-5. TIME Menu*

*
For the complete menu, see pages 30-31.

262 C: Menu Maps
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*

ALPHA-Edit menu* ALPHA menu*
CALC EDIT NEW
SOLVE

Figure C-6. SOLVE Menu
FIX ALL
.
,
DISP
LOG
MATH
LN EXP N! PI
MODES
BEEP PRNT DBL ALG RPN
LIST
PRINTER
STK REGS TIME MSG TRACE
INTL

Figure C-7. DSP, MATH, MODES, and PRINTER Menus


*
For the complete menu, see pages 30-31.

D: RPN: Summary 263
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RPN: Summary
About RPN
The RPN appendixes (D, E, and F) are especially for those of you who
want to use or learn RPN—Hewlett-Packard’s original Reverse Polish
Notation for operating calculators. This calculator can use either RPN or
algebraic logic for calculations—you choose which.

HP’s RPN operating logic is based on an unambiguous,
parentheses-free mathematical logic known as “Polish Notation,”
developed by the Polish logician Jan Łukasiewicz (1878-1956).
While conventional algebraic notation places the operators between the
relevant numbers or variables, Łukasiewicz’s notation places them
before the numbers or variables. For optimal efficiency of the stack, we
have modified that notation to specify the operators after the numbers.
Hence the term Reverse Polish Notation, or RPN.

Except for the RPN appendixes, the examples and keystrokes in this
manual are written entirely using Algebraic (ALG) mode.

About RPN on the HP 17bII+
This appendix replaces much of chapter 2, “Arithmetic.” It assumes that
you already understand calculator operation as covered in chapter 1,
“Getting Started.” Only those features unique to RPN mode are
summarized here:

„ RPN mode.
„ RPN functions.
„ RPN arithmetic, including percentages and
s
and
R

arithmetic.

264 D: RPN: Summary
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v

All other operations-including the Solver-work the same in RPN and
ALG modes. (The Solver uses algebraic logic only.)

For more information about how RPN works, see appendix E, “RPN: The
Stack.” For RPN keystrokes of selected examples from chapter 14, see
appendix F, “RPN: Selected Examples.” Continue reading in chapter 2
to learn about the other functionality of your calculator.

Watch for this symbol in the margin earlier in the manual.
It identifies keystrokes that are shown in ALG mode and
must be performed differently in RPN mode. Appendixes D,
E, and F explain how to use your calculator in RPN mode.
The mode affects only arithmetic calculations-all other
operations, including the Solver, work the same in RPN and ALG
modes.

Setting RPN Mode
The calculator operates in either RPN (Reverse Polish Notation) or ALG
(Algebraic) mode. This mode determines the operating logic used for
arithmetic calculations.

To select RPN mode: Press
@>
.

The calculator responds by displaying
llh

0ÞÞ¤
. This mode remains
until you change it. The display shows the X register from the stack.

To select ALG mode: Press
@>
. The calculator displays
hl'¤¤lh]'

0ÞÞ¤
.


D: RPN: Summary 265
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Where the RPN Functions Are



Function
Name
Definition Key to Use
ENTER Enters and separates one
number from the next.
=
LASTX Recalls last number in
X-register.
@L
R↓ Rolls down stack contents.
~
(same as
(
)

R↑ Rolls up stack contents.
[
(except in lists)

X < > Y X-register exchanges with
Y-register.
x
(same as
)
)

CHS Changes sign.
&


266 D: RPN: Summary
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Using INPUT for ENTER and ▼ for R↓. Except in CFLO and SUM lists,
the
I
key also performs the
E
function and the
]
key also
performs the
~
function.

„ In lists:
I
stores numbers. Use
=
to enter numbers into the
stack during arithmetic calculations.
„ In lists:
[
and
]
move through lists. Use
~
to roll through stack
contents.

Doing Calculations in RPN
Arithmetic Topics Affected by RPN Mode
This discussion of arithmetic using RPN replaces those parts of chapter 2
that are affected by RPN mode. These operations are affected by RPN
mode:

„ Two-number arithmetic (
+
,
*
,
-
,
/
,
u
).
„ The percent function (
%
).
„ The LAST X function (
@L
). See appendix E.

RPN mode does not affect the MATH menu, recalling and storing
numbers, arithmetic done inside registers, scientific notation, numeric
precision, or the range of numbers available on the calculator, all of
which are covered in chapter 2.

Simple Arithmetic
Here are some examples of simple arithmetic. Notice that

„
E
separates numbers that you key in.
„ The operator (
+
,
-
, etc.) completes the calculation.
„ One-number functions (such as
v
) work the same in ALG and RPN
modes.

D: RPN: Summary 267
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To select RPN mode, press
@>
.

To Calculate: Press: Display:
12 + 3 12
E
3
+
JÞÞÞ
12 – 3 12
E
3
-
>ÞÞ
12 x 3 12
E
3
*
¯¤ÞÞ
12 ÷ 3 12
E
3
/
¬ÞÞ
12
2
12
@w
J¬¬ÞÞ
12 12
@v
¯¬¤
1/12 12
@t
ÞÞ¤

You do not need to use
E
before an operator, only between
keyed-in numbers. Key in both numbers (separated by
E
) before
pressing the operator key.

The Power Function (Exponentiation). The power function uses the
@u
keys.

To Calculate: Press: Display:
12
3
12
E
3
@u

J·¯4¤ÞÞ
12
1/3
(cube root) 12
E
3
@t

@u
44>

The Percent Function. The
%
key calculates percentages without using
the
*
key. Combined with
+
or
-
, it adds or subtracts percentages.

To Calculate: Press: Display:
27% of 200 200
E
27
%
Þ¬ÞÞ
200 less 27% 200
E
27
%-
J¬¤ÞÞ
12% greater than 25 25
E
12
%+
4¤ÞÞ

Compare these keystrokes in RPN and ALG modes:

268 D: RPN: Summary
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RPN Mode ALG Mode
27% of 200 200
E
27
%
200
*
27
%=

200 less 27% 200
E
27
%-
200
-
27
%=


Calculations with STO and RCL
The store (
s
) and recall (
R
) operations work identically in ALG
and RPN modes (see “Storing and Recalling Numbers” and “Doing
Arithmetic Inside Registers and Variables” in chapter 2). The keystrokes
are the same for simple storing and recalling and for doing arithmetic
inside registers and variables.

When doing arithmetic in the display with values from storage registers
and variables, remember to use RPN. Compare these keystrokes in RPN
and ALG modes:

RPN Mode ALG Mode
Store-2 x 3 in
register 5
2
&E
3
*s
5
2
&*
3
=s
5
Find PV-2
R

2
-


R


-
2
=

Find PV less 2%
R

2
%-


R


-
2
%

=

Find PMT x N
R


R

*


R


*R



=

Chain Calculations-No Parentheses!
The speed and simplicity of calculating using RPN are apparent during
chain calculations-longer calculations with more than one operation.
The RPN memory stack (refer to appendix E) stores intermediate results
until you need them, then inserts them into the calculation.

D: RPN: Summary 269
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The cube root example and the percentage addition example (previous
topics) are two simple examples of chain calculations.

For another example, calculate
7 x (12 + 3)
Start the calculation inside the parentheses by finding 12 + 3. Notice
that you don’t need to press
E
to save this intermediate result (15)
before proceeding. Since it is a calculated result, it is saved
automatically-without using parentheses.

Keys: Display: Description:
12
E
3
+
JÞÞÞ Intermediate result.
7
*
JÞÞÞÞ Pressing the function key
produces the answer.
Now study these examples. Note the automatic storage and retrieval of
intermediate results.
To Calculate: Press: Display:
(750 x 12) ÷ 360 750
E
12
*
360
/
4ÞÞÞ
360 ÷ (750 x 12) 360
E
750
E
12
*/
or
750
E
12
*
360
x/

ÞÞ¬
{(456-75) ÷ 18.5}
x (68 ÷ 1.9)
456
E
75
-
18.5
/
68
E
1.9
/*


¯¯¯Þ¯
(3+4) x (5+6) 3
E
4
+
5
E
6
+

*
¯¯ÞÞ


270 E: RPN: The Stack
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RPN: The Stack
This appendix explains how calculations take place in the automatic
memory stack and how this method minimizes keystrokes in complicated
calculations.

What the Stack Is
Automatic storage of intermediate results is the reason that RPN mode
easily processes complicated calculations-without using parentheses.
The key to automatic storage is the automatic RPN memory stack.

The memory stack consists of up to four storage locations, called
registers, which are “stacked” on top of each other. It is a work area for
calculations. These registers -labeled X, Y, Z, and T-store and
manipulate four current numbers. The “oldest” number is the one in the
T-(top) register.

T 0.00 “Oldest” number
Z 0.00
Y 0.00
X 0.00 Displayed (most “recent” number)

The most “recent” number is in the X-register: This is the number you see
in the display.



E: RPN: The Stack 271
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Reviewing the Stack (Roll Down)
The
~
(roll down) function (on the
(
key) lets you review the entire
contents of the stack by “rolling” the contents downward, one register at
a time. While in RPN mode you don’t need to press the shift key for
~
.

The
]
key has the same effect as
~
. except in a CFLO or SUM list,
when
]
affects the list and not the stack. Likewise, the
[
key rolls the
contents of the stack upward, except in lists.

Rolling a Full Stack. Suppose the stack is filled with 1, 2, 3, 4 (press 1
E
2
E
3
E
4). Pressing
~
four times rolls the numbers all
the way around and back to where they started:

T 1 4

3

2

1
Z 2 1

4

3

2
Y 3 2

1

4

3
X 4
~
3
~
2
~
1
~
4

When you press
~
, the value in the X-register rotates around into the
T-register. Notice that the contents of the registers are rolled, while the
registers themselves maintain their positions. The calculator displays
only the X-register.

Variable Stack Size. Clearing the stack by pressing
@c
reduces
the stack to one register (X) with a zero in it. As you enter numbers, the
stack builds up again. The
~
and
[
functions roll through as many
registers as currently exist (one, two, three, or four).

Exchanging the X- and Y-Registers in the Stack
Another function that manipulates the stack contents is
x
(x exchange
y), located on the
)
key. It swaps the contents of the X- and Y-registers
without affecting the rest of the stack. Pressing
x
again restores the
original order of the contents. While in RPN mode you don’t need to
press the shift key for
x
.


272 E: RPN: The Stack
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The
x
function is used primarily to swap the order of numbers in a
calculation. For example, an easy way to calculate 9 ÷ (13x8) is to
press 13
E
8
*
9
x/
.

Arithmetic-How the Stack Does It
The contents of the stack move up and down automatically as new
numbers enter the X-register (lifting the stack), and as operators combine
two numbers to produce one new number in the X-register (dropping the
stack). See how a full stack drops, lifts, and drops its contents while
calculating
3

4

9









a (lost)
T

a

a

a

a
Z

b

a

b

a
Y 3

b

7

b
X
3
E
4
4
+
7
9
9
-
-2



Drop

Lift

Drop

(a and b represent values already on the stack.)

„ Notice that when the stack drops, it replicates the contents of the
T-register and overwrites the X-register.
„ When the stack lifts, it pushes the top contents out of the T-register,
and that number is lost. This shows that the stack’s memory is limited
to four numbers for calculations.
„ Because of the automatic movement of the stack, you do not need to
clear the display before doing a new calculation.
„ Most functions (except
E
and
C
) prepare the stack to lift its
contents when the next number enters the X-register.


E: RPN: The Stack 273
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How ENTER Works
You know that
E
separates two numbers keyed in one after the
other. In terms of the stack, how does it do this? Suppose the stack is
filled with a, b, c, and d. Now enter and add two new numbers:
5

6



a (lost) b (lost)
T a

b

c

c

c
Z b

c

d

d

c
Y c

d

5

5

d
X d
5

5
E
5
6
6
+
11



Lift

Lift

No lift Drop

E
replicates the contents of the X-register into the Y-register. The
next number you key in (or recall) writes over (instead of lifting) the copy
of the first number left in the X-register. The effect is simply to separate
two sequentially entered numbers.

Using a Number Twice in a Row. You can use the replicating feature of
E
to other advantages. To add a number to itself, key in the number
and press
E+
.

Filling the Stack with a Constant. The replicating effect of
E
,
together with the replicating effect (from T into Z) of stack drop, allows
you to fill the stack with a numeric constant for calculations.

Example: Constant, Cumulative Growth. The annual sales of a small
hardware company are projected to double each year for the next 3
years. If the current sales are $84,000, what are the annual sales for
each of the next 3 years?

1. Fill the stack with the growth rate (2
EEE
).
2. Key in the current sales in thousands (84).

274 E: RPN: The Stack
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3. Calculate future sales by pressing
*
for each of the next 3 years.


2 2 2 2 2
2 2 2 2 2
2 2 2 2 2
2
E
E
E
2
84
84
*
168
*
336
*
672

Sales for the next 3 years are projected to be $168,000; $336,000;
and $672,000.

Clearing Numbers
Clearing One Number. Clearing the X-register puts a zero in it. The
next number you key in (or recall) writes over this zero.

There are two ways to clear the number in the X-register:

„ Press
<
.
„ Press
C
.

For example, if you wanted to enter 1 and 3 but mistakenly entered 1
and 2, these keystrokes would correct it:
























1

1

1

1
1

1
E

1
2
2
<
0
3
3

Clearing the Entire Stack. Pressing
@c
clears the X-register to
zero and eliminates the Y-, Z-, and T-registers (reducing the size of the
stack to one register). The stack expands again when you enter more
numbers.


E: RPN: The Stack 275
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T a


Z b


Y c


X d
@c

0.00

Because of the automatic movement of the stack, it is not necessary to
clear the stack before starting a calculation. Note that if an application
menu is currently displayed, pressing
@c
also clears the
application’s variables.

The LAST X Register
Retrieving Numbers from LAST X
The LAST X register is a companion to the stack: It stores the number that
had been in the X-register just before the last numeric operation (such as
a
*
operation). Pressing
@L
returns this value to the X-register.
This ability to recall the “last x” value has two main uses:

„ Correcting errors: retrieving a number that was in the X-register just
before an incorrect calculation.
„ Reusing a number in a calculation.

Reusing Numbers
You can use
@L
to reuse a number (such as a constant) in a
calculation. Remember to enter the constant second, just before
executing the arithmetic operation, so that the constant is the last
number in the X-register, and therefore can be saved and retrieved with
@L
.

Example: Calculate
96.74+52.39
52.39


276 E: RPN: The Stack
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Keys: Display: Description:
96.74
E
>¤¯¬
52.39
+
J¬>J¯ Intermediate result.
@L
Þ4¯> Retrieves the number
before the
+
operation,
saved in LAST X.
/
4¤Þ Final result.


Chain Calculations
The automatic lifting and dropping of the stack’s contents let you retain
intermediate results without storing or reentering them, and without
using parentheses. This is an advantage the RPN stack has over
algebraic calculator logic. Other features of RPN include the following:

„ You never work with more than two numbers at a time.
„
E
separates two numbers keyed in sequentially.
„ Pressing an operator key executes that operation immediately.
„ Intermediate results appear as they are calculated, so you can check
each step as you go.
„ Intermediate results are automatically stored. They reappear
automatically as they are needed for the calculation-the last result
stored is the first to come back out.
„ You can calculate in the same order as you would with pencil and
paper-that is, from the innermost parentheses outward:
4 ÷ [ 1 4

( 7 x 3 )

2 ]

0 . 1 2
can be solved as 7
E
3
*
14
+
2
-
4
x/




E: RPN: The Stack 277
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Exercises
Here are some extra problems that you can do to practice using RPN.

Calculate: (14 + 12) x (18 – 12) ÷ (9 – 7)=78.00
A Solution: 14
E
12
+
18
E
12
-*
9
E
7
-/


Calculate: 23
2
– (13 x 9) +
1
/
7
=412.14
A Solution: 23
@w
13
E
9
*-
7
@t

+


Calculate:
3
(5.4 0.8) (12.5- 0.7 ) = 0.60 × ÷
A Solution: 5.4
E
.8
*
.7
E
3
@u
12.5
x-/@v

or
5.4
E
.8
*
12.5
E
.7
E
3
@u-/@v


Calculate:
× ÷ ×
× ×
8.33 (4- 5.2) [ (8.33- 7.46) 0.32]
= 4.57
4.3 (3.15- 2.75) - (1.71 2.01)

A Solution: 4
E
5.2
-
8.33
*@L
7.46
-
.32
*/

3.15
E
2.75
-
4.3
*
1.71
E
2.01
*-/@v


278 F: RPN: Selected Examples
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RPN: Selected Examples
The following examples selected from chapter 14 (“Additional
Examples”) have been converted to RPN keystrokes. These examples
illustrate how to convert algebraic to RPN keystrokes in less common
situations: with
%
, with
R
, and in a CFLO list.

Example: Simple Interest at an Annual Rate. Your good friend needs a
loan to start her latest enterprise and has requested that you lend her
$450 for 60 days. You lend her the money at 7% simple annual interest,
to be calculated on a 365-day basis. How much interest will she owe
you in 60 days, and what is the total amount owed?

Keys: Display: Description:
450
E
7
%
¯JÞÞ Annual interest.
60
*
365
/

ÞJ¤
Actual interest for 60
days.
450
+

¬ÞÞJ¤
Adds principal to get
total debt.

Example: APR for a Loan with Fees. A borrower is charged two points
for the issuance of a mortgage. (One point is equal to 1% of the
mortgage amount.) If the mortgage amount is $60,000 for 30 years
and the interest rate is 11½% annually with monthly payments, what
APR is the borrower paying?

1. Since the payment amount is not given, calculate it (PMT) first. Use the
given mortgage amount (PV = $60,000) and interest rate (I%YR =
11½%).
2. To find the APR (the new I%YR), use the PMT calculated in step 1 and

F: RPN: Selected Examples 279
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adjust the mortgage amount to reflect the points paid (PV = $60,000
-2%). All other values remain the same (term is 30 years; no future
value).

Keys: Display: Description:

·
@c

e




J4 l´¨l ¤hÞ
0ÞÞ¤
If necessary, sets 12
payments per year and
End mode.
30
@
h¯¯¤ÞÞÞ Figures and stores number
of payments.
11.5
60000

l'¯¤Þ·ÞÞÞÞÞ
Stores interest rate and
amount of loan.
0
¯'¯ÞÞÞ
No balloon payment, so
future value is zero.

l0¯¯¬Þ>¬J¯
Borrower’s monthly
payment.
R

2
%-


l'¯Þ¤·¤ÞÞÞÞ
Stores actual amount of
money received by
borrower into PV.


]¨¨l¯JJ¯¤ Calculates APR.


Example: Loan from the Lender’s Point of View. A $1,000,000
10-year, 12% (annual interest) interest-only loan has an origination fee
of 3 points. What is the yield to the lender? Assume that monthly
payments of interest are made. (Before figuring the yield, you must
calculate the monthly PMT = (loan x 12%) ÷ 12 mos.) When calculating
the I%YR, the FV (a balloon payment) is the entire loan amount, or
$1,000,000, while the PV is the loan amount minus the points.


280 F: RPN: Selected Examples
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Keys: Display: Description:

·
@c

e




J4 l´¨l ¤hÞ
0ÞÞ¤
If necessary, sets 12
payments per year and
End mode.
10
@

h¯J4ÞÞÞ Stores total number of
payments.
1000000
E
12
%


J4Þ·ÞÞÞÞÞ
Calculates annual interest
on $1,000,000.
12
/

l0¯¯JÞ·ÞÞÞÞÞ Calculates, then stores,
monthly payment.
1000000 ¯'¯J·ÞÞÞ·ÞÞÞÞÞ Stores entire loan amount
as balloon payment.
3
%

-

&


l'¯¬>¯Þ·ÞÞÞÞÞ
Calculates, then stores,
amount borrowed (total -
points).


]¨¨l¯J4Þ¯ Calculates APR—the yield
to lender.

Example: Savings for College. Your daughter will be going to college
in 12 years and you are starting a fund for her education. She will need
$15,000 at the beginning of each year for four years. The fund earns
9% annually, compounded monthly. You plan to make monthly deposits,
starting at the end of the current month. How much should you deposit
each month to meet her educational expenses?

See figures 14-1 and 14-2 (chapter 14) for the cash-flow diagrams.

Remember to press the
=
key for
E
while working in a list.
(Pressing
I
will add data to the list, not perform an ENTER.)


F: RPN: Selected Examples 281
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Keys: Display: Description:

Displays current cash-flow
list and CFLO menu keys.
@c



or

¯lÞl'Þ'¯´
Clears current list or gets a
new one.


Step 1: Set up a CFLO list.

Keys: Display: Description:
0
I

¯lÞl'J'¯´ Sets initial cash flow,
FLOW(0), to zero.
0
I
*¯]0¤''J'¯J Stores zero in FLOW(1)
and prompts for the
number of times it occurs.
12
E
12
*
1
-
I


¯lÞl'4'¯´
For
E
, press
=
, not
I
. Stores 143 (for
11 years, 11 months) in
#TIMES(1) for FLOW(1).
15000
I
*¯]0¤''4'¯J Stores amount of first
withdrawal, at end of 12th
year.
I
¯lÞl'¯'¯´
0
I
*¯]0¤''¯'¯J Stores cash flows of
zero ...
11
I
¯lÞl'¬'¯´
... for the next 11 months.
15000
II
¯lÞl'Þ'¯´ Stores second withdrawal,
for sophomore year.

282 F: RPN: Selected Examples
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0
I
11
I
¯lÞl'¤'¯´ Stores cash flows of zero
for the next 11 months.
15000
II
¯lÞl'¯'¯´ Stores third withdrawal,
for junior year.
0
I
11
I
¯lÞl'¤'¯´
Stores cash flows of zero
for the next 11 months.
15000
II
¯lÞl'>'¯´ Stores fourth withdrawal,
for senior year.
e
hl'· hÞ'· h¯'
h¤¤Þ ]¨
Done entering cash flows;
gets CALC menu.

Step 2: Calculate NUS for the monthly deposit. Then calculate net
present value.

Keys: Display: Description:
9
E
12
/


]¨¯Þ¯Þ
Figures the periodic
(monthly) interest rate and
stores it in I%.
hÞ'¯J¤4¯Þ Amount of monthly deposit
needed to meet planned
withdrawals.
hl'¯J¯·>¯¯¬¤ Calculates the net present
value of the monthly
deposits, which is the
same as the NPV of the
four future withdrawals.

Example: Tax-Free Account. Consider opening an IRA account with a
dividend rate of 8.175%. 1) If you invest $2,000 at the beginning of
each year for 35 years, how much will you have at retirement? 2) How
much will you have paid into the IRA? 3) How much interest will you
have earned? 4) If your post-retirement tax rate is 15%, what is the

F: RPN: Selected Examples 283
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after-tax future value of the account? Assume only the interest will be
taxed (the principal was taxed before deposit). 5) What is the
purchasing power of that amount, in today’s dollars, assuming an 8%
annual inflation rate?

Keys: Display: Description:

· 1

e



J l´¨l ¤¤']h
0ÞÞ¤
Sets 1 payment per year
and Begin mode.
35 h¯¯ÞÞÞ Stores number of payment
periods until retirement (1
x 35).
8.175 ]¨¨l¯¤J¤ Stores dividend rate.
0 l'¯ÞÞÞ Present value of account
(before first payment).
2000
&


l0¯¯¬4·ÞÞÞÞÞ Annual payment (deposit).
¯'¯¯¤¯·¤¬Þ¬Þ Calculates amount in
account at retirement.
R

R


*


¬¯Þ·ÞÞÞÞÞ
Calculates total amount
paid into IRA by
retirement.
R

+
¯J¯·¤¬Þ¬Þ Calculates interest you will
earn.
15
%

¬¯·¤¬¤Þ¯
Taxes at 15% of interest.
&R

+


¯¯>·>>¬¯>
Subtracts taxes from total
FV to calculate after-tax
FV.

¯'¯¯¯>·>>¬¯>
Stores after-tax future
value in FV.

284 F: RPN: Selected Examples
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8 0


l'¯¬44·>>Þ¯¤
Calculates present-value
purchasing power of the
above after-tax FV at 8%
inflation rate.

Example: Taxable Retirement Account. If you invest $3,000 each year
for 35 years, with dividends taxed as ordinary income, how much will
you have in the account at retirement? Assume an annual dividend rate
of 8.175% and a tax rate of 28%, and that payments begin today.
What will be the purchasing power of that amount in today’s dollars,
assuming 8% annual inflation?

Keys: Display: Description:
Displays TVM menu.
· 1

e


J l´¨l ¤¤']h
0ÞÞ¤
Sets 1 payment per year
and Begin mode.
35 h¯¯ÞÞÞ Stores years until
retirement.
8.175
E
28
%

-


Þ¤>
Calculates interest rate
diminished by tax rate.
]¨¨l¯Þ¤> Stores interest rate.
0 l'¯ÞÞÞ Stores no present value.
3000
&


l0¯¯¬¯·ÞÞÞÞÞ Stores annual payment.
¯'¯¯¬Þ·ÞÞÞ¤J Calculates future value.
8 0


l'¯¬4¯·¯¤¤JJ
Calculates present-value
purchasing power of the
above FV at 8% inflation.



Error Messages 285
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Error Messages
The calculator beeps and displays an error message under certain
circumstances-for example, when you attempt an operation that is not
allowed.

The calculator distinguishes between math errors that occur on the
calculator line and other types of messages by preceding math-error
messages with the word
¤llÞl'
.

Press
C
or
<
to erase the message and restore the previous
display.

¤hÞ

'Þ¤''¤''

ll¤''

I'll¯

¯Þ

']¤l

The Solver cannot begin a numerical search using the initial estimates.
See pages 180 and 241.

¤h¯¯

¯ÞÞ

lÞl

¯Þ

ll]h¯

To conserve battery power, the calculator will not transmit data to the
printer until fresh batteries have been installed.

'Þll¤h¯

l]'¯

Þhhh0¤Þ·

hh0¤

Þl

'l¤hl

¯h¤

l]'¯

Attempted to get another list without first clearing or naming the current
list. Press
@c
to clear it or to name it.

¤0l¯¨

l]'¯

Attempted a calculation using an empty CFLO or SUM list.

¤llÞl' lÞ'hl]¯h0'h¤''
¤llÞl' lÞ'hl]¯h0'Þ'

286 Error Messages
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
Attempted to take the base 10 or natural log of a negative number or
zero. This can happen during curve-fitting calculations if you attempt to
calculate:

„ A logarithmic forecasting model with a negative or zero x-value.
„ An exponential model with a negative or zero y-value.
„ A power model with a negative or zero x- or y-value.

¤llÞl' h¤'´hÞh]h¯¤'¤l
Attempted to raise a negative number to a non-integer power.

¤llÞl' Þ'¤l¯lÞl
An internal result in a calculation was too large for the calculator to
handle.

¤llÞl' ''l¯'h¤''
Attempted to take the square root of a negative number or calculate
G.SD given any negative frequencies.

¤llÞl' ÞhÞ¤l¯lÞl
An internal result in a calculation was too small for the calculator to
handle.

¤llÞl' Þ´h¤'
Attempted to raise zero to a negative power.

¤llÞl' Þ=Þ
Attempted to divide zero by zero.

¤llÞl' Þ´Þ
Attempted to raise zero to the zero power.

¤llÞl' =Þ
Attempted to divide by zero.

]hlÞ¯' 'hÞ'¤Þ =Þ


Error Messages 287
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
The numbers stored into built-in variables caused a division by zero in
the calculation. You must change one or more stored values. (Refer to
the equations in appendix B to see which variables appear in the
divisor.)

]h'Þ¯¯]']¤h¯ Þh¯h

„ Attempted to calculate standard deviation with only one value in the
list.
„ Attempted to do curve fitting using an x-variable list in which all the
values are equal.
„ Attempted to do curve fitting using the logarithmic or power models
with a list for which the transformed values of x (ln x) are equal.

]h'Þ¯¯]']¤h¯ 0¤0Þl¨

The calculator has insufficient memory available to do the operation
you’ve specified. Refer to “Managing Calculator Memory” on page
227 for additional information.

]h¯¤l¤'¯ ´¯ ¬JÞÞ¨

One of the following values for interest is less than or equal to-100:

„ TVM menu: I%YR ÷ P/YR.
„ PER menu: NOM% ÷ P (calculating EFF%); EFF% (calculating
NOM%).
„ CONT menu: EFF%.
„ CFLO menu: I% (calculating NPV, NUS, or NFV) or estimate of IRR%.

]h¯¤llÞl¯¤Þ

Calculation of I%YR, IRR%, amortization results, a Solver variable, or
a SUM-list sort was interrupted.

]h'hl]Þ Þh¯¤

288 Error Messages
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15

„ The number entered cannot be interpreted as a proper date. Check its
format (page 143).
„ Attempted to set a date outside the range 1/1/2000 through
12/31/2099, or attempted date arithmetic outside the range
10/15/1582 through 12/31/9999.

]h'hl]Þ ¤'Þh¯]Þh

„ The Solver cannot interpret the equation due to a syntax error. Refer to
“What Can Appear in an Equation,” page 166.
„ A variable’s name is invalid. Refer to “Names of Variables,” page
166.
]h'hl]Þ ]hlÞ¯

„ Attempted to store into a built-in variable a number that is outside the
range of values permitted for that variable.
„ The number entered cannot be interpreted as a proper time.
„ The appointment’s repeat interval is out of range.
„ Attempted to enter a non-integer, negative number when specifying
the number of displayed decimal places (in DSP).

]h'hl]Þ h

Attempted to calculate I%YR with N ≦ 0.99999 or N ≧ 10
10
.

]ll¨ · Þ ¤¨]'¯'· l¤¨
]h 'Þ¤''· I'¯Þ¯ ´]ll¨`

Calculation of IRR% produced a negative answer, but the calculator has
determined that there is also a unique positive answer. (Refer to page
240.)

0h'h]h¤ l¤'¤¯

The calculator has been reset (page 224, 228).

Error Messages 289
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15

0hh¨ Þl hÞ 'ÞlÞ¯]Þh'

The calculator is unable to calculate I%YR. Check the values stored in PV,
PMT, and FV. Make sure the signs of the numbers are correct. If the
values of PV, PMT, and FV are correct, the calculation is too complex for
the TVM menu. You may be able to perform the calculation using the
CFLO menu to calculate IRR%.

0hh¨´hÞ 'ÞlÞ¯]Þh'· l¤¨
]h 'Þ¤''· I'¯Þ¯ ´]ll¨`
The calculation of IRR% is complex, and requires you to store a guess.
(Refer to page 240.)

0¤0Þl¨ lÞ'¯
Continuous Memory has been erased (page 224, 229).

hh0¤ lll¤hÞ¨ Þ'¤Þ'
¯¨l¤ h hh0¤· I]hlÞ¯¯
The list name you’ve attempted to enter is already in use; type in a new
name and press
I
.

hÞ 'ÞlÞ¯]Þh
No solution is possible using the values stored in the current built-in
menu or list. This most commonly results from an incorrect sign for a
cash flow or other monetary value. (Review page 64.)

h' h´Þ Þl h hÞh]h¯¤'¤l
Attempted to calculate the factorial of a negative or non-integer value.

Þ'¤l¯lÞl
A warning-not an error-that the magnitude of a result is too large for
the calculator to handle, so it returns ±9.99999999999E499 rounded
to the current display format. See page 47 for limits.

'ÞlÞ¯]Þh hÞ¯ ¯ÞÞhÞ

290 Error Messages
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
No solution was found for a Solver equation using the current values
stored in its variables. Refer to page 248 in appendix B.

ÞhÞ¤l¯lÞl
A warning-not an error-that the magnitude of a result is too small for
the calculator to handle, so it returns the value zero. See page 47 for
limits.

Þh¤'Þhl l]'¯ l¤h'¯h'
Attempted a two-list SUM calculation using lists of unequal lengths.




Index 291
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Index
Special Characters
-, 47
low-battery annunciator,
17, 184, 224
v, 16, 17, 264
@, 19
shift annunciator, 19
<, 20
&, 22
, , ,
, 32
<, 32, 274
, 35
, 35
%, 40
t, 41
, 42
] or [, 43, 271
] or [
with history stack, 43
in a list, 96
editing a list, 98
in a list, 162
menu, 49
using, 50
formula, 249
´, 49, 51
%TOTL menu
using, 51%
formula, 249
, 51
, 78
, 92, 95, 96–97
, 127
, 132, 139
, 132, 139
, 132, 139
, 132, 139
, 132, 139
Σ, 139, 171, 176–77, 220
¹, 143
, 144
, 144
( ) alarm annunciator, 147
, 150
, 150

or

, 174
=, 174
print annunciator, 184
#TIMES, 96–97

292 Index
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A


, , 56
, 36
key, 34
+, 109
+, 115
, 115
through +, 145
, appointment-setting
menu, 145
, 264
ABS (absolute value) function,
169
Accrued interest, on bond, 109,
111
Accuracy of the clock, 230
Acknowledging appointments,
147
Actual calendar
actuarial equations, 248
for arithmetic, 149
for bonds, 110
Addition, 21
ADJST menu, 144
Advance payments, 74–77,
199–200, 255, See also
Leasing
Algebraic
mode, 36, 264
rules in equations, 164–66
ALOG, 169
Alphabetic keys, 30–32
ALPHAbetic menu, 30
AM/PM format, 143
Amortization
calculations, 77–81
equations, 249
schedule, 78
schedule, printing, 82–83
AMRT menu, 78
AND operator, 166, 174
Annual percentage interest rate
in TVM, 63
with fees, 193
with fees, RPN, 278
Annunciators, 18
definition, 18
printer, 184
Antilogarithms, 42, 169
Appointment
menus, 142, 145
messages, 146
repeat interval, 147, 148
-setting menu, 146
Appointments
acknowledging, 147
clearing, 148
messages, 145
past due, 146
printing, 188
setting, 146–47
unacknowledged, 146, 148
APPT menu, 145
APR for, with fees, RPN, 278
calculations, 67–71
interest-only, 194

Index 293
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interest-only, RPN, 278
odd-period, 195, 196–97
Arithmetic, 21–22, 38
in registers and variables, 46
in RPN, 266–69, 272
in RPN stack, 272
RPN examples, 277
Arithmetic priority, 154
Arrow keys
for changing current equation,
156
for editing, 32
for finding an equation, 162
for rolling the history stack,
43
for viewing long equations,
166
B
, 56, 132
, 56
, 64
, 78
+, 115
Backspace key, 20
Balance of loan, 80–81
Balloon payment, 69–71
Batteries, changing, 225–26
Battery life, 224
annunciator, 224
Beeper, 147
Beeper on and off, 36
Begin payment mode, 64, 66
Beginning of list
in CFLO list, 98
in SUM list, 124
Bond calculations, 110–13
equations, 251
fractional values for, 111
price, 111
type, 109, 110
yield, 111
BOND menu, 108–9
Bonds, 215–16
Bottom
of the current list, in CFLO,
95
of the Solver list, 162
Braces in equations, 167
Brackets in equations, 167
Brightness of the display, 17
Built-in variables. See Variables,
built-in
BUS menu, 49, 256
Business variables, clearing, 50
Buy option, for a lease, 75–77
B-value, in curve fitting, 132
C
%CHG menu, 50
@c, 20, 28–29
C, 17, 20
C, 32
key, 52–53
·, 55

294 Index
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·, 55
, , 56
·, 56
·, 56

in CFLO menu, 92
in SUM menu, 122
in TIME menu, 142
in SOLVE menu, 157
, 109
, 109
, 132
CALC menu
in CFLO menu, 101
in SOLVE menu, 158–59
in SUM menu, 128
in TIME menu, 150
Calculations, RPN
order of, 276
parenthesis in, 268, 276
Calculator
not functioning, 230–31
resetting, 225, 228
Support, 222
Calculator line
arithmetic in, 38–48
definition, 18
displaying alphabetic
information, 31–32
editing, 20
Calendar. See also Date
360-day, 150
365-day, 150
actual, 150
range of, 149
Calendar basis, 108–9
Call, 110, 112
Canadian mortgage, 197–99,
254
Capitalized value, lease,
74–75
Cash flow
calculations, 91–107
equations, 250
list. See CFLO list
Cash flow diagrams
in cash flow calculations,
92–94
in TVM calculations, 64–66
Cash flows
equal. See Cash flows,
grouped
grouped, 94, 104
initial, 94, 95
maximum number of, 91
sum of, 101
ungrouped, 93
zero, 94, 95
CDATE, 169
CFLO list
CALC menu, 101
clearing, 99
copying from, 98
correcting, 98
creating, 94
definition, 91
deleting numbers, 98
editing, 92, 98
entering numbers in, 95–97

Index 295
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GETting a new list, 99
inserting numbers, 98
name, clearing, 99
naming, 98–99
printing, 187
signs of numbers, 92
starting a new list, 99
viewing name of current list,
99
viewing numbers, 98
Chain calculations, 21, 38–39,
38
in RPN, 268, 276
Changing
batteries, 225–26
the sign of a number, 22
Characters
for CFLO list, 98–99
for equation names, 161
for SUM list, 126
in equations, 166–67
inserting and deleting,
31–32
Chi-squared, 219–20
Clearing, 20
%CHG variables, 50
%T variables, 50
AMRT variables, 80
appointments, 146, 148
BOND variables, 109
BUS variables, 50
calculator memory, 28–29
CFLO lists, 95, 99
ICNV variables, 86
menu variables, 28
menus, 28
MU%C variables, 50
MU%P variables, 50
numbers in RPN, 274
Solver variables, 163
SUM lists, 123
the history stack, 44
the RPN stack, 271, 274
TIME CALC variables, 150
TVM variables, 64
variables, 28–29
Clock. See Time
Commas, in numbers, 35
Compound interest calculations,
61
Compounding
annual, 71
monthly, 67, 68, 74, 75
periods, 61, 62, 63, 64
periods, vs. payment periods,
87–90, 200
rates, 84
semimonthly, 72
Conditional expressions,
174–76
Constant numbers, RPN, 273,
274
Constants in equations, 166
CONT menu, 86
Continuous compounding,
calculating interest for, 85
Continuous Memory, 37
erasing, 225, 229
using, 17

296 Index
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Contrast of display, changing,
17
Conventional investments,
definition, 101
Converting interest rates,
85–87
Correlation coefficient, 132
Cost
markup on, 49, 51–52
of capital, 101
Counter variable,in summation
function, 176
Coupon
basis, 108–9
payments, 108
Creating
a CFLO list, 94–96, 99
a new equation, in the Solver,
157–58
a SUM list, 123–24, 127
CTIME, 169
Cube root, 41
in RPN, 267
Currency
clearing variables, 60
converting, 59
entering a rate, 57
exchange, 57, 58
selecting, 55
storing and recalling, 59
currency#1, 55
currency#2, 55
Current equation, 156
deleting, 162–64
printing, 187
CURRX menu, 55, 257
Cursor, 19
movement keys, 32
Curve fitting, 121, 132–34
calculations, 133–37
equations, 253
Customer Support, 222
D
'
in CFLO menu, 92
in Solver menu, 157, 164
in SUM menu, 122, 127
, 32
, 18
D, 34–35
, 56
, 115

in SET menu, 143
in appointment-setting menu,
145
', 150
', 150
, 150
, 185
Date
in the past or future, 151
setting, 143–44
viewing, 141, 169
Date arithmetic, 149–52

Index 297
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Date format, 143, 144
for appointments, 144
DATE, Solver, 169
Day of the week, determining,
149
Day.month.year format, 143,
144
DDAYS, 169
Decimal places, 34, 47
Decimal point, 35
Declining balance depreciation.
See Depreciation
Deleting
all information, 225,
228–29
characters, 32
equations, 162–64
from a CFLO list, 98, 100
from a SUM list, 125, 127
variables in the Solver,
162–64
Dependent variable, 134
DEPRC menu, 114
Depreciation
ACRS method, 114, 118–19
calculations, 114–17
declining balance method,
114, 116–17
equations, 252
partial year, 118–19
straight line, 114, 116
sum of the years’ digits, 114,
116
Diagnostic self-test, 232
Diagrams, cash flow, 64–66,
92–94
Digit separator, 35
Direct solutions in Solver, 179,
242–43
Discount rate, 101
Display
clearing, 20
contrast, 17
format, 34
in RPN, 270–75
messages, 36
organization, 19, 43
printing the contents of, 185
turning on and off, 17
Displayed messages, 285
Displaying
the contents of registers,
43–46
values assigned to variables,
28
Division, 38–40
Doublespace printing, 36, 185
DSP menu, 34–35, 262
E
\ key, 47
, 42
, 18
, 18
e, 25, 28, 92, 96, 123, 147,
161
, 56

298 Index
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, 64
key, 88
, 157, 161
E, 265, 266–67, 273,
276
E, in numbers, 47
Editing
alphabetic information,
31–32
equations, 161
keys, 31–32
Effective interest rate, 84–87,
100
End payment mode, 64, 65
Ending value, in summation
function, 176
English language, setting, 224
Entering
equations, 157–58
guesses in the Solver,
181–83
Entering numbers
in a SUM list, 123–24
in RPN, 266, 273
into CFLO lists, 95–97
Environmental limits, 230
Equals sign, used to complete
calculations, 21, 38
Equation list. See Solver list
Equation Solver, 153–83,
242–48
clearing, 163
introduction, 29
Equations
algebraic rules, 164
characters in, 166–67
clearing, 163
deleting, 162–64
displaying, 162
editing, 161
entering, 157
erasing, 163
for built-in menus, 248–55
invalid, 158
length of, 153
long, viewing, 166
naming, 161
verifying, 157–58
writing, 164
Erasing. See also Clearing;
Deleting
Erasing calculator memory, 225,
229
Error messages, 36, 285
Estimates, entering in the Solver,
181–83
Examples, 190
in RPN, 278–84
Exchanging registers, RPN, 271
EXP, 169
EXPM, 169
Exponential model, 130, 132,
133
Exponential numbers, 47
Exponentiation, 41–42, 267
in equations, 165

Index 299
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F
+, 115
, 18
key, 34
key, 63
+, 128
Face value, bond, 110
FACT, 169
Factorial, 42, 169
FIN menu, 258–59
FLOW, Solver, 169
Forecasting
calculations, 130–37
equations, 253
values, 121, 132–34
Foreign language, 224
Formatting number, 34
FP, 169
Fractional part, 169
FRCST menu, 130, 132
Functions in equations, 167,
168–71
Future date, calculating, 151
Future value of a series of
payments
equation, 248
Solver function, 171
G
, 82
, in CFLO, 99
, in SUM, 127
, 132
G, 169
General business
calculations, 49–53
equations, 249
Grouped standard deviation,
138–39
Guesses
entering in the Solver,
181–83
IRR%, entering, 240–42
Solver, 247
H

in the appointment-setting
menu, 145
in the SET menu, 143
, 56
Halting a numerical search,
180
Hierarchy of menus, 24
Hierarchy of operations, in
equations, 165
History stack, 43, See also
Stack, RPN
printing, 186
HMS, 170
HP Solve. See Solver
HRS, 170
Humidity requirements, 230

300 Index
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I
, 78
, 18
I, 98
for storing equations, 30
in CFLO menu, 92
in SUM list, 123
in the Solver list, 157–58
in RPN, 266
¹, , 56
key, 63

in CFLO list, 92
in CFLO list, 98
, 101
, 101

in SUM list, 122
in SUM list, 124
I%, 101
ICNV
equations, 250
menu, 84–85
variables, clearing, 86
IDIV, 170
IF, 170, 174–76
nested, 175
Independent variable, 134
Individual Retirement Account,
72–73
Inserting characters, 32
Installing batteries, 225–26
Insufficient memory, 37, 227
Insurance policy, price,
213–15
INT, 170
INT, rounded in amortization
calculations, 78
Interest
compound, 61, 84
equation, 250
on loan, amount of PMT
applied toward, 80–81
simple, 61
Interest rate conversions,
84–90, 201, 250
effective and nominal, 84
Intermediate results, RPN, 270,
276
Internal rate of return. See also
IRR%
calculations, 91, 97,
100–101
Interrupting an IRR% calculation,
241
Interrupting the Solver, 180
INV, 170
Invalid equation, 158
Inverse, 267
Investments
calculating IRR% and NPV of,
101–3
with grouped cash flows,
104–5
IP, 170

Index 301
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IRA, 72–73, 206
IRR%, 100, 101, 209
IRR% calculations, 240–42
halting, 241
IRR% estimate
making, 241–42
seeing current, 241
IRR% solutions, types of,
240–41
ITEM, 170
Iteration in Solver, 179–83,
242, 244–48
L
, 115
, 42
, 42
L, 44
, 132
, 186
L, 170
in RPN, 275
Language, setting, 224
Large number
available, 47
in a list, 128
Large numbers, keying in and
displaying, 47
Last result, copying, 44
LAST X register, RPN, 275
Leasing, 74–77, 199–200
LEFT-RIGHT, interpreting,
244–48
Letter keys, 30
Linear estimation, 121,
132–34
Linear model, 130, 133
Linear regression, 121
List. See CFLO list; SUM list;
Solver list
List, RPN, 266
rolling the stack, 271
LN, 170
LNP1, 170
Loan
amortizing, 77–83
APR for, with fees, 193
LOG, 170
Logarithmic model, 130, 132,
133
Logarithms, 42, 170
Logical operators, 174
Low memory, 227
Low power, 224
and printing, 184
annunciator, 184
M
, 132
, 109
, 49, 53
key, 25
@A, 22–26

302 Index
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@M, 37
, 52
, 56
, 128
, 128
, 128
, 128
, 132
, 143

in appointment setting menu,
145
in printer men, 186
MAIN menu, 19
Manual, organization of, 16
Markup
on cost, 49, 51–52
on price, 49, 52
Math in equations, 165, 167
MATH menu, 42, 262
MAX, 170
Mean, 253
calculating, 128–30
weighted, 138–39
Median, 253
calculating, 128–30
Memory. See also Continuous
Memory
freeing, 227
insufficient, 227
losing, 229
using and reusing, 37
Menu
labels, 19
maps, 25, 256–62
Menus
calculations with, 27–28
changing, 25, 28
exiting, 28
names of, 161
printing values stored in,
186–88
sharing variables, 52–53
Messages for appointments,
146
Messages, error, 285
MIN, Solver, 170
MOD, 170
Mode of payments (Begin and
End), 64
Models, curve-fitting, 132, 133
Modes
, 36, 263–64, 267
, 36, 263, 264
@>, 185
beeper, 36
double-space printing, 36,
185
menu map, 262
printer ac adapter, 36
Modified IRR, 209–12, 255
Month/day/year format,
143–44
Mortgage, 68, 69, See also
Loan
calculations, 67–71, 77–80
discounted or premium, 191

Index 303
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Moving average, 217–19
MU%C, 50
equation, 249
MU%P, 50
equation, 249
Multiple equations, linking, 178
Multiplication
in arithmetic, 21, 38–40
in equations, 165
N
, 56
, 56
, 42
, 56
, 56
, 63
@ , 63
, 78
, 85–86

in CFLO list, 98–99
in SUM list, 126
, 101
, 101
, 101
, 157
N, non-integer, 63, 72
Names
of equations, 161
of lists, clearing, 99
of variables, 166
Negative numbers
in arithmetic calculations, 22
in cash-flow calculations,
92–94
in TVM calculations, 64
Neighbors in Solver, 245
Nested IF function, in the Solver,
175
Net future value, 91, 101
Net present value, 91, 101
Net uniform series, 91, 101
NFV
calculating, 91, 101
equation, 251
Noise Declaration, 239
Nominal interest rate, 84–87,
100
Non-integer period, 172
NOT, 174
Notes, discounted, 216–17
NPV
calculating, 100–101
equation, 100, 250
Number
lists. See CFLO list; SUM list;
Solver list
of days between dates,
149–51
of decimal points, 47
of payments, in TVM, 62
range, 48
Numbers. See also Value
entering, RPN, 266, 273
with exponents, 47

304 Index
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Numerical solutions, 179–81
NUS, 100, 251
O
, 50
@o, 17
O, 17
Odd-period calculations,
172–73, 195, 255
Operators, in equations,
164–67
in RPN, 268, 270, 276
Option to buy, for a lease,
74–75
OR, 174
Order of calculation, in the
Solver, 165
OTHER menu, 146–47
Overdue appointments. See
Past- due appointment
Overview, 3
P
, 56, 63
+, 52
, 51
, 42
, 18
+, 56
, 62
, 63
, 78
, 78
, 82
, 85
+, 109
, 121, 132
@p, 186
P, 186
Parentheses
in arithmetic calculations,
39–40
in equations, 165, 167
in RPN, 268, 270, 276
Partial period. See also Odd
period
payments, 62
Past dates, calculating, 151
Past due appointments
acknowledging, 148
definition, 146
Payment mode, 62
changing, 62
definition, 65–66
resetting, 62
Payment periods, 62
compounding, 61–64
in cash flow calculations, 93
vs. compounding periods,
87–90, 200
Payments
amortization, 77–81
lease, 74–77
number per year, in TVM, 63
TVM, 62

Index 305
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Percent, 40
change, 49–51
key for simple interest, 40,
61
of cost, 49, 51–52
of total, 49, 51
Percentage calculations, 49–53
in RPN, 267
Periodic compounding,
calculating interest rates for,
85–86
Periodic interest rate, 101
Periodic rate of return, 100
Periods, 35, See also Payment
periods in numbers
in numbers, 35
PI, 42, 170
PMT. See also Payments
in TVM, 63
rounded amortization
calculations, 78
Positive numbers
in cash flow calculations,
92–94
in TVM, 64
Power. See also Low power;
Batteries
function, 41, 267
raising a number to, 41
Power curve, 130, 132, 133
Power on and of, 17
Precision of numbers, internal,
34
Present value
definition, 63
of a lease, 74–77
of a series of payments, 171,
248
of a single payment, 171,
248
Previous menu, displaying, 28
PRICE, as a shared variable,
52–53
Price, markup on, 49, 52
Principal of loan, amount of
PMT applied toward,
80–81
Printer
power for, 185
using, 184
PRINTER menu, 186, 262
Printer port, 184
Printing
amortization table, 82–83
appointments, 188
display, 185
double space, 36, 185
equations, 187
history stack, 186
interrupting, 189
messages, 188
number lists, 187
slow, 184
Solver list, 187
speed, 185
statistical values, 186
time and date, 186
variables, 187
with tracings, 188

306 Index
File name : New 17bii+_English_070515_HDP0SR25E20.doc Print data : 2007/5/15
Prompting for #TIMES, 96
Purchase date, bond, 109
Purchase price, in mortgage
calculation, 68–69
PV, rounded in amortization
calculations, 78
Q
Questions, common, 222–24
R
, 128
, 55
, 36
@r, 35
R, 45–46, 98
with variables, 28
in RPN calculations, 268
~, 43, 265
, 56
, 56
, 56
, 145
, 186
R↑, 265
Radix (decimal point), 34
Range
calculating, 128
of numbers, 48
Rate of return, periodic, 100
Recalling numbers, 45–46
from variables, 28
in RPN, 266, 268
with @L, 44
Reciprocal key, 41
Register storage, 45–46
Registers
arithmetic in, 46
in RPN, 270–75
printing the contents of, 186
Relational operators, 174
Remaining depreciable value,
115, 116
Renaming lists. See CFLO list;
SUM list; the Solver list
Repeating appointments
past-due, 148
setting, 147
Replacing batteries, 225–26
Required rate of return, 101
Resetting the calculator, 228
Reusing
a number, RPN, 273, 275
calculator memory, 37, 229
Reverse Polish Notation, 263
RND, 170
Rounding a PMT, 71
Rounding numbers, 35
RPN. See appendixes D, E, and
F, or individual entries
Running total, 123–24

Index 307
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S
, 115
, 109
´, 55
@S, 34
s, 45–46
, 56
, 56
, 56
, 115
, 115
´, 128
, 128
, 132
, 142
, 186
s
calculations with, RPN, 268
S (function), 170
Sample standard deviation,
128
Saving numbers, 43
Savings account, 71–72
college, 202–6
college, RPN, 280
regular, 200–202
retirement, 208
retirement, RPN, 284
tax free, 206–9
tax free, RPN, 282
Savings calculations, 71–73
Scientific notation, 47
Self-test, 232
Service, 234–37
SET menu, 143
Setting a language, 18, 37
Setting an appointments,
146–47
Settings, default start-up, 229
Settlement date, 109
SGN, 170
Shared variables
in BUS, 52–53
in equations, 162
in ICNV, 86
Shift, 19
Sign of numbers
in cash-flow calculations, 92
in TVM calculations, 64
Simple interest, 40
with annual rate, 190
with annual rate, RPN, 278
Slope, in curve-fitting, 132,
133
Small numbers, keying in and
displaying, 47
Smallest number
available, 47
in a list, 128
SOLVE menu, 262
Solver, 153–83, See also
Equations
Solver calculations, 155,
158–59

308 Index
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creating custom menus,
153–54
how it works, 179–83
multiple solutions in, 179
technical discussion of,
242–48
using, 153–68
Solver estimates, seeing curren,
242–48
Solver functions, 168–71
Solver list
clearing, 162–64
current equation, 156
definition, 153
deleting equations, 157,
162–64
deleting variables from,
162–64
editing an equation, 157
empty, 156
entering equations, 157–58
printing, 187
Solver menu, 156–57
for multiple equations, 178
Solver solutions, types of,
245–48
Solver variables. See Variables,
Solver
Sorting numbers, 128
Spaces in equations, 166
Specifying the number of
decimal places, 34
SPFV, 171, 248
SPPV, 171, 248
SQ, 171
SQRT, 171
Square root
calculating, 41, 267
Solver, 171
Square, Solver, 171
Squaring a number, 41, 267
Stack. See History stack
Stack, RPN, 270–75
automatic movement of, 272,
276
clearing, 271, 275
dropping, 272
lifting, 272
losing contents off the top,
272
replicating contents in, 271,
272
rolling contents, 272, 273
size, 271
Standard deviation, 128–30
calculating, 128–30
grouped, 138–39
Starting value, in summation
function, 176
Statistical calculations, 127–40
Statistical equations, 252–54
Statistical variables, 128,
130–34
Statistics, x and y, 130–34
Step size, in summation function,
176
Storage registers, 45–46
arithmetic in, RPN, 46

Index 309
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printing the contents of, 186
Storing numbers, 44, 45–46
in built-in variables, 28
in RPN, 266, 268
Subtraction, 21, 38–40
SUM equations, 253
SUM items, maximum number
of, 121
SUM list
CALC menu, 128
clearing, 127
clearing numbers, 124
copying a number from, 126
correcting, 124
creating, 123–24
definition, 121–22
deleting numbers, 125
editing, 122, 124–25
entering numbers in, 123–24
FRCST menu, 132
GETting a new list, 127
inserting numbers, 124
largest number in, 128
name, deleting, 127
naming, 126
printing, 187
smallest number in, 128
sorting, 121, 128
starting a new list, 127
viewing numbers, 124
viewing the name of the
current list, 127
SUM menu, 122–23, 260
Sum of cash flows, 101
Summation, 132, 139, 171,
176–77
function, in the Solver,
176–78, 220
of lists, 177
values, 132, 139
Switching menus, 25–26
T
#T, 171
#TIMES, prompting, 96–97
%TOTL, 49, 51
¹, 78
, 109
¹, 51
sum of cash flows, 101
of a SUM list, 122
of a SUM list, 128

in SET menu, 143
in appointment-setting menu,
145
in PRINTER menu, 186
¹, 150
¹, 186
Text, printing (MSG), 186
Time
accuracy, 230
and date, printing, 186
changing, 143–44
format, 144, 145–46
of day, viewing, 141
setting, 143–44

310 Index
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TIME menus, 141–42
Time value of money
calculations, 61–83
equations, 249
Top of the equation list, in the
Solver, 162
Total, percent of, 51
Trace-printing, 188
TRN, 171
Troubleshooting, 222–24
True population standard
deviation, 128
Truncating function, in Solver,
171
Turning calculator on and off,
17
TVM
calculations, 61–83
equation, 249
instructions, 66–67
menu, 61–64, 66
variables, clearing, 64
Typing aids, 167
Typing alphabetic characters,
30
U
, 56
, 56
Unacknowledged appointments,
148
Unit conversions, in the Solver,
178
Unknown variables in Solver,
242, 243
Up-arrow key, 43
USFV, 171, 248
USPV, 171, 248
V
Values
clearing, 28–29, See also
@c
recalling, 28, 45–46
storing, 28, 45–46
transferring between menus,
28
Variable,
dependent, 134
independent, 134
Variables
statistical, 130–34
Variables,
built-in, 27
printing, 187
statistical, 128
Variables, Solver, 154
clearing, 163
deleting, 163
names of, 166
shared, 162
Variables,shared, 52–53
Verifying equations, 157–58

Index 311
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Viewing lists. See CFLO list;
SUM list; Solver list
W
, 132
, 56
Warranty, 233–34
Weighted mean, 132, 138–39
X
v, 41
x, 43
in RPN, 271
XOR, 174
x-values, in forecasting,
133–34
Y
, 109
, 56
u, 41, 267
, 115
Yield
of lease, 74–75
to call, bonds, 108
to maturity, bond, 108
y-intercept, in curve-fitting, 132,
134
y-values, in forecasting,
133–34
Z
Zero-coupon bond, 113

Notice
REGISTER YOUR PRODUCT AT: www.register.hp.com THIS MANUAL AND ANY EXAMPLES CONTAINED HEREIN ARE PROVIDED “AS IS” AND ARE SUBJECT TO CHANGE WITHOUT NOTICE. HEWLETT-PACKARD COMPANY MAKES NO WARRANTY OF ANY KIND WITH REGARD TO THIS MANUAL, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE. HEWLETT-PACKARD CO. SHALL NOT BE LIABLE FOR ANY ERRORS OR FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES IN CONNECTION WITH THE FURNISHING, PERFORMANCE, OR USE OF THIS MANUAL OR THE EXAMPLES CONTAINED HEREIN.

©1987-1989,2003,2006,2007 Hewlett-Packard Development Company, L.P.

Reproduction, adaptation, or translation of this manual is prohibited without prior written permission of Hewlett-Packard Company, except as allowed under the copyright laws.

Hewlett-Packard Company 16399 West Bernardo Drive MS 8-600 San Diego, CA 92127-1899 USA

Printing History
Edition 3 May 2007

Welcome to the HP 17bII+
The HP 17bII+ is part of Hewlett-Packard’s new generation of calculators: The two-line display has space for messages, prompts, and labels. Menus and messages show you options and guide you through problems. Built-in applications solve these business and financial tasks: Time Value of Money. For loans, savings, leasing, and amortization. Interest Conversions. Between nominal and effective rates. Cash Flows. Discounted cash flows for calculating net present value and internal rate of return. Bonds. Price or yield on any date. Annual or semi-annual coupons; 30/360 or actual/actual calendar. Depreciation. Using methods of straight line, declining balance, sum-of-the-years’ digits, and accelerated cost recovery system. Business Percentages. Percent change, percent total, markup. Currency Exchange. Exchange calculations between two currencies. Statistics. Mean, correlation coefficient, linear estimates, and other statistical calculations. Clock. Time, date, and appointments. Use the Solver for problems that aren’t built in: type an equation and then solve for any unknown value. It’s easier than programming! There are 28K bytes of memory to store data, lists, and equations. You can print information using the HP 82240 Infrared Printer. You can choose either ALG (Algebraic) or RPN (Reverse Polish Notation) entry logic for your calculations.

Welcome to the HP 17bII+

3

Contents
13 16 List of Examples Important Information

1

17 17 17 18 18 19 19 21 22 22 23 25 27 28 28 29 30 31 32 34 34 34 34 35 35

Getting Started Power On and Off; Continuous Memory Adjusting the Display Contrast Setting the Language What You See in the Display The Shift Key (@) Backspacing and Clearing Doing Arithmetic Keying in Negative Numbers (&) Using the Menu Keys The MAIN Menu Choosing Menus and Reading Menu Maps Calculations Using Menus Exiting Menus (e) Clearing Values in Menus Solving Your Own Equations (SOLVE) Typing Words and Characters: the ALPHAbetic Menu Editing ALPHAbetic Text Calculating the Answer (CALC) Controlling the Display Format Decimal Places Internal Precision Temporarily SHOWing ALL Rounding a Number Exchanging Periods and Commas in Numbers

4

Contents

36 36 37

Error Messages Modes Calculator Memory (@M)

2

38 38 38 39 40 40 41 42 43 43 44 45 46 47 48

Arithmetic The Calculator Line Doing Calculations Using Parentheses in Calculations The Percent Key The Mathematical Functions The Power Function (Exponentiation) The MATH Menu Saving and Reusing Numbers The History Stack of Numbers Reusing the Last Result (@L) Storing and Recalling Numbers Doing Arithmetic Inside Registers and Variables Scientific Notation Range of Numbers

3

49 50 50 50 51 51 52 52

Percentage Calculations in Business Using the BUS Menus Examples Using the BUS Menus Percent Change (%CHG) Percent of Total (%TOTL) Markup as a Percent of Cost (MU%C) Markup as a Percent of Price (MU%P) Sharing Variables Between Menus

4

54 54 55 57

Currency Exchange Calculation The CURRX Menu Selecting a Set of Currencies Entering a Rate

Contents

5

59 59 60

Converting between Two Currencies Storing and Recalling Sets of Currencies Clearing the Currency Variables

5

61 61 64 66 67 71 74 77 78 82

Time Value of Money The TVM Menu Cash Flow Diagrams and Signs of Numbers Using the TVM Menu Loan Calculations Savings Calculations Leasing Calculations Amortization (AMRT) Displaying an Amortization Schedule Printing an Amortization Table

6

84 85 85 87

Interest Rate Conversions The ICNV Menu Converting Interest Rates Compounding Periods Different from Payment Periods

7

91 91 92 94 95 97 98 98 99 99 100 107

Cash Flow Calculations The CFLO Menu Cash Flow Diagrams and Signs of Numbers Creating a Cash-Flow List Entering Cash Flows Viewing and Correcting the List Copying a Number from a List to the Calculator Line Naming and Renaming a Cash-Flow List Starting or GETting Another List Clearing a Cash-Flow List and Its Name Cash-Flow Calculations: IRR, NPV, NUS, NFV Doing Other Calculations with CFLO Data

6

Contents

and Date Arithmetic Viewing the Time and Date Contents 7 . SOYD. and SL Methods The ACRS Method Partial-Year Depreciation 10 121 122 123 123 124 126 126 127 127 127 128 130 133 138 139 140 Running Total and Statistics The SUM Menu Creating a SUM List Entering Numbers and Viewing the TOTAL Viewing and Correcting the List Copying a Number from a List to the Calculator Line Naming and Renaming a SUM List Starting or GETting Another List Clearing a SUM List and Its Name Doing Statistical Calculations (CALC) Calculations with One Variable Calculations with Two Variables (FRCST) Curve Fitting and Forecasting Weighted Mean and Grouped Standard Deviation Summation Statistics Doing Other Calculations with SUM Data 11 141 141 Time. Appointments.8 108 108 110 Bonds The BOND Menu Doing Bond Calculations 9 114 114 116 116 118 119 Depreciation The DEPRC Menu Doing Depreciation Calculations DB.

142 143 144 144 145 145 147 148 148 149 150 150 151 The Time Menu Setting the Time and Date (SET) Changing the Time and Date Formats (SET) Adjusting the Clock Setting (ADJST) Appointments (APPT) Viewing or Setting an Appointment (APT1-APT10) Acknowledging an Appointment Unacknowledged Appointments Clearing Appointments Date Arithmetic (CALC) Determining the Day of the Week for Any Date Calculating the Number of Days between Dates Calculating Past or Future Dates 12 153 153 156 157 158 161 161 162 162 162 163 164 164 164 166 168 174 176 177 178 The Equation Solver Solver Example : Sales Forecasts The SOLVE Menu Entering Equations Calculating Using Solver Menus (CALC) Editing an Equation (EDIT) Naming an Equation Finding an Equation in the Solver List Shared Variables Clearing Variables Deleting Variables and Equations Deleting One Equation or Its Variables (DELET) Deleting All Equations or All Variables in the Solver (@c) Writing Equations What Can Appear in an Equation Solver Functions Conditional Expressions with IF The Summation Function (∑) Accessing CFLO and SUM Lists from the Solver Creating Menus for Multiple Equations (S Function) 8 Contents .

and Appointments (LIST) Printing Descriptive Messages (MSG) Trace Printing (TRACE) How to Interrupt the Printer 14 190 190 190 191 193 195 197 199 200 200 202 206 208 209 213 215 216 217 217 219 Additional Examples Loans Simple Annual Interest Yield of a Discounted (or Premium) Mortgage Annual Percentage Rate for a Loan with Fees Loan with an Odd (Partial) First Period Canadian Mortgages Advance Payments (Leasing) Savings Value of a Fund with Regular Withdrawals Deposits Needed for a Child’s College Account Value of a Tax-Free Account Value of a Taxable Retirement Account Modified Internal Rate of Return Price of an Insurance Policy Bonds Discounted Notes Statistics Moving Average Chi-Squared (χ2) Statistics Contents 9 .179 180 181 How the Solver Works Halting and Restarting the Numerical Search Entering Guesses 13 184 185 185 185 186 186 188 188 189 Printing The Printer’s Power Source Double-Space Printing Printing the Display(P) Printing Other Information (@p) Printing Variables. Lists.

Batteries.A 222 222 222 224 224 225 227 228 229 230 230 230 232 233 234 237 239 Assistance. and Service Obtaining Help in Operating the Calculator Answers to Common Questions Power and Batteries Low-Power Indications Installing Batteries Managing Calculator Memory Resetting the Calculator Erasing Continuous Memory Clock Accuracy Environmental Limits Determining If the Calculator Requires Service Confirming Calculator Operation: Self-Test Warranty Customer Support Regulatory information Noise Declaration B 240 240 240 241 241 242 242 244 248 248 249 249 249 250 More About Calculations IRR% Calculations Possible Outcomes of Calculating IRR% Halting and Restarting the IRR% Calculation Storing a Guess for IRR% Solver Calculations Direct Solutions Iterative Solutions Equations Used by Built-in Menus Actuarial Functions Percentage Calculations in Business (BUS) Time Value of Money (TVM) Amortization Interest Rate Conversions 10 Contents . Memory.

and Y-Registers in the Stack Arithmetic-How the Stack Does It How ENTER Works Clearing Numbers The LAST X Register Retrieving Numbers from LAST X Contents 11 .250 215 252 253 253 254 254 255 255 255 Cash-Flow Calculations Bond Calculations Depreciation Calculations Sum and Statistics Forecasting Equations Used in (Chapter 14) Canadian Mortgages Odd-Period Calculations Advance Payments Modified Internal Rate of Return C D 256 Menu Maps 263 263 263 264 265 266 266 266 268 268 RPN: Summary About RPN About RPN on the HP 17bII+ Setting RPN Mode Where the RPN Functions Are Doing Calculations in RPN Arithmetic Topics Affected by RPN Mode Simple Arithmetic Calculations with STO and RCL Chain Calculations-No Parentheses! E 270 270 271 271 272 273 274 275 275 RPN: The Stack What the Stack Is Reviewing the Stack (Roll Down) Exchanging the X.

275 276 277 Reusing Numbers Chain Calculations Exercises F 278 285 RPN: Selected Examples Error Messages 291 Index 12 Contents .

Getting Started Using Menus Using the Solver Arithmetic Calculating Simple Interest Unit Conversions Simple Interest at an Annual Rate (RPN example on page 278) General Business Calculations Percent Change Percent of Total Markup as a Percent of Cost Markup as a Percent of Price Using Shared Variables Return on Equity Currency Exchange Calculations Calculating an Exchange Rate Storing an Exchange Rate Converting between Hong Kong and U.List of Examples The following list groups the examples by category.S Dollars Time Value of Money A Car Loan A Home Mortgage A Mortgage with a Balloon Payment A Savings Account 25 29 40 178 190 50 51 51 52 53 159 57 58 59 67 68 69 71 List of Examples 13 .

72 74 75 80 82 172 191 193 194 196 197 198 200 200 202 207 208 214 An Individual Retirement Account Calculating a Lease Payment Present Value of a Lease with Advanced Payments and Option to Buy Displaying an Amortization Schedule for a Home Mortgage Printing an Amortization Schedule Calculations for a Loan with an Odd First Period Discounted Mortgage APR for a Loan with Fees (RPN example on page 278) Loan from the Lender’s Point of View (RPN example on page 279) Loan with an Odd First Period Loan with an Odd First Period Plus Balloon Canadian Mortgage Leasing with Advance Payments A Fund with Regular Withdrawals Savings for College (RPN example on page 280) Tax-Free Account (RPN example on page 282) Taxable Retirement Account (RPN example on page 284) Insurance Policy Interest Rate Conversions Converting from a Nominal to an Effective Interest Rate Balance of a Savings Account Cash Flow Calculations Entering Cash Flows Calculating IRR and NPV of an Investment An Investment with Grouped Cash Flows An Investment with Quarterly Returns Modified IRR 86 89 97 102 104 105 210 14 List of Examples .

and Standard Deviation Curve Fitting Weighted Mean A Moving Average in Manufacturing 2 Expected Throws of a Die ( χ ) Time.111 112 113 215 217 Bonds and Notes Price and Yield of a Bond A Bond with a Call Feature A Zero-Coupon Bond Yield to Maturity and Yield to Call Price and Yield of a Discounted Note Depreciation Declining-Balance Depreciation ACRS Deductions Partial-Year Depreciation Running Total and Statistical Calculations Updating a Checkbook Mean. Median. Alarms. and Date Arithmetic Setting the Date and Time Clearing and Setting an Appointment Calculating the Number of Days between Two Dates Determining a Future Date How to Use the Equation Solver Return on Equity Sales Forecasts Using a Solver Function (USPV) Nested IF Functions Using Guesses to Find a Solution Iteratively Printing Trace-Printing an Arithmetic Calculation 116 118 120 125 128 134 138 218 220 144 148 151 152 159 166 172 175 181 189 List of Examples 15 .

16 Important Information . For a deeper treatment of specific types of calculations. the subject index. Appendixes D.Important Information Take the time to read chapter 1. Match the problem you need to solve with the calculator’s capabilities and read the related topic. It gives you an overview of how the calculator works. the list of examples. E. You can locate information about the calculator’s features using the table of contents. this is a good reference spot for you. refer to chapter 14. and introduces terms and concepts that are used throughout the manual. Throughout the manual. After reading chapter 1. you’ll be ready to start using all of the calculator’s features. You can choose either ALG (Algebraic) or RPN (Reverse Polish Notation) mode for your calculations. and F explain how to use your calculator in RPN mode. the “v “in the margin indicates that the examples or keystrokes must be performed differently in RPN. refer to pages 64 and 92 to learn how the calculator uses positive and negative numbers in financial calculations. and the menu maps in appendix C (the bule-edged pages).” If you especially like learning by example. “Additional Examples. Before doing any time-value-of-money or cash-flow problems.

turning it off does not affect the information you’ve stored there. To turn it off. Follow the instructions on page 224. Since the calculator has Continuous Memory. the calculator turns itself off after 10 minutes of no use. work the same in RPN and ALG modes. Appendixes D. To conserve energy. Power On and Off. The mode affects only arithmetic calculations—all other operations. If you see the low battery symbol ( ) at the top of the display. This shifted function is called o (note OFF printed above the key). press C (clear) (note ON printed below the key). you should replace the batteries as soon as possible. Continuous Memory To turn on the calculator. 1: Getting Started 17 . including the Solver. press @ and then C. and F explain how to use your calculator in RPN mode. E. hold down the C key and press + or -. It identifies examples or keystrokes that are shown in ALG mode and must be performed differently in RPN mode. To change the display contrast. Adjusting the Display Contrast The display’s brightness depends on lighting. your viewing angle. and the display contrast setting.1 Getting Started v Watch for this symbol in the margin.

and the results of calculations. Annunciators. Table 1-1. The calculator line is where you see numbers (or letters) that you enter. Press the appropriate menu key to change the language.Setting the Language The calculator can display information in six different languages. 18 1: Getting Started . 2. The Calculator Line. Keys for language Key Description German English Spanish French Italian Portuguese What You See in the Display Menu Labels. To change the language: 1. Press the @ >. The bottom line of the display shows the menu labels for each of the six major menus (work areas) in the calculator. 3. More about these later in this chapter. Each one has a special significance. The symbols shown here are called annunciators. Press to display the INTL menu. The language initially used by the calculator was preset at the factory. which stands for "international".

This symbol stays on until you press the next key. For example. (page 224) Annunciators Calculator line Cursor Menu labels for the MAIN menu. to the printer. To display the MAIN menu. entire numbers. The Shift Key (@) Some keys have a second. or even lists or sets of data. The colored shift key accesses these operations. then pressing C turns the calculator off. This is written @o. just press @ . then e). If you ever press @ by mistake. (page 19) Sending information Alarm going off (or past due). (page 147) (page 184) Batteries low.Shift (@ ) is active. press @A (that is. pressing and releasing @ . shifted function printed in color above the key. first @ . again to turn off the Backspacing and Clearing The following keys erase typing mistakes. Pressing @ turns on the shift annunciator ( ). 1: Getting Started 19 .

clears the calculator line. this key turns the calculator on.66 Display: Description: Backspacing removes the 4 and 5. @c clears all of the values that have been stored. Keys for Clearing Key Description Backspace. (When the calculator is off. it will erase all the numbers in a list if you are currently viewing a list (SUM or CFLO). but without clearing anything. 20 1: Getting Started . pressing < deletes the last character you keyed in. When the cursor is not visible. For example. Clear. it can delete all equations. < C @c The cursor ( ) is visible while you are keying in a number or doing a calculation. Refer to “Resetting the Calculator” on page 228 in appendix A. there are more drastic clearing operations that erase more information at once. @t < In addition. In other menus (like TVM). When the cursor is visible. Keys: 12345 << . Clears the calculator line.Table 1-2. pressing < erases the last number.) This clears all information in the current work area (menu). Calculates 1/123. erases the character before the cursor.66. In SOLVE.

5 65 + 12 / 3. Compare: 65 + 12 3. in the order you enter them.5 = Operations occur in the order you see them.89 = 65 @v* 12 Calculates 77.35 – 90. This is a brief introduction to doing arithmetic.35 90. On the other hand. pressing another digit key starts a new calculation. 1: Getting Started 21 .5.8: v Keys: 21. To calculate 21.5 = Calculates 96.5 and 65 + 12 3. = / 3. Remember that you can erase errors by pressing < or C. Once a calculation has been completed.Doing Arithmetic The “ ” in the margin is a reminder that the example keystrokes are for ALG mode. You can also do long calculations without pressing = after each intermediate calculation—just press it at the end. The operators perform from left to right.1 + 23.8 Display: Description: = = completes calculation. pressing an operator key continues the calculation: 77. More information on arithmetic is in chapter 2.1 + 23.75 ÷ 3.89 New calculation: 65 x 12.

press &. The MAIN menu is the starting point for all other menus. To key in a negative number. To change the sign of an already displayed number (it must be the rightmost number).5 )= Use parentheses to impose an order of calculation. Keys: 75 & * 7. Multiplies -75 by 7.1 = Display: Description: Changes the sign of 75. then press &. Keying in Negative Numbers (&) The & key changes the sign of a number. v Using the Menu Keys The calculator usually displays a set of labels across the bottom of the display.1. type that number. The set is called a menu because it presents you with choices. 22 1: Getting Started .65 +( 12 / 3.

The menu structure is hierarchical.The top row of keys is related to the labels along the bottom of the display. The MAIN Menu The MAIN menu is a set of primary choices leading to other menu options. The six keys are called menu keys. The labels tell you what the keys do. the labels are called menu labels. pressing @A redisplays the MAIN menu. No matter which menu you currently see. 1: Getting Started 23 .

percent change. savings. BOND: Yields and prices for bonds. Percent of total. DB. calendar. mean. The MAIN Menu Menu Label Operations Done in This Category TVM: Time value of money: loans. weighted statistics. markup on cost.Table 1-3. Converting any currency to its equivalent in another currency Covered in: Chapter 5 (Finance) Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 3 (Business Percentages) Chapter 10 (Statistics) Chapter 11 (Time Manager) Chapter 12 (Equation Solver) Chapter 4 (Currency Exchange) 24 1: Getting Started . summation statistics. and more. running total. amortization. DEPRC: Depreciation using SL. Creates customized menus from your own equations for calculations you do often. appointments. Lists of numbers. date arithmetic. markup on price. forecasting. and SOYD methods. leasing. or ACRS. ICNV: Interest conversions. Clock. CFLO: Lists of cash flows for internal rate of return and net present value.

Step 1. Pressing e enough times returns you to the MAIN menu.60. rather than to choose another menu. MAIN menu FIN BUS SUM TIME SOLVE CURRX BUS menu %CHG %TOTL MU%C MU%P EXIT MU%C menu COST PRICE M%C EXIT MAIN to choose the BUS menu. to choose Press e to return to the previous menu. Example: Using Menus. look up the topic in the subject 1: Getting Started 25 . If it’s not obvious to you which menu you need. Use it to switch between sets of menu labels on the same “level”. Then press Press the MU%C menu. When a menu has more than six labels. The example calculates the percent markup on cost of a crate of oranges that a grocer buys for $4. Refer to the menu map for MU%C (above) along with this example.10 and sells for $4. Decide which menu you want to use.Choosing Menus and Reading Menu Maps Below is a menu map illustrating one possible path through three levels of menus: from the MAIN menu to the BUS menu to the MU%C (markup as a percent of cost) menu. Press @A to return to the MAIN menu directly. The MU%C (markup as a percent of cost) menu is our destination. There are no menus that branch from the MU%C menu because the MU%C menu is a final destination—you use it to do calculations. the label appears at the far right.

Step 8. to store 4. The answer: . Displaying the MU%C menu: Step 2.index and examine the menu maps in appendix C. To display the MAIN menu. Step 4. to display the MU%C menu. press e twice (once to get back to the BUS menu. press @A. Press Press to display the BUS menu.60 as the Press to calculate the markup as a percent of cost. Using the MU%C menu: Step 5.10 as the COST. This step lets you start from a known location on the menu map. Key in the price and press PRICE. Step 3. To leave the MU%C menu. Key in the cost and press to store 4. and again to get to the MAIN menu) or @A (to go directly to the MAIN menu). Step 6. 26 1: Getting Started . Step 7.

because they are permanently built into the calculator. each variable can be used both to store and calculate values. as in the previous example. The menu keys both store numbers for the calculations and start the calculations.10 COST Keys: Display: PRICE M%C Calculator Memory Calculate 4.Calculations Using Menus Using menus to do calculations is easy. the percent markup on cost. All the keys you need are together in the top row. 1: Getting Started 27 . Keys: Display: Keys: Display: 20 Store 20. the menus guide you.20 Then the same menu can calculate PRICE given COST and M%C.10 Store 4.00 4. These are called built-in variables.10 COST Keys: Display: PRICE M%C Calculator Memory Calculate 12. Instead. given COST and PRICE.60 4.60 Store 4. You don’t have to remember in what order to enter numbers and in what order results come back.10 Store 4.92 Notice that the two calculations use the same three variables. Keys: Display: Keys: Display: 4. The MU%C menu can calculate M%C.

press the menu key without first keying in a number. and M%C in the MU%C menu). do nothing if it is displayed (that is. To transfer a value to another menu. For example. To transfer more than one value from a menu. then you should press s before the menu key † To store the same number into two different variables.Many menus in this calculator work like the example above. To calculate a value. See page 45. The rules for using variables are: To store a value. can be stored.∗† Arithmetic calculations. press R (recall) followed by the menu key. e. key in the number and press the menu key. R displays the value stored in COST.” Exiting Menus (e) The e key is used to leave the current menu and go back to the previously displayed menu (as shown in the previous example).g. Clearing Values in Menus The @c key is a powerful feature to clear all the data in the currently displayed menu. This is true for menus you might pick by accident. it is in the calculator line). If the current menu has variables (that is. “Storing and Recalling Numbers. A number in the calculator line remains there when you switch menus. 25 s 28 1: Getting Started . * If you have just switched menus and want to store the result already in the calculator line. such as COST. if the display shows menu labels for variables. use storage registers. giving you a clean slate for new calculations. pressing @c clears the values of those variables to zero. use s for the second variable. PRICE. To verify a stored value. as well as single values. too: e gets you out. The calculator displays when a value is being calculated.

you can turn to the most versatile feature of all: the Equation Solver. use the ALPHA menu. this section also explains how to type and edit letters and other characters that aren’t on the keyboard.If the current menu has a list (SUM. Solving Your Own Equations (SOLVE) This chapter has introduced some of the built-in menus the calculator offers. or Solver). The Solver is covered in chapter 12. 1: Getting Started 29 . To see what value is currently stored in a variable. Here you define your own solution in terms of an equation. Price per square yard Length (feet) Width (feet) P/YD × L × W = COST 9 Converts square feet to square yards To type this equation into the Solver. The price is quoted to you per square yard. just like the other menus in the calculator. CFLO. Because equations usually use letters of the alphabet. Suppose you frequently buy carpet and must calculate how much it will cost. which you can use over and over again. pressing @c clears the values in the list. Example:Using the Solver. The Solver then creates a menu to go with your equation. Regardless of how you do the calculation (even if you do it longhand). But if the solution to a problem is not built into hp 17bII+ . but here is an introductory example. you are using an equation. press R menu label.

“/”. The ALPHA menu also includes characters not found on the keyboard: Uppercase letters. if necessary. type in the equation for the cost of carpeting. The necessary keystrokes are shown below. If you need to do further editing. to make corrections. press I to enter the equation into memory. * To type a letter you need to press two keys. The letter menus with just four letters (for example.) Use <. refer to the next section. for example.” When you’re satisfied that the equation is correct. To familiarize yourself with the ALPHA menu. Punctuation and special characters. ! @ . is produced Each letter menu has an key for accessing punctuation and non-English characters. (Note the access to the special character. Space. FGHI) include a space character ( ). 30 1: Getting Started . ABCDE FGHI JKLM NOPQ RSTUV WXYZ Alpha menu Letters. “Editing ALPHAbetic Text. by the keystrokes . space OTHER characters F : < G > & H # I space OTHER R / S T U V OTHER $ . Non-English letters.Typing Words and Characters: the ALPHAbetic Menu The ALPHAbetic menu is automatically displayed when you need it to type letters and characters.

Editing ALPHAbetic Text The companion to the ALPHA menu is the ALPHA-Edit menu. part of the variable’s name. DEL ALPHA EXIT ABCDE FGHI JKLM NOPQ RSTUV WXYZ EXIT 1: Getting Started 31 . It is not an operator. press in the SOLVE menu (or press e in the ALPHA menu).Keys Characters @A * * /9= I Note that the is just a character. which ÷ is. To display the ALPHA-Edit menu.

Moves the cursor left. Label or Key to Press Keyboard Backspaces and erases the character before the cursor. Any character. Menu labels for your variables Each of the variables you typed into the equation now appears as a menu label. Clears the calculator line. You can store and calculate values in this menu the same way you do in other menus. Displays the ALPHA menu again. pressing verifies it and creates a new. customized menu to go with the equation. 32 1: Getting Started . Moves the cursor far left.Table 1-4. Deletes character at the cursor. Moves the cursor far right. one display-width. one display-width. < C Calculating the Answer (CALC) After an equation is input. Moves the cursor right. Alphabetic Editing Operation ALPHA-Edit Menu Inserts character before the cursor.

* If you entered this equation but don’t see it now. 22. press [ or ] until you do. Calculates the maximum price per square yard you can pay. 1: Getting Started 33 . Calculates the cost to cover a 9’ x 12’ room. ee Exits Solver. Notice that all you need to do is enter the one value you are changing—there is no need to re-enter the other values. Stores the width in W.* Displays the customized menu for carpeting. Stores the length in L. The carpet costs $22. Starting from the MAIN menu (press @A): Keys: Display: Description: Displays the SOLVE menu and the current equation. Now determine the most expensive carpet you can buy if the maximum amount you can pay is $300.Calculate the cost of carpet needed to cover a 9’ by 12’ room. 300 Stores $300 in COST.5 12 9 Stores the price per square yard in P/YD.50 per square yard.

.but these digits are also present internally. or Press to see a number as precisely as possible at any time (12 digits maximum).. and whether to use a comma or a period to “punctuate” your numbers. The internal precision varies from calculation to calculation and can be between 12 and 31 digits depending on what is done.. You can pick the number of decimal places to be displayed. You see only these digits in 2. press @S. but does not affect the internal representation of numbers. . type the number of decimal places you want (from 0 to 11). and press I. 34 1: Getting Started . Temporarily SHOWing ALL To temporarily see a number with full precision. Internal Precision Changing the number of displayed decimal places affects what you see. Then either: Press .This shows you the ALL format for as long as you hold down S.Controlling the Display Format The DSP menu (press D) gives you options for formatting numbers.. first press the D key. The number stored inside the calculator always has 12 digits. Decimal Places To change the number of displayed decimal places.

000.000. All significant digits. sets a period as the decimal point and comma as separator (U. mode). trailing zeros dropped.000.) Pressing the digit Pressing the digit 1: Getting Started 35 . Temporarily shows full precision. Specify the decimal point by pressing or . Starting with two displayed decimal places: Keys: 5.S.S. (For example. mode). Subsequent calculations use the rounded value.) sets a comma as the decimal point and period as separator (non-U.787 Display: Description: D 4I D D 2I @S (hold) Four decimal places are displayed.000. Press D to access the DSP (display) menu. 1. (For example. 2.00.Rounding a Number The @r function rounds the number in the calculator line to the number of displayed decimal places. Rounds the number to two decimal places. Two decimal places are displayed. 1. @r @S (hold) Exchanging Periods and Commas in Numbers To exchange the periods and commas used for the decimal point and digit separators in a number: 1.00.

For more explanations. beeps only for appointments. Press @> RPN. and during alarms for appointments. Beeping occurs when a wrong key is pressed. Press any other key to clear the message and perform that key’s function. Press @> to specify whether or not the printer ac adapter is in use. 2. when an error occurs. silences the beeper completely. To help you correct the situation. Press C or < to clear the error message. Then press e. Press @>. to select algebraic entry logic. You can suppress and reactivate the beeper in the MODES menu as follows: 1. Double Space. to select Reverse Polish Notation entry 36 1: Getting Started .Error Messages Sometimes the calculator cannot do what you “ask”. Pressing will simultaneously change and display the current setting for the beeper: beeps for errors and appointments. the calculator beeps and displays a message. Algebraic. 3. Press @> logic. Modes Beeper. such as when you press the wrong key or forget a number for a calculation. Press e when done. Press @> to turn double-spaced printing on or off. Then press e. Print. refer to the list of error messages just before the subject index.

740 bytes. 1: Getting Started 37 . * Storing numbers in menus like TVM (non-Solver menus) does not use any of your memory space. This procedure is covered in “Erasing Continuous Memory” on page 229. Press @> to change the language. Refer to “Managing Calculator Memory” on page 227 in appendix A.) The calculator gives you complete flexibility in how you use that available memory (such as for lists of numbers or equations). Number of bytes of memory still free Percentage of total memory still free The amount of memory available for storing information and working problems is about 30. The calculator also allows you to erase at once all the information stored inside it. (Units of memory space are called bytes. If you use nearly all of the calculator’s memory. Use as much of the memory as you want for any task you want.Language. Each piece of information requires a certain amount of storage space. you must erase some previously stored information. To remedy this situation. you’ll encounter the message . Calculator Memory (@M) The calculator stores many different types of information in its memory.* You can monitor the amount of available memory by pressing @M.

For example. For instance. To do a chain calculation. but only at the very end. which removes the message.2 Arithmetic If you prefer RPN to algebraic logic. There is always a number in the calculator line. even though sometimes the calculator line is hidden by a message (such as ). Sometimes this line includes labels for results. Often longer calculations involve more than one operation. to calculate 750 × 12 you can type either: 360 750 * 12 =/ 360 = or 750 * 12 / 360 = 38 2: Arithmetic . To see the number in the calculator line. and the calculator would display the answer. pressing + 2 = would calculate 124.60 plus 2. The Calculator Line The calculator line is the part of the display where numbers appear and calculations take place.60. The “ v “ in the margin is a reminder that the example keystrokes are for ALG mode. Even in this case you can use the number for a calculation. These are called chain calculations because several operations are “chained” together. please read appendix D before you read this chapter. you don’t need to press = after each operation. page 21. v vDoing Calculations Simple calculating was introduced in chapter 1. such as . press <. 126.

In the second case. 0. Calculates 85 − 12. However. Here’s a longer chain calculation.75 68 × 18. *9 = 2: Arithmetic 39 .35. To delay the division until you’ve subtracted 12 from 85. the / key acts like the = key by displaying the result of 750 x 12. that’s not what you want. the calculator would calculate the intermediate result.75 / 18. Calculates 30 / 73. 456 . Watch what happens in the display as you key it in: Keys: 456 .5 1.9.5 x 68 ÷ 1.5 * 68 / 1. For example.9 This calculation can be written as: 456 − 75 ÷ 18. Calculates 0. suppose you want to calculate: 30 x 9 85 -12 If you were to key in 30 / 85 -. use parentheses: Keys: 30 /( 8512 ) Display: Description: No calculation is done.9 = Display: vUsing Parentheses in Calculations Use parentheses when you want to postpone calculating an intermediate result until you’ve entered more numbers.41x 9.

You borrow $1.) To find 25% of 200. 40 2: Arithmetic . In most cases. Math functions act on the last number in the display. The one exception is when a plus or minus sign precedes the number.50. You must repay this amount at the end of one year.Note that you must include a * for multiplication. (Result is Adding or Subtracting a Percentage. (Result is . v The Percent Key The% key has two functions: Finding a Percentage.250 from a relative. 25 % results in . = The Mathematical Functions Some of the math functions appear on the keyboard. (See “Adding or Subtracting a Percentage.25 % =. % divides a number by 100. and agree to repay the loan in a year with 7% simple interest. others are in the MATH menu. parentheses do not imply multiplication. . just enter 200 .) Example: Calculating Simple Interest.” below.) For instance. You can do this all in one calculation: For instance. press: 200 * 25 % =. How much money will you owe? Keys: 1250 + 7 % Display: Description: Interest on the loan is $87. to decrease 200 by 25%.

Calculates 20 .2) x1.20. which is the same as (125)1/3.Table 2-1. Display: Description: Calculates 1253. Shifted Math Functions Key Description reciprocal square root square @t @v @w Keys: 4 @t 20 @v Display: Description: Reciprocal of 4. Calculates the cube root of 125. + v1.47 + 47.12.47 + 47. raises the preceding number to the power of the following number.147. Calculates 1.2 * v @w v= Calculates 4. u.12. Completes calculation of (4. @t= 2: Arithmetic 41 . vThe Power Function (Exponentiation) Keys: 125 @u 3 = 125 @u 3 The power function.

The MATH Menu Labels Menu Label Description Common (base 10) logarithm of a positive number. Natural antilogarithm. Exits MATH menu. then perform the calculation.5.5 @m Display: Description: Calculates 102. Inserts the value for π into the display. calculates 10x. Calculates the factorial of 4. Natural (base e) logarithm of a positive number. these functions operate on only the last number in the display. 42 2: Arithmetic . Pressing e returns you to SUM.The MATH Menu To display the MATH menu. however. Keys: 2. Remember. Table 2-2. press @m (the shifted % key). Just press @m. The MATH result remains in the calculator line. Like the other mathematics functions. calculates ex. Common (base 10) antilogarithm. that you must exit MATH before you resume using SUM. while using SUM you might want to use a MATH function. 4 e You can access the MATH menu when another menu is displayed. For instance. Factorial.

Also. There are several ways to reuse numbers. The ]. The History Stack of Numbers When you start a new operation. If you hold down [ or ]. [. These lines make up the history stack. the previous result moves out of the display but is still accessible. or SOLVE in either ALG or RPN mode. CFLO) in ALG mode. the history stack wraps around on itself. "Invisible" numbers remaining from previous results. 2: Arithmetic 43 . and @~ keys “roll” the history stack down or up one line. Pressing @x exchanges the contents of the bottom two lines of the display. However. you cannot gain access to the stack while using lists (SUM.Saving and Reusing Numbers Sometimes you might want to include the result of a previous calculation in a new calculation. Up to four lines of numbers are saved: one in the display and three hidden. All numbers in the history stack are retained when you switch menus. you cannot roll the history stack when an incomplete calculation is in the display. bringing the hidden results back into the display.

This lets you reuse a number without retyping it and also lets you break up a complicated calculation. @L = 44 2: Arithmetic . Using the history stack saves you time.83 to the calculator line.92 moves out of display. Be careful if a menu is active.63 Display: Description: = 150 / 7 = 42. Completes the calculation.55 . Calculates 140 .92 back to calculator line. Keys: 123 + 17 = Display: Description: Calculates 123 + 17. ] * 11 = Moves 42. vReusing the Last Result (@L) 39 + 8 123 + 17 The @L key copies the last result—that is. suppose you want to multiply 42. Now.32.Pressing @c clears the history stack. @v 39 + 8 =/ Copies 11. because then c also erases the data associated with that menu. vKeys: 75.92 x 11. the number just above the calculator line in the history stack—into a current calculation.

Press s or R. Key in the register number.6             39. Stores 39. lf there vthe last is more than one number on the calculator line. numbered 0 through 9.6 s 1 Display: Description: Stores 475. s stores only number in the display. 475.1 +R 1 /R 2 = 2: Arithmetic 45 . / 39.15 vKeys: 475. called a storage register.15 (rightmost number) into register 2.6 into register 1. (To cancel this step. Completes calculation.15 s 2 = 560.An equivalent keystroke sequence for this problem would be: 39 + 8 / (123 + 17 ) @v = Storing and Recalling Numbers The s key copies a number from the calculator line into a designated storage area. The R key recalls stored numbers back to the calculator line. To store or recall a number: 1. Recalls contents of register 1.15 39. There are ten storage registers in calculator memory.1 + 475. The following example uses two storage registers to do two calculations that use some of the same numbers. Completes calculation.) 2.6 560. press <. Recalls register 2.

Multiplies contents of register 3 by 2. Arithmetic in Registers Keys New Register Contents old register contents + displayed number old register contents – displayed number old register contents x displayed number old register contents ÷ displayed number old register contents ^ displayed number s+ ss* s/ s@u 46 2: Arithmetic .5 s* 3 Display: Description: Stores 45. By storing a number into a register. For example. R3 Displays register 3.7 s 3 2.5 and stores result (114.25) back in register 3. Doing Arithmetic Inside Registers and Variables You can also do arithmetic inside storage registers. 3. R copies the contents of M%C into the calculator line.7 in reg. (in the MU%C menu) stores the rightmost number from the s display into the variable M%C. Keys: 45. If there is an expression in the display (such as ). then the recalled number replaces only the last number. you overwrite whatever existed there before.v The s and R keys can also be used with variables. Table 2-3. You do not need to clear storage registers before using them.

Scientific Notation Scientific notation is useful when working with very large or very small numbers.36 x 10−15.662.78 @\ 13 Display: Description: Pressing @\ starts the exponent. Use .78 x 1013 and −2.52 x 10−6.6628 x1012. Clears number.800. In scientific notation. For very small numbers the decimal point is moved to the right and 10 is raised to a negative power. the number is automatically displayed in scientific notation. Type in the numbers 4. Scientific notation shows a small number (less than 10) times 10 raised to a power. 0. Pressing & makes the entire number negative. the 1984 Gross National Product of the United States was $3. Clears number. Keys: 4. 2 s* (in the MU%C menu) multiplies the current contents of M%C by 2 and stores the product in M%C.000. and not of the exponent. For example.to make a negative exponent. @c 2. this is 3. For example. using a capital E in place of “x10^”. For example.before an exponent makes it negative.36 @\15 & @c 2: Arithmetic 47 .00000752 can be written as 7.000. When a calculation produces a result with more than 12 digits. Pressing .You can also do arithmetic with the values stored in variables. Remember that & changes the sign of the entire number.

Range of Numbers
The largest positive and negative numbers available on the calculator are ±9.99999999999 x 10 499; the smallest positive and negative numbers available are ±1 x 10 –499.

48

2: Arithmetic

3
Percentage Calculations in Business
The business percentages (BUS) menu is used to solve four types of problems. Each type of problem has its own menu.

FIN

BUS

SUM

TIME

SOLVE

CURRX

%CHG %TOTL

MU%C

MU%P

Table 3-1. The Business Percentages (BUS) Menus Menu
Percent change ( ) Percent of total ( ) Markup on cost ( ) Markup on price ( )

Description
The difference between two numbers (OLD and NEW), expressed as a percentage (%CH) of OLD. The portion that one number (PART) is of another (TOTAL), expressed as a percentage (%T). The difference between price (PRICE) and cost (COST), expressed as a percentage of the cost (M%C). The difference between price (PRICE) and cost (COST), expressed as a percentage of the price (M%P).

3: Percentage Calculations in Business

49

The calculator retains the values of the BUS variables until you clear them by pressing @c. For example, pressing @c while in the %CHG menu clears OLD, NEW, and %CH. To see what value is currently stored in a variable, press R menu label. This shows you the value without recalculating it.

Using the BUS Menus
Each of the four BUS menus has three variables. You can calculate any one of the three variables if you know the other two. 1. To display the %CHG, %TOTL, MU%C, or MU%P menu from the MAIN menu, press , then the appropriate menu label. Pressing for example, displays: ,

2. Store each value you know by keying in the number and pressing the appropriate menu key. 3. Press the menu key for the value you want to calculate.

Examples Using the BUS Menus
Percent Change (%CHG)
Example. Total sales last year were $90,000. This year, sales were $95,000. What is the percent change between last year’s sales and this year’s?

Keys:

Display:

Description:
Displays %CHG menu.

50

3: Percentage Calculations in Business

90000 95000

Stores 90,000 in OLD. Stores 95,000 in NEW. Calculates percent change.

What would this year’s sales have to be to show a 12% increase from last year? OLD remains 90,000, so you don’t have to key it in again. Just enter %CH and ask for NEW. 12 Stores 12 in %CH. Calculates the value 12% greater than 90,000.

Percent of Total (%TOTL)
Example. Total assets for your company are $67,584, The firm has inventories of $23,457. What percentage of total assets is inventory? You will be supplying values for TOTAL and PART and calculating %T. This takes care of all three variables, so there is no need to use c to remove old data.

Keys:

Display:

Description:
Displays %TOTL menu.

67584 23457

Stores $67,584 in TOTAL. Stores $23,457 in PART. Calculates percent of total.

Markup as a Percent of Cost (MU%C)
Example. The standard markup on costume jewelry at Balkis’s Boutique is 60%. The boutique just received a shipment of chokers costing $19.00 each. What is the retail price per choker?

3: Percentage Calculations in Business

51

Keys:

Display:

Description:
Displays MU%C menu.

19 60

Stores cost in COST. Stores 60% in M%C. Calculates price.

Markup as a Percent of Price (MU%P)
Example. Kilowatt Electronics purchases televisions for $225, with a discount of 4%. The televisions are sold for $300. What is the markup of the net cost as a percent of the selling price? What is the markup as percent of price without the 4% discount?

Keys:

Display:

Description:
Displays MU%P menu.

v 225 - 4 %
300

Calculates and stores net cost in COST. Stores 300 in PRICE. Calculates markup as a percent of price.

Use $225 for COST and leave PRICE alone. 225 Stores 225 in COST. Calculates markup.

Sharing Variables Between Menus
If you compare the MU%C menu and the MU%P menus, you’ll see that they have two menu labels in common — and .

52

3: Percentage Calculations in Business

%CHG

%TOTL

MU%C

MU%P

COST

PRICE

M%C

COST Shared variables

PRICE

M%P

The calculator keeps track of the values you key in according to those labels. For example, if you key in COST and PRICE in the MU%C menu, exit to the BUS menu, and then display the MU%P menu, the calculator retains those values. In other words, the variables are shared between the two menus. Example: Using Shared Variables. A food cooperative buys cases of canned soup with an invoice cost of $9.60 per case. If the co-op routinely uses a 15% markup on cost, for what price should it sell a case of soup?

Keys:

Display:

Description:
Displays MU%C menu.

9.6 15

Stores 9.60 in COST. Stores 15% in M%C. Calculates retail price.

What is the markup on price? Switch menus but keep the same COST and PRICE.

e

Exits MU%C menu and displays MU%P menu. Calculates markup as a percent of price.

3: Percentage Calculations in Business

53

S Dollar) Currency #2 is EUR (EURO Dollar) 54 4: Currency Exchange Calculation . The CURRX Menu FIN BUS SUM TIME SOLVE CURRX US$ EUR RATE C.RCL SELCT To display the currency exchange menu from the MAIN menu. press .4 Currency Exchange Calculations The CURRX menu does currency exchange calculations between two currencies using an exchange rate that you calculate or store.STO C. Currency #1 is US$ (U.

Currency currency#2. Recalls a previously stored pair of currencies and RATE. to see additional currencies ( see table 4-2 ). Press necessary. 4: Currency Exchange Calculation 55 .stores or calculates the number of units of this currency. Selecting a Set of Currencies To select a pair of currencies: to display the menu of currencies. Calculating an exchange rate is usually the easier way to enter a correct rate. Stores the current currency #1. 4. Press a menu key to select currency #1. The CURRX Menu Menu Key curr1 curr2 Description Current currency#1. Store the exchange rate by keying in the value and pressing (see “Storing an Exchange Rate” on page 58). Press more. since the order in which you selected the two currencies doesn’t mater. 2. currency #2. The rate is expressed as the number of units of currency #2 equivalent to 1 unit of currency #1. if 1. 3.Table 4-1. Stores or calculates the exchange rate between the two current currencies. There are two ways enter the RATE : Calculate the rate from a known equivalency (see the example ”Calculating an Exchange Rate. RATE is automatically reset to 1.). Press a menu key to select currency #2.” page 57.stores or calculates the number of units of this currency.0000. and RATE. Enter an exchange rate. Selects a new set of currencies.

Spain. Belgium. Philippines. Ireland. Luxembourg. Mexico. Greece. Colombia.Table 4-2. France. Germany. Portugal. Vatican City (EURO) Denmark (Kroner) Vanuatu (Bolivar) Canada (Dollars) United Kingdom (Pounds) Switzerland (Francs) Russia (Rouble) South Africa (Band) Saudi Arabia (Riyals) Bolivia Chile. Finland. Currencies United States of America (Dollars) Austria. Uruguay (Pesos) Japan (Yen) Israeli (New Shekel) Argentina Norway (Kroner) Brazil Sweden (Kronor) Peru Hong Kong Taiwan (Dollars) (New Dollars) China (Yuan Renminbi) South Korea (Won) Australia (Dollars) Malaysia (Ringgits) New Zealand (Dollars) Indonesia (Rupiahs) Singapore (Dollars) Thailand (Baht) India (Rupee) Pakistani (Rupees) Miscellaneous* * Use for currencies not shown in table 56 4: Currency Exchange Calculation . Italy. Netherlands.

Thus. 4: Currency Exchange Calculation 57 . the exchange rate in the “Buy” column applies for buying US$ with your CAN$.1282 Part 1: Select the currencies. The “Buy” column is used for transactions in which the “Bank” buys the listed currency from you in exchange for United States dollars.Entering a Rate The following two examples illustrate the two ways to enter an exchange rate. and you need to exchange your Canadian Dollars for U. Keys: Display: Description: Display the CURRX menu Select CAN$ as currency #1 Select US$ as currency #2 1 Store number of CAN$ * The chart is in terms of United States dollars. The conversion chart looks this : United States Conversion Chart (in US$) Currency Euro (EUR€) Canadian (CAN$) Hong Kong (HK$) The chart states these equivalencies: * 1 EUR€ 1 CAN$ 1 HK$ is equivalent to 1.0842 is equivalent to 0.6584 . Example: Calculating an Exchange Rate. You have just flown from Canada to United States.S Dollars.6584 is equivalent to 0.0842 . if you arrive in United States with CAN$. The “Sell” column applies for selling US$ in exchange for CAN$. Many charts have two columns–a “Buy” column and a “Sell” column.1282 US$ US$ US$ Rate 1. and calculate an exchange rate form them.

6584 Stores equivalent number of US$ Calculates the RATE. you must select the currencies in the correct order. Part 2: The following keystrokes show that you can reverse the order in which the two currencies are selected. since the RATE is defined as the number of units of currency #2 equivalent to one unit of currency#1 Use the United States conversion chart on page 57 to store an exchange rate for converting between Hong Kong Dollars and U.6584 Store number of CAN$ Stores equivalent number of US$ Calculates the RATE.0. Keys: Display: Description: Select US$ as currency #1 Select CAN$ as currency #2 1 0.1282 Store the RATE 58 4: Currency Exchange Calculation . (1 ÷ 0. Dollars. Keys: Display: Description: Display the CURRX menu Select HK$ as currency #1 Select US$ as currency #2 0.S.6584 ) Example : Storing an Exchange Rate. If you choose to store the exchange rate directly.

Initially. Storing Sets of Currencies. Part 1: Use the exchange rate stored in the previous example to calculate how many U. To store the current set of currencies and the rate. What is its cost in HK$ Dollars? Keys: 75 Display: Description: Store number of US$ Calculates equivalent HK$ Storing and Recalling Sets of Currencies Pressing or displays the C. currency #2 = US$.S dollars you would receive for 3. Example : Converting between Hong Kong and U.000 Hong Kong Dollars.S Dollars. the menu contains six blank labels. you can convert any number of units of one currency to the other.02 are not stored.1282. ( The values US$ = 75 and HK$ = 585. Then.RCL menu. and RATE = 0. Keys: 3000 Display: Description: Store number of HK$ Calculates equivalent US$ Part 2: A wool sweater in a shop window costs 75 US$. which is used to store and recall sets of currencies and the rates.Converting Between Two Currencies Once the currencies are selected and a RATE has been entered.) 4: Currency Exchange Calculation 59 . press any menu key to assign the set to that key.STO/C. storing the currencies in the previous example stores currency #1 = HK$. For example. press. The menu can store up to six sets of currencies.

followed by the appropriate menu key.Recalling Sets of Currencies. press . To recall a stored set of currencies and their exchange rate.0000. The equivalency message and menu labels show the recalled currencies and RATE. The values of the two current currencies are cleared to 0. The hp 17bII+ automatically returns to the CURRX menu. Clearing the Currency Variables Pressing @c while the CURRX menu is displayed sets the RATE to 1. 60 4: Currency Exchange Calculation .

The TVM menu performs compound-interest calculations and calculates (and prints) amortization schedules. Savings accounts. thereby also earning interest.5 Time Value of Money The phrase time value of money describes calculations based on money earning interest over a period of time. the interest is a percent of the principal and is repaid in one lump sum. For an example that calculates simple interest using an annual interest rate. interest is added to the principal at specified compounding periods. mortgages. In simple interest calculations. Simple interest calculations can be done using the % key (page 40). and leases are compound-interest calculations. see page 190. The TVM Menu FIN BUS SUM TIME SOLVE CURRX TVM ICNV CFLO BOND DEPRC N I%YR PV PMT FV OTHER P/YR BEG END AMRT 5: Time Value of Money 61 . In compound interest calculations.

12 payments (or periods) per year Payment mode: the end of each period To second level of TVM Figure 5-1.The time value of money (TVM) menu does many compound-interest calculations. The First Level of TVM The first level of the TVM menu has five menu labels for variables plus . 62 5: Time Value of Money . Specifically. use the CFLO (cash flows) menu. The Second Level of TVM * For situations where the amount of the payment varies. you can use the TVM menu for a series of cash flows (money received or money paid) when: The dollar amount is the same for each payment. The payment periods coincide with the compounding periods. Figure 5-2. * The payments occur at regular intervals. The key accesses a second-level menu used to specify payment conditions (the payment mode) and to call up the AMRT (amortization) menu.

PV is the initial investment. PV is the amount of the loan. TVM Menu Labels Menu Label Description First Level Stores (or calculates) the total number of payments or compounding periods. 5: Time Value of Money 63 . The example on page 172 uses the Solver to do a partial-period (non-integer) calculation in which interest begins to accrue prior to the beginning of the first regular payment period. (If P/YR were 12.) Shortcut for N: Multiplies the number in the display by P/YR. the answer must be interpreted carefully. not TVM. but this result has no simple interpretation. N=12 x 30=360. Stores (or calculates) the present value—an initial cash flow or a discounted value of a series of future cash flows (PMTs + FV). See the savings account example on page 71. see page 87. non-integer N produce a mathematically correct result. use CFLO. To a lender or borrower. All payments are equal. to an investor. @ e Second Level Specifies the number of payments or compounding periods per year.*† (For a 30-year loan with monthly payments. it is negative.Table 5-1. then 30 @ would set N=360. 1 through 999. (If the payments are unequal. If PV paid out. it is negative. For Canadian mortgages. and stores the result in N.) * When a non-integer N (an “odd period”) is calculated. see page 197. If this is not true.† (it must be an integer. If FV is paid out.) Stores (or calculates) the nominal annual interest rate as a percentage. it is negative. If PMT represents money paid out. Stores (or calculates) the dollar amount of each periodic payment. † The number of payment periods must equal the number of compounding periods.) Payments can occur at the beginning or end of each period. PV always occurs at the beginning of the first period. Calculations using a stored. FV always occurs at the end of the last period. Stores (or calculates) the future value—a final cash flow or a compounded value of a series of previous cash flows (PV + PMTs). and no payments are skipped.

and FV. This shows you the value without recalculating it. When the second-level menu ( ) is displayed. Arrows show the occurrence of cash flows (payments in or out). PV. @c resets the payment conditions to To see what value is currently stored in a variable. Cash-flow diagrams are time lines divided into equal segments called compounding (or payment) periods. pressing @c clears N. (The Begin and End modes do not matter if PMT=0. See page 78. The calculations will make sense only if you consistently show payments out as negative and payments in 64 5: Time Value of Money . Typical for loans and investments. press R menu label.) Sets End mode: payments occur at the end of each period. Money received is a positive number (arrow up) and money paid out is a negative number (arrow down). Accesses the amortization menu. The calculator retains the values of the TVM variables until you clear them by pressing @c. Typical for savings plans and leasing. When you see the first-level TVM menu. PMT. N ote The correct sign (positive or negative) for TVM numbers is essential. TVM Menu Labels (Continued) Menu Label Description Second Level (Continued) Sets Begin mode: payments occur at the beginning of each period. pressing .Table 5-1. I%YR. Cash Flow Diagrams and Signs of Numbers It is helpful to illustrate TVM calculations with cash-flow diagrams.

but not both! (Loan) Money received is a positive number 1 Money paid out is a negative number 2 Equal periods 3 Equal payments (FV is Future Value. if any. a balloon payment) 4 5 PMT Figure 5-3.g. A Cash Flow Diagram for a Loan from Lender’s Point of View (End Mode) 5: Time Value of Money 65 .(receipts) as positive. A Cash Flow Diagram for a Loan from Borrower’s Point of View (End Mode) 1 Loan 2 3 4 5 Figure 5-4. Perform a calculation from the point of view of either the lender (investor) or the borrower. e.

End).) To change the Begin/End mode. press . or if you want to retain previous values. press @c. From the MAIN menu. To clear previous TVM values. End mode is shown in the last two figures. key in the new value and press . see “Compounding Periods Different from Payment Periods. Read the message that describes the number of payments per year and the payment mode (Begin. Lease Payments Made at the Beginning of Each Period (Begin Mode) Using the TVM Menu First draw a cash-flow diagram to match your problem. or 66 5: Time Value of Money .” page 87. press .Payments occur at either the beginning of each period or the end of each period. To change the number of payments per year. If you need to change either of these settings.) 3. press Press e to return to the primary TVM menu. Begin mode is shown in the next figure. Then: 1. (Note:You don’t need to clear data if you enter new values for all five variables. Capitalized value of lease 1 2 3 4 5 Figure 5-5. (If the number of payments is different from the number of compounding periods. 2.

To calculate a value.5% annual interest.) Loan calculations typically use End mode for payments. You are financing the purchase of a new car with a 3-year loan at 10. even if that value is zero. There are two ways to set values to zero: Before storing any TVM values. press @c to clear the previous TVM values.) 5. End mode 1 2 35 36 5: Time Value of Money 67 . pressing 0 sets FV to zero.250 _ 1. (For amortization of loan payments.250. Example:A Car Loan. compounded monthly. at the end of the first period. For example.500. see page 77. (Enter each number and press its menu key.) What interest rate would reduce your monthly payment by $10? 7. Your down payment is $1. press the appropriate menu key. Store the values you know.500 0 10.5 3 X 12 12. Loan Calculations Three examples illustrate common loan calculations. Store zero.4. for example. FV must be set to zero when you are calculating the periodic payment (PMT) required to fully pay back a loan. What are your monthly payments? (Assume payments start one month after purchase—in other words. The purchase price of the car is $7. You must give every variable—except the one you will calculate—a value.

You can make a $12.5%. what is the maximum purchase price you can afford? 68 5: Time Value of Money . After careful consideration of your personal finances. v+ 10 Stores the reduced payment amount. Calculates payment.5 payment periods per year.Keys: Display: Description: Displays TVM menu. Stores amount of the loan. and annual interest rates are currently 11. If needed: sets 12 v @c e 3 * 12 10. add 10 to reduce the negative PMT value. Example: A Home Mortgage. v7250 .1500 To calculate the interest rate that reduces the payment by $10. If you take out a 30-year mortgage. Calculates the annual interest rate. you’ve decided that the maximum monthly mortgage payment you can afford is $630. @c Clears history stack and TVM variables. Stores annual interest rate. End mode.000 down payment. Figures and stores number of payments. Negative value means money to be paid out.

” What will be the size of your balloon payment? 5: Time Value of Money 69 . End mode 1 2 _630 359 360 Keys: Display: Description: Display TVM menu. If needed: sets 12 payment periods per year. You anticipate that you will own the house for four years and then sell it. @c @c e 30 @ Clears history stack and TVM variables. 11.5 630 & v+ 12000 = Calculates total price of the house (loan plus down payment).? 0 11. Stores annual interest rate. then stores this number of payments in N.5 30 X 12 12. repaying the loan in a “balloon payment. $75. Example: A Mortgage with a Balloon Payment. You’ve taken out a 25-year.250 mortgage at 13.8% annual interest. Stores a negative monthly payment. End mode. Pressing @ first multiplies 30 by 12. Calculates loan amount.

End mode 1 2 47 48 Balloon.8 4 X 12 12. 13. Calculate the monthly payment without the balloon (FV=0). 70 5: Time Value of Money .8 75250 Stores annual interest rate. If needed: sets 12 payment periods per year.75. The problem is done in two steps: 1. 2. End mode. Calculates monthly payment. Keys: Display: Description: Display TVM menu. Step 1. Calculate the balloon payment after 4 years. @c @c e Clears history stack and TVM variables. 25 @ Figures and stores the number of monthly payments in 25 years. Stores amount of the loan. Calculate PMT for the mortgage.250 13.

compounded annually. the payment mode (End or Begin) is irrelevant. 3. You deposit $2. 5: Time Value of Money 71 . Savings Calculations Example: A Savings Account.330557971. how long will it take for the account to grow to $3.Step 2.000? Since this account has no regular payments (PMT=0). The calculation of the balloon payment must use the actual monthly payment amount: the rounded number $894. 894.33 & Stores rounded PMT value for exact payment amount (no fractional cents).33.* 4@ Figures and stores number of payments in 4 years.000 0 7. Calculates balloon payment after four years. an exact dollars-and-cents amount.2% annual interest. If you make no other deposits into the account.000 into a savings account that pays 7. Calculate the balloon payment after 4 years.000 *The PMT stored in the previous step is the 12-digit number—894.2 1 _ 2. This amount plus last monthly payment repays the loan.

Stores future account balance in FV.). Stores amount of deposit. @c Clears history stack and TVM variables. e 7. You opened an IRA on April 15. Calculates number of compounding periods (years) for the account to reach $3. 2003. (one interest pmt.000. Thereafter. you deposit $80. it will take 6 years of annual compounding to achieve a balance of at least $3. Example: An Individual Retirement Account (IRA). Sets one compounding 1 per./yr.83) of N. The actual balance at the end of 6 years can be calculated as follows: 6 Stores a whole number of years in N.3% annual interest. 2018? 72 5: Time Value of Money . How much money will the account contain on April 15.Keys: Display: Description: Displays TVM menu.2 2000 & 3000 There is no conventional way to interpret results based on a non-integer value (5.000.000. Payment mode does not matter. Stores annual interest rate. Since the calculated value of N is between 5 and 6. with a deposit of $2. Calculates account balance after six years.00 into the account at the end of each half-month. The account pays 8./yr. compounded semimonthly.

3 2000 & 80 & Figures and stores number of deposits in N. Stores semimonthly payment. It is not necessary to clear data because you do not need to set any of the values to zero. Calculates balance in IRA after 15 years. End mode 15 X 12X 2 1 2 _ 80 359 360 4/15/2018 _ 2.3 2 X 12. e 15 @ 8. Sets 24 payment periods 24 per year. 5: Time Value of Money 73 .4/15/2003 8.000 Keys: Display: Description: Displays TVM menu. Stores initial deposit. Stores annual interest rate. End mode.

e 36 Stores number of payments. Begin mode. with one payment in advance. are necessary to yield the lessor 14% annually? Calculate the payments from the lessor’s point of view. Begin mode 35 36 _ 13. What monthly payments.500 1 2 3 34 14 36 12. and 2) finding the present value (capitalized value) of a lease.500 is to be leased for 3 years. Example: Calculating a Lease Payment. For the calculator. A new car valued at $13.Leasing Calculations Two common leasing calculations are 1) finding the lease payment necessary to achieve a specified yield. this means Begin mode because all payments will be made at the beginning of the period. Leasing calculations typically use “advance payments”.500 at the end of the leasing period. For examples with two or more advance payments. Sets 12 payment periods 12 per year. 74 5: Time Value of Money . Use Begin payment mode because the first payment is due at the inception of the lease.500 Keys: Display: Description: Displays TVM menu. see pages 74 and 199. 7. then one payment must be combined with the present value. The lessee has the option to purchase the car for $7. If there are two payments in advance.

800 2. Your company is leasing a machine for 4 years. Calculate the present value of 47 monthly payments in Begin mode.000 at the end of the leasing period.) 2. compounded monthly. This adds a second advance payment to the beginning of the leasing period. (Money received by lessor. replacing what would have been the final (48th) payment. Example: Present Value of a Lease with Advance Payments and Option to Buy.) Calculates monthly payment received.400 _ 15. Stores car’s value in PV. You have an option to buy the machine for $15. 3. Find the present value of the buy option.000 3 44 45 46 47 48 The problem is done in four steps: 1. (Begin mode makes the first payment an advance payment. 47 18 12. Add the present values calculated in steps 2 and 3.) Stores purchase option value in FV. 4.14 13500 & 7500 Stores annual interest rate. 5: Time Value of Money 75 . Begin mode 2 1 2 _ -4. (Money paid out by lessor. Monthly payments are $2.400 with two payments in advance. Add one additional payment to the calculated present value. What is the capitalized value of the lease? The interest rate you pay to borrow funds is 18%.

Stores amount of the buy option (money paid out). 47 18 2400 & Stores number of payments. Stores monthly payment. e Step 1: Find the present value of the monthly payments. Stores result in register 0. v+ 2400 = s0 Calculates present value of all payments. Store the answer. Begin mode. Step 3: Find the present value of the buy option. Sets 12 payment periods 12 per year. There are no payments.Keys: Display: Description: Displays TVM menu. Step 2: Add the additional advance payment to PV. Calculates present (capitalized) value of the 47 monthly payments. @c Clears history stack and TVM variables. 76 5: Time Value of Money . 48 15000 & 0 Stores number of payment periods. Stores annual interest rate.

Calculates present value of the buy option. ) displays or prints the The loan balance after the payment(s) are made. v+R 0 = Amortization (AMRT) The AMRT menu (press following values: Calculates present. TVM N I%YR PV PMT FV OTHER P/YR BEG END AMRT #P INT PRIN BAL NEXT TABLE 5: Time Value of Money 77 . Step 4: Add the results of step 2 and 3. capitalized value of lease. The amount of the payment(s) applied toward principal. The amount of the payment(s) applied toward interest.

Displays the balance of the loan.200. Press to display the TVM menu.Table 5-2. #P can be an integer from 1 through 1. and PMT. To calculate and display an amortization schedule:* 1. If you have just finished doing these calculations with the TVM menu. which contains #P payments. and calculates an amortization schedule for that many payments. The next set of payments starts where the previous set left off. Store the values for I%YR . A setting of 2 means that these calculations will be rounded to two decimal places. Successive schedules start where the last schedule left off. PV. Displays the amount of the payments applied toward interest. AMRT Menu Labels Menu Label Description Stores the number of payments to be amortized. then skip to step 3. you need to know PV. 2. (Press & to make PMT a * Amortization calculations use values of PV. Displays a menu for printing an amortization table (schedule). and PMT. PMT. I%YR. Displays the amount of the payments applied toward principal. and INT rounded to the number of decimal places specified by the current display setting. Displaying an Amortization Schedule For amortization calculations. 78 5: Time Value of Money . Calculates the next amortization schedule.

4. to view the results from the stack). set #P to 12. If necessary.) 7.) If you need to calculate one of these values. follow the instructions under “Using the TVM Menu. go to page 82 to continue. To continue calculating the schedule for subsequent payments.” on page 66. . Then go on to step 3. do c.) or .To display the results. 6. Press . Key in the number of payments to be amortized at one time and press . the display would show: Number of payments amortized at one time Current set of payments to be amortized Press to see results 8. If necessary. change the payment mode by pressing (Most loan calculations use End mode. For example. set #P equal to the total number of payments (N).negative number. To start the schedule over. (If you want to print the amortization schedule. press. with the same number of payments. 3. to see a year of monthly payments at one time. To amortize the entire life of a loan at one time. 5. change the number of payment periods per year stored in . If #P = 12. do a or b. a. Press to display the rest of the TVM menu. To calculate the next successive amortization schedule. press . 5: Time Value of Money 79 . and (or press ] 9.

80 5: Time Value of Money . Stores loan amount. c. Your monthly payment is $693. Then calculate the loan balance after 42 payments (3½ years).72. To start over from payment #1 (using the same loan information). $65. To purchase your new home. press @c and proceed from step 7. you have taken out a 30-year. key in that number and press . To calculate a subsequent schedule with a different number of payments. Keys: Display: Description: Displays TVM menu. 12. If needed: sets 12 @c payment periods per year.5% annual interest.Next successive set of payments authorized b. Calculate the amount of the first year’s and second year’s payments that are applied toward principal and interest. Stores monthly payment. End mode.000 mortgage at 12.5 65000 693. Displays AMRT menu. Example: Displaying an Amortization Schedule.72 & Stores annual interest rate.

Calculates amortization schedule for next 12 payments. Displays principal paid in first year. amortize 18 additional payments (42-24=18): 18 Calculates amortization schedule for next 18 months. Displays results for second year. Displays results. To calculate the balance after 42 payments (3½ years). 5: Time Value of Money 81 . Displays balance at end of first year.12 Calculates amortization schedule for first 12 payments. Displays interest paid in first year. but does not display it.

print an amortization table with entries for the fifth and sixth years.) 9. for one year of monthly payments at a time. above) or repeat steps 1 through 6. Key in the payment number of the first payment in the schedule and press .Printing an Amortization Table (TABLE) To print an amortization schedule (or “table”) do steps 1 through 5 for displaying an amortization schedule (see page 78). INCR=12. (For instance.Press . Ignore the message Values are retained until you exit the TABLE menu. Key in the payment number of the last payment in the schedule and press .) 11. You can continue from the AMRT menu in the previous example (step 7. 10. 6. FIRST= 1. for the very first payment.Key in the increment—the number of payments shown at one time—and press . . v4 * 12 + 1 82 5: Time Value of Money The 49th is the first payment in year 5. Press . . so you can print successive amortization schedules by re-entering only those TABLE values that change. For the loan described in the previous example (page 80). 7. Starting from the AMRT menu: Keys: Display: Description: Displays menu for printing amortization table. (For instance. 8. Press . Example: Printing an Amortization Schedule.

Calculates and prints amortization schedule shown below.v6 * 12 12 The 72nd is the last payment in year 6. 5: Time Value of Money 83 . Each table entry represents 12 payments (1 year).

annually). for example. This allows you. their nominal interest rates are converted to effective interest rates. The effective rate is the rate that. A nominal annual rate of 18% compounded monthly equals an effective annual rate of 19. The nominal rate is the stated annual interest rate compounded periodically.6 Interest Rate Conversions The interest conversion (ICNV) menu converts between nominal and effective interest rates. to compare a savings account that pays interest quarterly with a bond that pays interest semiannually. To compare investments with different compounding periods. then that nominal annual rate is the same as its effective annual rate. such as 18% per year compounded monthly. When the compounding period for a given nominal rate is one year. 84 6: Interest Rate Conversions .56%. compounded only once (that is. would produce the same final value as the nominal rate.

for example. Key in the number of compounding periods per year and press . then press 6: Interest Rate Conversions 85 .The ICNV Menu FIN BUS SUM TIME SOLVE CURRX TVM ICNV CFLO BOND DEPRC PER CONT NOM% EFF% P NOM% EFF% The ICNV menu converts between nominal and effective interest rates. Press to display the interest conversions menu. for periodic. quarterly. . To convert to the effective rate. using either: Periodic compounding. . first key in the effective rate and press . 3. or daily compounding. Converting Interest Rates To convert between a nominal annual interest rate and an effective annual interest rate that is compounded periodically: 1. Press 2. then press 5. To convert to the nominal rate. monthly. first key in the nominal rate and press . Continuous compounding. 4.

86 6: Interest Rate Conversions . Displays PER menu. then press Values of EFF% and NOM% are shared between the PER and CONT menus. then press 4. Bank #3 6. compounded quarterly.To convert between a nominal annual interest rate and an effective annual interest rate that is compounded continuously: 1. . an effective interest rate in CONT remains stored in EFF% when you exit the CONT menu and enter the PER menu. To convert to the effective rate. Which bank has the most favorable interest rate? Bank #1 6. key in the effective rate and press . for “continuous”. For example. Bank #2 6. ICNV PER CONT NOM% EFF% P NOM% EFF% Shared variables between PER and CONT Example: Converting from a Nominal to an Effective Interest Rate. To convert to the nominal rate. You are considering opening a savings account in one of three banks. Press to get the interest conversions menu. Pressing @c in either menu clears NOM% and EFF% in both.65% annual interest. compounded continuously. Keys: Display: Description: Displays ICNV menu. compounded monthly. key in the nominal rate and press . Press 2.7% annual interest. 3.65% annual interest. .

you can adjust the interest rate using the ICNV menu. e Displays CONT menu.7 Stores nominal annual interest rate for bank #1. Calculates effective interest rate for bank #2.account deposits and withdrawals do not necessarily occur at the same time as the bank’s compounding periods. 6. regularly occurring savings. Calculates effective rate for bank #3.65 Stores nominal annual interest rate for bank #2. If they are not the same. and then use the adjusted 6: Interest Rate Conversions 87 . However. Calculates effective interest rate for bank #1. Previous values of NOM% and EFF% are retained. Compounding Periods Different from Payment Periods The TVM menu assumes that the compounding periods and the payment periods are the same. The calculations show that bank #3 is offering the most favorable interest rate. 12 Stores number of compounding periods per year for bank #2.4 Stores number of compounding periods per year for bank #1. 6.

Store annual interest rate in . a. PMT is the amount of the regular. first calculate I%YR in the TVM menu. Store the just-calculated nominal interest rate in I%YR (press s ). periodic deposit or withdrawal. 3. money received is positive. This is the nominal annual rate that corresponds to your payment periods. Calculate the effective annual interest rate from the nominal annual interest rate given by the bank. N is the total number of periodic deposits or withdrawals. When the interest rate is the unknown variable. . 6. FV is the future value. (Remember that money paid out is negative.interest rate in the TVM menu. regardless of the compounding periods. b. Next. Return to the TVM menu (ee ). c. b. 4. Store the number of regular payments or withdrawals you will be making per year in b. 2. and 7. use the ICNV menu to convert this to the 88 6: Interest Rate Conversions . PV is the initial deposit. a.) 1. Continue with the TVM calculation. Store number of compounding periods per year in Press . . d. Call up the periodic interest-rate conversion menu ( ). Calculate the nominal annual interest rate that corresponds to your payment periods. 5.) a. c. Press . Store the number of payments or withdrawals per year in set the appropriate payment mode. (You can also use TVM if PMT = 0.

Begin mode. Sets 12 payments per year. Last. Starting today. 365 5 Stores bank’s compounding periods. ee < s 12 Switches to TVM menu. Calculates effective interest rate for daily compounding. Calculates equivalent nominal interest rate for monthly compounding. you make monthly deposits of $25 into an account paying 5% interest compounded daily (365-day basis). At the end of 7 years. how much will you receive from the account? Keys: Display: Description: Periodic interest-rate conversion menu.effective interest rate based on your payment periods. Stores bank’s nominal interest rate. convert the effective rate to the nominal rate based on the bank’s compounding periods. NOM% value is still in calculator line. Example: Balance of a Savings Account. 12 Stores number of deposits per year. e 6: Interest Rate Conversions 89 . Stores adjusted nominal interest rate in I%YR.

Value of account in 7 years. If the interest rate were the unknown. in the ICNV PER menu. Then. you would first do the TVM calculation to get I%YR (5.7@ 25& 0 Stores 84 deposit periods. Then change P to 365 for daily compounding and calculate NOM% (5. $25 per deposit. 90 6: Interest Rate Conversions .00). Calculate EFF% (5. store 5.01).13).01 as NOM% and 12 as P for monthly compounding. and no money before the first regular deposit. This is the bank’s rate.

7: Cash Flow Calculations 91 . you can calculate: The total amount of the cash flows.* Once you’ve entered the cash flows into a list. The CFLO menu FIN BUS SUM TIME SOLVE CURRX TVM ICNV CFLO BOND DEPRC CALC INSR DELET NAME GET TOTAL IRR% I% NPV NUS NFV The CFLO menu creates cash-flow lists and performs calculations with a list of cash flows. and net future value (NFV) for a specified periodic interest rate (I%). The internal rate of return (IRR%). You can store many separate lists of cash flows.7 Cash Flow Calculations The cash flow (CFLO) menu stores and analyzes cash flows (money received or paid out) of unequal (ungrouped) amounts that occur at regular intervals. * You can also use CFLO with cash flows of equal amounts. net uniform series (NUS). The maximum number depends on the amount of available calculator memory. The net present value (NPV). but these are usually handled more easily by the TVM menu.

consecutive flows. These occur in series of cash flows without “groups” of equal.Table 7-1. Allows you to insert cash flows into a list.* Because each flow is different from the one before it. press e. NFV. Allows you to name a list. IRR%. Allows you to switch from one list to another or create a new list. Deletes cash flows from a list. A typical series of cash flows is one of two types: Ungrouped cash flows. To see the calculator line when this menu is in the display. CFLO Menu Labels Menu Label Description Accesses the CALC menu to calculate TOTAL. press I once. Turns the prompting for #TIMES on and off. (This does not affect number entry. 92 7: Cash Flow Calculations . Cash Flow Diagrams and Signs of Numbers The sign conventions used for cash flow calculations are the same as those used in time-value-of-money calculations. * Any cash flow series can be treated as an ungrouped one if you enter each flow individually. NUS. the number of times each flow occurs is one.) To see this menu when the calculator line is in the display. NPV.

starting at the end of the first period. This investment has generated a series of cash flows. In this case. Cash Flows (Ungrouped) The horizontal timeline is divided into equal compounding periods. consecutive flows. the line points up (positive). equal cash flows: 7: Cash Flow Calculations 93 . The series shown here is grouped into two sets of consecutive. Notice that there is no cash flow (a cash flow of zero) for period five. the line points down (negative). For money received. and that the investor pays a small amount in period six. Consecutive. Grouped cash flows.Money received is a positive number Time periods Money paid out is a negative number $300 $200 $100 $0 1 2 3 4 5 $200 $250 $125 6 7 _ $ 50 8 Figure 7-1. These occur in a series containing “groups” of equal. the investor has invested $700. The vertical lines represent the cash flows. equal cash flows are called grouped cash flows. for money paid out.

and so on. * If the cash flows occur at the beginning of each period. If there are any grouped (consecutive and equal) cash flows.1 _ $ 100 2 _ $ 100 3 _ $ 100 4 _ $ 100 5 $_100 6 7 8 9 Figure 7-2. the calculator prompts you to indicate how many times (#TIMES) it occurs.950 at the end of period 9. and $200 at the end of periods 6 through 8. then combine the first flow with the initial flow (which can increase or decrease the flow). be sure your cash flows are occurring at regular intervals and at the end of each period. _ $ 200 _ $ 200 _ $ 200 Creating a Cash-Flow List To use CFLO. (Remember: a payment made at the beginning of period 2 is equivalent to the same payment made at the end of period 1. the investor pays $100 at the end of periods 1 through 5. Grouped Cash Flows After an initial payment of $100. Refer to pages 64-92. the #TIMES prompting makes entering the data easier. For every cash flow you enter.* If a period is skipped. and move each cash flow up one period. enter zero for its cash flow.) 94 7: Cash Flow Calculations . The investment returns $1.

Do either a or b: * You can do calculations with a number before entering it.Entering Cash Flows To enter cash flows into a CFLO list: if the current 1. You will see either list is empty. If it does not. FLOW(0) (remember that money paid out is negative—use & to change the sign). This is the bottom of the current list.) 3. and is displayed on the calculator line. 7: Cash Flow Calculations 95 . leave this prompting on. The prompt for the next item appears. Key in the value of the initial cash flow. For grouped cash flows.) (The old list must be Get a new list by pressing named first. When you press I.) #TIMES is the number of consecutive occurrences of FLOW(1).” next page. This does not interfere with the list. the evaluated expression or number is entered into the list. b. Press . #TIMES has been automatically set to 1.* 5. If the cash flows are ungrouped (that is. they are all different). see “Prompting for #TIMES. hold down I before releasing it. (To view FLOW(0) longer. (For more information. or or more if the list is not empty. (See “Prompting for #TIMES. then press to turn .) 4. press e to turn the #TIMES prompting on. and press I. Press or see page 98. the display shows . After briefly showing FLOW(0). Clear the list by pressing @c (see also page 99. If the list is not empty.” below. you can do either a or b: a. 6. For grouped cash flows: The display now shows .) Key in the value for FLOW(1) and press I. 2.

a. b.

To retain the value 1 and go on to the next flow, press I (or ]). To change #TIMES, key in the number and press I.* Given #TIMES

Calculator line 7. Continue entering each cash flow and, for grouped flows, the number of times it occurs. The calculator recognizes the end of the list when a flow is left blank (no value is entered). 8. Press e to end the list and restore the CFLO menu. You can now proceed to correct the list, name the list, get another list, or do calculations with the values. Use these same instructions to enter additional lists. Prompting for #TIMES (#T?). When the calculator displays , it is prompting you for the number of times the current flow occurs. If all your cash flows are different (#TIMES always 1), then you don’t need the prompt. You can turn the prompting for #TIMES on and off by pressing in the CFLO menu. This produces a brief message: either , or . While prompting is off, all cash flows you enter will have #TIMES = 1.

* The maximum #TIMES for each cash flow is 999.
96 7: Cash Flow Calculations

When you are viewing a cash-flow list with the #TIMES prompting off, the calculator displays only those #TIMES values that are not 1. The #TIMES prompting is usually on, because it is automatically turned on whenever you clear or get a cash-flow list. Example: Entering Cash Flows. Enter the following ungrouped cash flows in a list and find the percentage internal rate of return (IRR). 0: 1: $-500 125 2: 3: $ 275 200

Keys:

Display:

Description:

@c

Asks for confirmation. Clears data from list and prompts for initial flow. Sets prompting off because it is not needed.

500 &I

Enters initial flow; then immediately prompts for next flow.

125 I 275 I 200 I

Enters FLOW(1); prompts for next flow. Enters FLOW(2); prompts for next flow. Enters FLOW(3); prompts for next flow. Ends list and displays CALC menu. Calculates IRR.

e

7: Cash Flow Calculations

97

Viewing and Correcting the List
To display a particular list, use (see page 99).

The [ and ] keys move up and down one number at a time. @[ and @] display the beginning and end of the list. Changing or Clearing a Number. To change a number after it’s been entered: display the number, key in the new value, and press I. Use this same method to clear a number to zero. (Do not press C or <, which clear the calculator line, not the cash-flow entry.) Inserting Cash Flows into a List. Insertion occurs before (above) the current flow. Pressing inserts a zero cash flow and renumbers the rest of the list. You can then enter a new cash flow and its #TIMES. For example, if FLOW(6) is in the display, pressing puts a new, zero flow between the previously numbered FLOW(5) and FLOW(6). Deleting Cash Flows from a List. Pressing current flow and its #TIMES. deletes both the

Copying a Number from a List to the Calculator Line
To copy a number from the list into the calculator line, use ] or [ to display the number, then press R I.

Naming and Renaming a Cash-Flow List
A new list has no name. You may name it before or after filling the list, but you must name it in order to store another list. To name a list: 1. Press from the CFLO menu. 2. Use the ALPHA menu to type a name. (The ALPHA and ALPHA-Edit menus are covered on pages 30 - 32.) To clear a name, press C.

98

7: Cash Flow Calculations

3. Press I. The name can be up to 22 characters long and include any character except:+ - x ÷ ( ) < > : = space * But only the first three to five characters (depending on letter widths) of the name are used for a menu label. Avoid names with the same first characters, since their menu labels will look alike. Viewing the Name of the Current List. Press , then e.

Starting or GETting Another List
When you press the last one used. , the cash-flow list that appears is the same as

To start a new list or switch to a different one, the current list must be named or cleared. If it is named, then: 1. Press list plus .The GET menu contains a menu label for each named . brings up a new, empty

2. Press the key for the desired list. ( list.)

Clearing a Cash-Flow List and Its Name
To clear a list’s numbers and name: 1. Display the list you want to clear, then press @c removes the numbers. 2. If the list is named, you’ll see Press to remove the name. Press with an empty list. . This

to retain the name

* CFLO does accept these exceptional characters in list names, but the Solver
functions SIZEC, FLOW, and #T do not.

7: Cash Flow Calculations

99

To remove just one value at a time from a list, use

.

Cash-Flow Calculations: IRR, NPV, NUS, NFV
Once you have entered a list of cash flows, you can calculate the following values in the CALC menu. Sum (TOTAL). Internal rate of return (IRR%). This is a periodic rate of return. To calculate an annual nominal rate when the period is not a year, multiply the IRR% by the number of periods per year. If you want the IRR% as an effective annual rate, then use the FIN ICNV menu to convert from the nominal annual rate to the effective annual rate. Net present value (NPV), net uniform series (NUS), and net future value (NFV) for a specified, periodic interest rate, I%.

100 7: Cash Flow Calculations

Table 7-2. The CALC Menu for CFLO Lists Menu Label Description
Calculates the sum of the cash flows. * Calculates the internal rate of return—the interest (discount) rate at which the net present value of the cash flows equals zero. Stores the periodic interest rate, expressed as a percentage (sometimes called cost of capital, discount rate, or required rate of return). Given I%, calculates the net present value—the present value of a series of cash flows. Given I%, calculates the net uniform series—the dollar amount of constant, equal cash flows having a present value equivalent to the net present value. Given I%, calculates the net future value of a series of cash flows by finding the future value of the net present value.

* The calculations for internal rate of return are complex and may take a

relatively long time. To interrupt the calculation, press any key. In certain cases, the calculator displays a message indicating that the calculation cannot continue without further information from you, or that there is no solution. Refer to appendix B for additional information about calculating IRR%.

About the Internal Rate of Return (IRR%). A “conventional investment” is considered attractive if IRR% exceeds the cost of capital. A conventional investment meets two criteria—(1) the sequence of cash flows changes sign only once, and (2) the sum (TOTAL) of the cash flows is positive. Remember that the calculator determines a periodic IRR%. If the cash flows occur monthly, then IRR% is a monthly value, too. Multiply it by 12 for an annual value.

7: Cash Flow Calculations 101

Example: Calculating IRR and NPV of an Investment. An investor makes an initial investment of $80,000, and expects returns over the next five years as illustrated below.
115,000 5,000 5,500 4,500 4,000 3 4 5

1

2

$ _ 80,000 (Initial flow)

Calculate the total of the cash flows and the internal rate of return of the investment. In addition, calculate the net present value and net future value, assuming an annual interest rate of 10.5%. Start the problem with an empty cash-flow list. Since the cash flows are ungrouped, each one occurs just once. Turn off the #TIMES prompt to make cash-flow entry faster.

Keys:

Display:

Description:
Displays current cash-flow list and CFLO menu keys.

@c
or

Clears current list or gets a new one. The empty list prompts for its initial cash flow. Briefly shows the status of , then returns to the list. With prompting off, all cash flows are assumed to occur just once.

102 7: Cash Flow Calculations

80000 &

Prompts for next cash flow. Calculator line shows last number entered. Stores $5,000 for FLOW(1), prompts for next flow. Stores FLOW(2). Stores FLOW(3). Stores FLOW(4). Stores final cash flow and shows end of list. Calculates sum of the cash flows. Calculates internal rate of return.

I
5000 I 4500 I 5500 I 4000 I 115000

I e

10.5

Stores periodic interest rate. Calculates NPV. Calculates NFV.

Now calculate the net present value at an interest rate of 10.5% if cash flow #4 is reduced to $1,000.

e [[
1000 I

Displays the bottom of the list. Moves to cash flow #4. Changes cash flow #4 to $1,000. Calculates new NPV.

e

7: Cash Flow Calculations 103

Example: An Investment with Grouped Cash Flows. You are considering an investment that requires a cash outlay of $9,000, with the promise of monthly cash flows as shown. Calculate IRR%. Also find NPV and NFV at an annual interest rate of 9%.
1,500 1,500 1,500

1,000

1,000

1,000

1,000

500

500

$

_

Since some of these cash flows are grouped (consecutive and equal), the #TIMES prompting must be on so you can specify a number other than 1.

Group Number
Initial 1 2 3 4

500

0

9,000

Amount
-9,000 500 1,000 0 1,500

Number of Times
- 3 4 1 3

Keys:

Display:

Description:
Current cash-flow list and CFLO menu.

@c
9000 & I

Clears current list. #TIMES prompting is turned on. Stores the initial cash flow.

104 7: Cash Flow Calculations

500 I 3I

Stores FLOW(1) and prompts for #TIMES(1). FLOW(1) occurs 3 times; prompts for next cash flow.

1000 I 4

Stores FLOW(2) four times. Stores FLOW(3) one time (the 1 is automatically entered). Stores FLOW(4) three times. Displays the CALC menu. Calculates monthly IRR%.

I 0I I
1500 I 3

I e

v 9 / 12

Stores the periodic, monthly interest rate. Calculates NPV. Calculates NFV.

Example: An Investment with Quarterly Cash Returns. You have been offered an opportunity to invest $20,000. The investment returns quarterly payments over four years as follows: Year Year Year Year 1 2 3 4 4 4 4 4 payments payments payments payments of of of of $500 $1,000 $2,000 $3,000

7: Cash Flow Calculations 105

Stores FLOW(1). @c or 20000 & Clears the current list or gets a new one.000 2. and the number of times each flow occurs.000 3.000 1.000 Calculate the annual rate of return for this investment.000 2. Stores FLOW(2).000 3. (The prompting for #TIMES should be on. I 500 I 4I 1000 I 4 FLOW(1) occurs four times.000 3. Stores the initial cash flow.000 1. FLOW(3) and FLOW(4). I 2000 I 4 I 3000 I 4 106 7: Cash Flow Calculations .000 2. This sets the #TIMES prompting on.000 1. then prompts for number of times this flow occurs.000 2.000 1.3.) 500 500 500 500 Keys: Display: Description: Current cash-flow list.

There are Solver functions that can access data stored in CFLO lists. v* 4 = Doing Other Calculations with CFLO Data If you would like to do other calculations with cash flows besides those in the CALC menu. Refer to “Accessing CFLO and SUM Lists from the Solver” in chapter 12.I e Calculates quarterly rate of return. and there is a summation function that can combine all or part of the values stored in specific lists. 7: Cash Flow Calculations 107 . Calculates nominal annual rate of return from quarterly rate. you can do so by writing your own Solver equations.

108 8: Bonds . Treasury bonds are actual/actual. bonds are semi-annual.8 Bonds The BOND menu calculates the yield to maturity or price of a bond. It also calculates yield to call on a coupon date and accrued interest. Most U.S. and corporate bonds issued in the United States are typically 30/360. The BOND Menu FIN BUS SUM TIME SOLVE CURRX TVM ICNV CFLO BOND DEPRC TYPE SETT MAT CPN% CALL MORE YLD% PRICE ACCRU MORE Pressing shows you the BOND menu and the type of bond currently specified: or . or . Municipal. You can specify the: Calendar basis: 30/360 or actual/actual (days per month/days per year).S. Coupon payments: semi-annual or annual. state. U.

) Stores or calculates the yield (as an annual percentage) to maturity or yield to call date.Table 8-1. BOND Menu Labels Menu Label Description Displays a menu of bond types: 30/360 or actual/actual. Calculates the interest accrued from the last coupon-payment date until the settlement date. Stores the maturity date or call date according to the current date format. The calculator retains the values of the BOND variables until you clear them by pressing @c while the BOND menu is displayed. 8: Bonds 109 . Stores the call price per $100 face value. The call date must coincide with a coupon date.DDYYYY or DD. Stores or calculates the price per $100 face value. To see the value currently stored in a variable. per $100 face value. make sure CALL equals 100. see page 143). For a yield to maturity. Stores the settlement (purchase) date according to the current date format (MM. semi-annual or annual. press R menu label. Stores the annual coupon rate as a percentage. (A bond at maturity has a “call” value that is 100% of its face value.MMYYYY. Clearing sets CALL to 100 and all other variables to zero.

2. To calculate the price or yield of a bond: 1. If the message in the display does not match the type you want. press . sets the calendar basis to a 30-day month and a Pressing sets the calendar basis to the actual calendar month and to the actual calendar year. The BOND menu does not use this convention. Key in the settlement date (MM. Some corporate bonds in the United States use the convention that the price of the bond is set to 100 if the coupon rate equals the yield. whether or not the settlement date is a coupon date. Press @c. 6.MMYYYY depending on the date format. Display the BOND menu: press . This sets CALL=100. Press e to restore the BOND menu.DDYYYY or DD. see chapter 11) and press . Pressing Pressing sets semi-annual coupon payments. 5. 3. sets annual coupon payments. Key in the coupon rate as an annual percent and press 110 8: Bonds . Calendar basis Interest period Pressing 360-day year.Doing Bond Calculations Remember that values in the BOND menu are expressed per $100 face value or as a percentage. . 4. Define the type of bond. Key in the maturity date or call date and press . A CALL value of 102 means that the bond will be worth $102 for every $100 of face value when called.

do the arithmetic and then store the result directly into a variable. 8: Bonds 111 .S. Do not clear the arithmetic and then retype the result before storing it—this is an unnecessary step that can cause incorrect answers due to rounding. Example: Price and Yield of a Bond. if any. To calculate a result. Calculating Fractional Values. Stores settlement (purchase) date. set CALL = 100 by clearing variables. and press . What price should you pay on August 10. The total amount owed + =. b. the CALL value must equal 100. Treasury bond that matures on May 1.7.) 8.) Keys: Display: Description: Since there is no call on this bond. 2003 for a 6¾% U.102003 necessary. Do either a or b: a. to access the remaining menu . press the seller is PRICE + ACCRU. Press to calculate the to calculate the v To calculate the accrued interest. Key in the yield and press price. Key in the price and press yield. 2018 if you wish a yield of 83/8%? The calendar basis is actual/actual and the coupon payments are semi-annual.DDYYYY date format. Key in the call value. first press labels. that is: . See how the following example stores 83/8 in YLD%. Sets bond type. if @c e 8. (See step 3. Press . When given a fractional value that must be entered in decimal form. (The example assumes MM. For a bond held to maturity.

2022 and purchased on May 2.012018 6.25 (displayed rounded to two decimal places). at a value of 102. press @S. Example: A Bond with a Call Feature. Keys: Display: Description: Displays BOND menu. Adds accrued interest owed the seller. What is the yield to the call date? Use a 30/360 calendar with semi-annual coupon payments.75 Stores maturity date. 112 8: Bonds . if necessary. Suppose that the market quote for the bond is 88¼. clears variables. 2006 (a coupon date). Net price. 2003 to yield 5.7%? It is callable on March 3.38 per $100 face value.75.* Result: price is $86. @c e * To see the full precision of the number. Stores annual coupon rate. Sets bond type.5. Stores desired yield v3 / 8 + 8 v+ v= 88. What is the price of a 6% corporate bond maturing on March 3. What yield does it represent? Stores quoted price. Result: yield to maturity.

Stores maturity date. Calculates yield to call. 5. 2017.032022 6 Stores purchase date (MM. Stores yield. Yield to maturity.DDYYYY format). Coupon rate is zero. Maturity date.302017 0 10 (check the display). 3. Calculates price.5.75 Changes maturity date to call date and stores a call value.7 Calculates price.032006 102.192003 6. and has a yield to maturity of 10%. Keys: Display: Description: Clears BOND variables. Sets type if necessary @c e 5. Purchase date (MM. The bond was purchased on May 19. 2003 and will mature on June 30.022003 3. Stores annual coupon rate. Calculate the price of a zero-coupon.DDYYYY format). semi-annual bond using a 30/360 calendar basis. 8: Bonds 113 . setting CALL to 100. Example: A Zero-Coupon Bond.

The methods available are: Declining balance. The DEPRC Menu FIN BUS SUM TIME SOLVE CURRX TVM ICNV CFLO BOND DEPRC BASIS SALV LIFE ACRS% ACRS MORE YR# FACT% DB SOYD SL MORE Pressing displays the DEPRC menu. 114 9: Depreciation . Straight line.9 Depreciation The DEPRC (depreciation) menu calculates depreciation values and remaining depreciable values one year at a time. Sum-of-the-years’ digits. Accelerated Cost Recovery System.

Stores the appropriate Accelerated Cost Recovery System percentage from the published ACRS tables.Table 9-1. The calculator retains the values of the DEPRC variables until you clear them by pressing @c while the DEPRC menu is displayed. etc. or . Stores the salvage value of the asset at the end of its useful life. If there is no salvage value. Calculates the ACRS deduction based on BASIS and ACRS%. DEPRC Menu Labels Menu Label Description Stores the depreciable cost basis of the asset at acquisition.) Stores the number of the year for which you want the depreciation (1. This is for the DB method only. FACT%. Calculates the sum-of-the-years‘-digits depreciation for the year. enter 125. after you have pressed . 2. and YR# do not matter. 9: Depreciation 115 . Calculates the straight-line depreciation for the year. Stores the declining-balance factor as a percentage of the straight-line rate.). . For example. (The values in SALV. for a rate 1¼ times (125%) the straight-line rate. RDV. ] Displays the remaining depreciable value. LIFE. Stores the expected useful life (in whole years) of the asset. Calculates the declining-balance depreciation for the year. set SALV=0.

SOYD. Define the characteristics of the asset: a. 116 9: Depreciation . Key in the cost basis and press Key in the salvage value and press value. Example: Declining-Balance Depreciation. Doing Depreciation Calculations DB. DB. A metalworking machine. 4. c. b. depreciation.To see the value currently stored in a variable. 3. Its salvage value is estimated at $500. To see the remaining depreciable value (basis-salvage valueaccumulated depreciation). Find the depreciation and remaining * The calculated values of RDV. . is to be depreciated over 5 years. To calculate the depreciation for another year. or . Key in the number for the year of depreciation you want to calculate (1. If you are using the declining-balance method. 2. and SL are rounded internally to the number of decimal places specified by the current display setting. enter the DB factor (a percentage) and press 6.) and press . SOYD. A setting of 2 means that these values will be rounded internally to two decimal places. Key in the useful life and press . press ]. to calculate the appropriate 7. If there is no salvage . . enter zero. Press for the rest of the DEPRC menu. and SL Methods To calculate the depreciation for an asset:* 1. Press . 5. or again. . press R menu label. purchased for $10. 8.000. just change YR# and press . etc. Display the DEPRC menu: press 2. 3.

First year of depreciation. ] 3 ] ] Remaining depreciable value after third year using SL. 9: Depreciation 117 . Useful life. For comparison. Depreciation in first year. Remaining depreciable value after second year. find the straight-line depreciation. (Salvage value ignored at this point.SALV . 2 Depreciation in second year. as well.depreciable value for each of the first 3 years of the machine’s life using the double-declining-balance method (200% of the straight-line rate).) ] Remaining depreciable value after first year (BASIS .000). 10000 500 5 1 200 Cost basis. Depreciation in third year. Straight-line depreciation for each year. DB percentage factor. Remaining depreciable value after third year.4. Keys: Display: Description: Displays DEPRC menu. Salvage value.

Use this hypothetical ACRS table: Year 1 2 3 4 5 Percentage Deductible 15 25 20 20 20 Keys: Display: Description: DEPRC menu. Display the DEPRC menu: press 2. year 3. Deduction in second year. Tabular value. and press . enter it. 118 9: Depreciation . Use the ACRS method to find the income-tax deduction for a $25. 25000 15 25 20 Enters basis.000 asset over 3 years of a 5-year life. Example: ACRS Deductions. Tabular value. Tabular value. Press to calculate the value of the deduction. Look up that value. 4. .The ACRS Method To calculate the amount of tax deduction under the U.S. Deduction in first year. Enter the cost basis of the asset and press 3. year 2. The Internal Revenue Service publishes tables that list the percentage of an asset’s basis that can be deducted each year of its prescribed life. year 1. Accelerated Cost Recovery System: 1.

Deduction in third year. each year’s depreciation value is different. as shown in the table: 9: Depreciation 119 . Partial-Year Depreciation When the acquisition date of an asset does not coincide with the start of the tax or fiscal year. (Your fiscal year begins January 1st. This does not apply to the ACRS method. then the amounts of depreciation in the first and last years are computed as fractions of a full year’s depreciation. Except in SL. For DB and SOYD depreciation. and ¾ of that amount the fourth year. as shown in the illustration. The 3 months from October to December equal ¼ year. then use ¼ of that value for the first year.) The depreciation schedule would affect parts of 4 years. the full amount the second and third years. Number of months 3 9 Calendar years Depreciation years 1 2 3 4 1 2 3-year life 3 For SL depreciation. the intermediate years are computed as sums of fractions. partial-year calculations are easy: calculate the SL value. Suppose you acquired an asset in October and wanted to depreciate it for 3 years.

Calculates depreciation for year 4.000 has a useful life of 10 years with a salvage value of $500.) 2 3 4 (Jan. Calculates depreciation for year 3. 12000 500 10 3 Stores known values.) Depreciation Value ¼ x year 1 (¾ x year 1) + (¼ x year 2) (¾ x year 2) + (¼ x year 3) ¾ x year 3 Example: Partial-Year Depreciation.-Dec. .-Sept.Calendar Year 1 (Oct. Using the sum-of-the-years’-digits method. v/ 4 12= s 1 Stores 1 month’s depreciation from year 3. v* / = 1 v+R = 120 9: Depreciation 11 12 Figures 11 months’ depreciation from year 4. Figures total depreciation for year 4. Assume the first depreciation year was 11 months long. A movie camera bought for $12. Keys: Display: Description: Displays DEPRC menu. find the amount of depreciation for the fourth year.

and range. ∑xy).10 Running Total and Statistics The SUM menu stores and statistically analyzes sets of numbers. Find the summation statistics (∑x.) Calculate the weighted mean and grouped standard deviation. As you enter the numbers. The maximum number depends on the amount of available calculator memory. 10: Running Total and Statistics 121 . ∑x2. With two lists of numbers. the calculator displays their running total. median. logarithmic. Sort the list from smallest number to largest number. ∑y2. Display the largest and smallest number in the list. You can store many separate lists of numbers in SUM. and power. Once you’ve entered the numbers into a list. standard deviation. you can: Do curve-fitting and forecasting calculations using two SUM lists and one of four models—linear. exponential. (Curve fitting for the linear model is called linear regression. ∑y. you can: Calculate the mean.

minimum. median. sorting. Displays the total of all the items in the list. maximum. Table 10-1. range. standard deviation. Deletes numbers from the list. and linear regression (including weighted mean and summation statistics). Allows you to name the list. mean.The SUM Menu FIN BUS SUM TIME SOLVE CURRX CALC INSR DELET NAME GET TOTAL TOTAL MEAN MEDN STDEV RANGE MORE MIN MAX SORT FRCST … MORE The SUM menu creates lists of numbers and performs calculations with a SUM list. Allows you to insert numbers into the list. SUM Menu Labels Menu Label Description Accesses the CALC menu to calculate the total. Allows you to switch from one named list to another or to create a new list. 122 10: Running Total and Statistics .

the number (or evaluated expression) in the calculator line is entered into the list. If you need to use the MATH menu. This does not interfere with the list. press I once. You’ll see if the current list is empty. then press e) to return to where you were in SUM. Entering Numbers and Viewing the TOTAL To enter numbers into a SUM list: 1. Press or see page 126. ITEM(1) (press & for a negative number). press e. first create a SUM list of the values.* (To view ITEM(1) longer. 10: Running Total and Statistics 123 . This is the bottom of the current list.) (see also page Get a new list by pressing (The old list must be named first. you can do either a or b: a.) 3. and press I. Press . If the current list is not empty. or 2 or more if the list is not empty. 2. just press @m. Key in the value of the first item.) * Remember that you can do calculations with a number before entering it. If the list is empty. Whenever you press I. hold down I before releasing it. b. start filling it (step 3). (This does not affect number entry. do the calculation. Clear the list by pressing @c 127.) To see this menu when the calculator line is in the display. Creating a SUM List To keep a running total of a list of numbers or do statistical calculations with sets of data.To see the calculator line when this menu is in the display.

For example. Use these same instructions to enter additional lists. (Do not press C or <. so far). running TOTAL of all the numbers in the list (only one number. 6. zero item between the previously numbered ITEM(5) and ITEM(6). To enter ITEM(2). @[ and @] display the beginning and end of the list. and press I.After briefly showing ITEM(1). etc. get another list. key in the value and press I. Pressing inserts a zero item and renumbers the rest of the list. 5. Insertion occurs before (or above) the current entry. ITEM(4). 124 10: Running Total and Statistics . To change a number after it’s been entered: display the number. Continue entering values for ITEM(3). You can now proceed to correct the list. or do statistical calculations. key in the new value. if ITEM(6) is in the display. use (see page 127). updated total appear. The [ and ] keys move up and down the list one number at a time. which clears the calculator line. 4. Viewing and Correcting the List To display a particular list. name the list. Press e to end the list and restore the SUM menu. Use the same method to clear a number to zero.) Inserting Numbers into a List. The prompt for ITEM(3) and the new. the display shows =number TOTAL is the updated. pressing puts a new. The calculator recognizes the end of the list when an item is left blank (no value is entered). Changing or Clearing a Number. You can then enter a new value.

35 & * If you want to preserve the current list. name the list and then press . The transactions for the first 10 days in June are: Date Transaction 6/1 6/1 6/1 6/2 Balance Deposit Check Check Amount 267.82.67 Update the checkbook by calculating the running balance. On May 31. skip the next step (pressing @c).23 -45.35 55.82 I 837. Instead. 10: Running Total and Statistics 125 .42 I 368. I 45.Deleting Numbers from a List. your checking account balance was $267.90 & I 65.82 837. Enters beginning balance and shows running total.23 & Displays empty SUM list. Enters remaining transactions. deletes the current Example: Updating a Checkbook.36 & I 128.90 - 65. Keys: Display: Description: * @c 267. Pressing item. Enters deposit on 6/1.42 -368.36 Date Transaction 6/3 6/7 6/10 Check Check Deposit Amount -128.

Press I. Copying a Number from a List to the Calculator Line To copy a number from the list into the calculator line. * SUM does accept these exceptional characters in list names. Naming and Renaming a SUM List A new list has no name. Avoid names with the same first characters. The name can be up to 22 characters long and include any character except: + - x ÷ ( ) < > : = space * But only the first three to five characters (depending on letter widths) of the name are used for a menu label. Use the ALPHA menu to type in a name.32. but you must name it in order to store another list. press C. 2. Viewing the Name of the Current List. 126 10: Running Total and Statistics . then press R I. Press from the SUM menu. since their menu labels will look alike. Press . To name a list: 1. then e.I 55. but the Solver functions SIZES and ITEM do not. 3. (The ALPHA and ALPHA-Edit menus are covered on pages 30 .67 I e Ends list and displays SUM menu again. You may name it before or after filling the list. use ] or [ to display the number.) To clear a name.

the correlation coefficient for different types of curves (this is curve-fitting).Starting or GETting Another List When you press . If the list is named. use . Press list plus . the slope and y-intercept of the line. If it is named. then: 1. For one variable: the total. You can also find the weighted mean and the grouped standard deviation. Press the key for the desired list. brings up a new. empty list. ( Clearing a SUM List and Its Name To clear a list’s numbers and name: 1. 2. This Press to retain the name with an To remove just one value at a time from a list. Doing Statistical Calculations (CALC) Once you have entered a list of numbers. then press @c removes the numbers. standard deviation. you can calculate the following values. To start a new list or switch to a different one. the SUM list that appears is the last one used. For two variables: x-estimates and y-estimates (this is also called forecasting). 10: Running Total and Statistics 127 . range. Display the list you want to clear. The GET menu contains a menu label for each named . and maximum. you’ll see to remove the name. and summation statistics. .) 2. You can also sort the numbers in order of increasing value. mean. the current list must be named or cleared. minimum. median. Press empty list.

Calculates the arithmetic mean (average).Calculations with One Variable The CALC menu calculates the following statistical values using one SUM list. Median. Sorts the list in ascending order. the entire set of data. complete set of data. Calculates the standard deviation. The CALC Menu for SUM Lists Menu Key Description Calculates the sum of the numbers in the list. and summation statistics. Suppose your shop had the following phone bills during the past six months: 128 10: Running Total and Statistics . Finds the largest (maximum) number in the list. Example: Mean. in fact. The formula assumes that the list of numbers is a sampling of a larger. and Standard Deviation. Table 10-2. * The calculator finds the sample standard deviation. Finds the smallest (minimum) number in the list. and then calculating the standard deviation. If the list is. Displays a series of menus for calculations with two variables for curve fitting.* Calculates the difference between the largest and smallest number. Calculates the median. weighted mean and grouped standard deviation. estimation. placing that value into the list. the true population standard deviation can be computed by calculating the mean of the original list.

Stores May’s phone bill. e Displays CALC menu. Calculates standard 10: Running Total and Statistics 129 . Calculates mean. and standard deviation of the monthly phone bills. Stores June.Month 1. median. July Phone Expense $340 $175 $450 Month 4. Calculates median. Stores phone bills for July-October and keeps a running total. May 2. Then display the smallest value in the list. shows total. updates total. @c or 340 I 175 I 450 I 780 I 245 I 625 I Clears current list or gets a new one.September 6. August 5. October Phone Expense $780 $245 $625 Calculate the mean. Keys: Display: Description: Displays current SUM list and SUM menu keys. June 3.

Σxy.). Σy2. Σx2. or power curve. etc.deviation. Forecasts estimated values based on that curve. Finds smallest number.and y-data to a linear. Calculations with Two Variables (FRCST) The FRCST menu does the following two-variable calculations using two SUM lists: Fits x. Σy. 130 10: Running Total and Statistics . logarithmic. Displays rest of CALC menu. Shows you the summation statistics (Σx. exponential. Finds the weighted mean and grouped standard deviation.

SD SIZE MORE LIN LOG X EXP Y PWR X2 Y2 XY MORE After pressing . The two lists must have the same number of items.MN G. you must specify two previously created lists—one for the x-variable and one for the y-variable. 10: Running Total and Statistics 131 .CALC TOTAL MEAN MEDN STDEV RANGE MORE MIN MAX SORT FRCST MORE (select x and y) x-list y-list CORR M B MORE MODL W.

y data points match the calculated curve. The number of items in either list.and y-lists. * For the non-linear models. . this is the slope. Sum of items in y-list. is the menu label for an unnamed current list. this is the y-intercept. a number between -1 and +1 that measures how closely the x. 132 10: Running Total and Statistics . the calculation uses the transformed data values.Table 10-3. For the linear model. Sum of squares of items in x-list. and . FRCST Menu Labels Menu Label list name for x-variable list name for y-variable Description These specify the two lists of data to be compared. For the linear model. Sum of squares of items in y-list. . Calculates the correlation coefficient. Calculates the weighted mean of the x-values using the weights in the y-list. Sum of products of items in x. Sum of items in x-list. * * * Displays a choice of the four curve-fitting models: . Calculates B. or vice-versa. Calculates M. Calculates the standard deviation of a set of x-values grouped by frequencies specified in the y-list. Also used for estimations:store x and estimate y.

The logarithmic model requires positive x-values.and y-values. and vice-versa. the exponential model requires positive y-values. You can select one of four curve-fitting models:* Linear Curve Fit y y Mx Exponential Curve Fit x x Logarithmic Curve Fit y y Power Curve Fit M x x * The exponential. you can estimate new values of y based on a given x-value. logarithmic. The equations for these transformations appear in appendix B.Curve Fitting and Forecasting Curve fitting is a statistical method for finding a relationship between two variables. 10: Running Total and Statistics 133 . and the power curve requires positive x. and power models are calculated using transformations that allow the data to be fitted by standard linear regression. Each SUM list holds the numbers (data values) for one variable. Based on this relationship. x and y.

6. To calculate the curve-fitting results. b. 2. If you want to select a different model. 134 10: Running Total and Statistics . 4. Whichever curve-fitting model was used last is named in the display. and the sales for that week. and Key in the known value and press the menu key for that variable. 5. the manager has kept records of the number of minutes of advertising that were purchased. Example: Curve Fitting. press. to display a menu unless named 3. 7. press of SUM-list names. Make sure each list has the same number of items so that the items are in matched pairs. For the past six weeks. Press the menu key for the variable whose value you want to forecast. From the SUM menu. BJ’s Dahlia Garden advertises on a local radio station. press . Press a menu key to select a list of x-values (independent variable). Now you see the FRCST menu. and then the menu key for the model. To forecast (estimate) a value: a. . . Select a list of y-values (dependent variable). Enter the data into two SUM lists: one for the x-values and one for the y-values. The current list is labeled otherwise.To do curve fitting and forecasting : 1.

BJ’s wants to use the relationship to forecast sales.200 BJ’s wants to determine whether there is a linear relationship between the amount of radio advertising and the weekly sales.8 25 4 (forecasted) 2.Number of Minutes of Radio Advertising (x-values.000 SALES in Dollars 1. A graph of the data looks like this: y 3.400 $ 920 $1. If a strong relationship exists. MINUTES) Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 2 1 3 5 5 4 Dollar Sales (y-values.265 $2.000 B 0 1 2 3 4 5 M = 6 7 x of Advertising 10: Running Total and Statistics 135 .100 $2.890 $2. SALES) $1.000 8 .

empty list. (See page 30 to use the ALPHA menu. I e SALES I Names y-list. Gets a new. @c 2I 1I 3I 5I 5I 4I Clears current list. 136 10: Running Total and Statistics .Keys: Display: Description: Displays current SUM list and SUM menu keys. 1400 I 920 I 1100 I 2265 I 2890 I 2200 I Stores weekly sales (y-values) into a second SUM list. Stores minutes of advertising (x-values) into a SUM list. e MINUTES Names this list. Identifies the lists for curve-fitting.) Now enter and name the second list.

* SALES as y-list.† * If the model named here is not the one you want to use.000? 3000 The business should buy about 6 minutes of advertising for sales of $3. How many minutes of advertising should BJ’s buy if it wants to attain sales of $3. 10: Running Total and Statistics 137 . Correlation coefficient for linear model. The correlation coefficient calculated above is acceptable to BJ’s. press and select the one you want. and MINUTES were the dependent (y) variable. Forecasts the sales resulting from 7 minutes of radio advertising. and displays FRCST menu.000. 7 Stores 7 in variable MINUTES. estimate what the level of sales would be if the business purchased 7 minutes of advertising time per week. Using the linear model.Selects MINUTES as x-list. indicates current curve-fitting model. † This result is not the same as it would be if SALES were the independent (x) variable.

What is the average monthly rent and its standard deviation? Create two SUM lists.) 3. press of SUM-list names. and 92 for $216. Keys: Display: Description: @c or 200 I 205 I 210 I Clears current list or gets a new one. The first. 88 for $210. To find the mean of weighted data and the standard deviation of grouped data: 1. Example: Weighted Mean. The current list is 4. 210. 32 for $205. Enter the corresponding weights or frequencies—the y-variables— into another list. 88. Now select the list with the weights (or frequencies) (y). the y-values should be integers. Stores rents into a list. (To calculate G. Press the menu key for the list of x-values. To calculate the grouped standard deviation. Enter the data values—the x-variable—into a SUM list. 6. 138 10: Running Total and Statistics . in that order. should contain the numbers 200. 5. to display a menu unless named otherwise.Weighted Mean and Grouped Standard Deviation Data in one list (x) can be weighted or grouped (by frequency) by data in another list (y). A survey of 266 one-bedroom rental apartments reveals that 54 of them rent for $200 per month. press 7. 32.SD. and 92. press . 2. The second can be unnamed and should contain the numbers 54. From the SUM menu. in that order. 205. and 216. To calculate the weighted mean. . called RENT.

Standard deviation of the rents. Specifies the current. Display the FRCST menu and select the x. Σy2. (See page 30 to use the ALPHA menu. Σx2. Σy.216 I e RENT I Names this list RENT.) Average monthly rent. e Displays names of all SUM lists. and n. Specifies RENT as the x-list. unnamed list as the y-list and then displays the FRCST menu. Summation Statistics The summation values are of interest if you want to perform other statistical calculations besides those provided by the calculator. (Ignore model type. To find the summation 10: Running Total and Statistics 139 . 54 I 32 I 88 I 92 I Stores frequencies into second list.and y-lists as explained in steps 1-4 of the instructions on page 134.) Gets a new. Σ(xy). To find Σx. empty list. the number of elements in either list: 1.

To see n. Press again to display the summation menu.statistics for just one list of data. specify the same list for both x and y. 2. and press the menu label for the value you want. press . 140 10: Running Total and Statistics . There are Solver functions that can access data stored in SUM lists. Doing Other Calculations with SUM Data If you would like to do other statistical calculations with SUM data besides those in the CALC menu. Refer to “Accessing CFLO and SUM Lists from the Solver” in chapter 12. 3. you can do so by writing your own Solver equation. and there is a summation function that can combine all or part of the values stored in specific lists.

and a month-day-year or daymonth-year calendar. If you overwrite the time and date. you can restore them to the display by pressing C. Appointments. and Date Arithmetic 141 .11 Time. 11: Time. press in the MAIN menu. Calculate the number of days between two dates using the 360-day. Viewing the Time and Date To view the time and date. Appointments. the 365-day. Determine the day of the week for a particular date. or the actual calendar. You can: Record appointments that set alarms with optional messages. and Date Arithmetic The calculator contains a clock and calendar in the TIME menu. You can select a 12-hour or 24-hour clock.

for calculating the day of the week and other date arithmetic. Appointments. Displays the SET menu for setting the time and date. The TIME Menu Labels Menu Label Description Displays the CALC menu. and Date Arithmetic . Displays the ADJST menu for adjusting the clock setting. and for selecting the time and date formats.The TIME Menu FIN BUS SUM TIME SOLVE CURRX CALC APPT ADJST SET APT1 APT2 APT10 Table 11-1. 142 11: Time. Displays the APPT menu for setting and viewing appointments.

2.month. To set the time: 1. Press to set the new time.month.MMSS). Switches between 12-hour and 24-hour clock formats. For 12-hour format: press To set the date: 1.year format. for 9:08:30 p. Appointments. Press . 3.032003 in month/day/year format or 3. to switch between AM and PM. Key in the correct date in the current format.0830 in a 24-hour clock. 2. 2003 enter 4. enter 9. 11: Time. The SET Menu Labels Menu Label Description Sets the date to the displayed number (MM. Switches between AM and PM (12-hour clock).0830 in a 12-hour clock or 21.Setting the Time and Date (SET) Table 11-2.year formats. Press to display the SET menu. Switches between month/day/year and day. and Date Arithmetic 143 . Displays the formats for entering the clock’s date and time. For example.m. for April 3. Sets the time to the displayed number (HH. Key in the correct time in the current format ( or indicates the 12-hour clock). For example.MMYYYY).042003 in day. 4.DDYYYY or DD.

and Date Arithmetic . if Changing the Time and Date Formats (SET) Use the SET menu to change the time and date formats. press .07 xx Sets date. pressing three times changes the time to 1:17 PM. To switch between the 12. Press the appropriate menu key(s) until the correct time is displayed.and 24-hour clocks. 144 11: Time. Appointments. Press . Press necessary. Set the date and time to April 5.year calendars. if the current time setting is 11:20:xx AM (ignoring seconds). press . To switch between the month/day/year and day. minutes. 2003. pressing twice changes the time to 1:20 PM. 2. 4:07 p. Keys: Display: Description: Displays SET menu. For example.Example: Setting the Date and Time. 1. Then. Sets time. or seconds.m. 4.052003 time 4.month. Adjusting the Clock Setting (ADJST) The ADJST menu adjusts the time setting forward or backward in increments of hours.

Sets the appointment time. Appointments. Displays the format for entering the date and time. Displays the existing repeat interval and the menu for changing the repeat interval. Sets AM or PM for 12-hour clock. each with an alarm. Displays the ALPHA menu and any existing message.Appointments (APPT) You can record up to ten appointments. and Date Arithmetic 145 . and automatically enters the current date (if the existing appointment date was in the past). Menu Labels for Setting Appointments Menu Label Description Sets the appointment date. You can also create repeating appointments—appointments that recur at regular intervals. 11: Time. APPT APT1 APT2 MORE APT9 APT10 for each appointment DATE TIME A/PM MSG RPT HELP Viewing or Setting an Appointment (APT1-APT10) Table 11-3. An appointment can contain a message.

2003 as 10. Press . 3. displays the status and menu labels for appointments 2. then . enter October 4. would be 2. For 12-hour format: press to switch between AM and PM.102003 (day. The date is automatically set to the current date if the existing date is in the past or was cleared. Appointments. Setting the appointment date: Key in the date in the current date format. Appointment number Menu for setting appointments Message Repeat interval 4. If the appointment is within a year from today.042003 (month/day/year format) or 4. The appointment message (optional): To set. 2:25 p. Setting the appointment time: Use 12-hour or 24-hour time.MM. The display shows the current appointment. For example. or just view a 146 11: Time. Pressing 6 through 10.m. Press . and Date Arithmetic .25 (24-hour format). Press a menu key— through . For example. you can omit the year. and the menu labels for setting appointments. The display tells you which appointments (numbered 1-10) are set and which are past due (expired with unacknowledged alarms). change.To set an appointment or view its current setting: 1. Optional: press @c to remove any old information.month. as appropriate. Key in the time as a number in the form HH. 6. 5. if any.25 (12-hour format) or 14.year format). Press .

Press I when done. and Date Arithmetic 147 . * If the calculator is in the middle of a complex calculation when an appointment comes due. When done. etc. press any key (except @) during the beeping. 90 sets the repeat interval to 1½ hours. Appointments not acknowledged within 20 seconds become past due. if none. Type the message (refer to page 30 for using the ALPHA menu). (Press e to negate any changes and retain the original message. You can specify repeat intervals up to 104 weeks in length (728 days. The appointment you just set will be recorded. See “Beeper On and Off. When an appointment “comes due. When the calculation is done. Acknowledging an Appointment To acknowledge the appointment and clear the message.*† The message (or.repeating. Appointments. C restores an appointment’s time and date to the display if it has been overwritten by other operations. such as You can check an appointment by pressing its menu key (such as ). the time and date) is displayed. press e to return to the APPT menu.” page 36. Messages are limited to a maximum of 22 characters. 11: Time.” the alarm starts beeping and the alarm annunciator ( ) is displayed.message. press . sets the appointment to non. For example. or change a repeat interval.) 8. even if the calculator was off. press . view. † The beeping can be suppressed or restricted to appointments. the alarm annunciator comes on and the calculator beeps once. 2 causes the appointment to go off at the same time every other day.) 7.472 hours. The repeat interval (optional): To set. Key in an integer and press the appropriate key. 17. the alarm goes off.

2. 2003. Example: Clearing and Setting an Appointment. to remind you of a staff meeting. The alarm annunciator remains on. 3. and Date Arithmetic . Press .) and press @c . press the menu label for that appointment and press @c To clear all ten appointments. Appointments. Press e to return to the APPT menu. To acknowledge a past-due appointment: 1. Clearing Appointments To cancel an appointment or to get rid of a repeating appointment. A repeating appointment is deactivated while it is past due and will not go off subsequently until the past-due appointment has been acknowledged. etc. Today is Sunday. The acknowledged appointment is no longer listed as past due.Unacknowledged Appointments An appointment not acknowledged during its alarm becomes past due.m. Assume 12-hour time format and month/day/year date format. you need to clear the appointment. 12:00 AM. and removes the message and the repeat interval. You want to set appointment #4 to go off every Tuesday at 2:15 p. Press the menu key for the past-due appointment. Keys: Display: Description: Displays setting for 148 11: Time. April 20. display the APPT menu (the menu with . Clearing changes the date and time to 00/00/00. To clear an appointment.

1 Sets repeat interval. Adds or subtracts days from a date to determine a new date.22 Stores appt. e Returns to APPT menu Appt. Enters message: “staff”. #4. Stores appt.” Date Arithmetic (CALC) The CALC menu performs date arithmetic: Determines the day of the week for any date.15 Clears appt. time to PM. STAFF I Displays RPT menu. To display the CALC menu. Appointments. 365-day. then . and Date Arithmetic 149 . 9999. date. 11: Time.appointment #4. 1582 to December 31. or 360-day. @c 2. 4 is “set. Determines the number of days between dates using one of three calendars—actual. 4. press . time and supplies current date. Sets appt. The calendar for date arithmetic runs from October 15.

The calculator retains the values for the TIME CALC variables DATE1. which can then be stored in DATE1 or DATE2. Calculating the Number of Days between Dates To calculate the number of days between two dates: 1. Calculates the number of days between DATE1 and DATE2. ignoring leap years. A shortcut: recalls the current date. If you omit the year. Calculates the number of days between DATE1 and DATE2 using the 360-day calendar (30-day months). Determining the Day of the Week for Any Date To find the day of the week for any date. Stores or calculates the number of actual days between DATE1 and DATE2 .Table 11-4. and Date Arithmetic . DATE2. Appointments. using the 365-day calendar. Also displays the day of the week. the calculator uses the current year. press R menu label. recognizing leap years. 150 11: Time. DAYS until you clear them by pressing @c while the CALC menu is displayed. Key in the first date (for today’s date. use ) and press . CALC Menu Labels for Date Arithmetic Menu Label Description Stores or calculates a date. key in the date and press or . To see what value is currently stored in a variable.

022040 Stores Aug. 2003 as first date and displays its day of the week. . Appointments. Key in the known date (for today’s date. Assume the date format is month/day/year.2. This number should be negative if the unknown date precedes the known date. 2003 and August 2. Keys: Display: Description: Displays CALC menu. 2. Press . 11: Time. Find the number of days between April 20. using that calendar. 2040. Press . using both the actual calendar and the 365-day calendar. 8. Key in the second date and press 3. 2040 as second date. or . use .202003 Stores Apr. Key in the number of days. Calculating Past or Future Dates To calculate a date a specified number of days from another date: 1. Calculates number of intervening days by a 365-day calendar. ) and press 2. Calculates actual number of intervening days. 4. 20. to calculate the number of days Example: Calculating the Number of Days between Two Dates. and Date Arithmetic 151 .

you purchase a 120-day option on a piece of land. 2003. 9. 2. 120 Stores number of days into the future. Press . On February 9. Keys: Display: Description: Displays CALC menu. Example: Determining a Future Date.3. and Date Arithmetic .092003 Stores Feb. Calculates expiration date (DATE2). Assume the date format is month/day/year. Determine the expiration date. 152 11: Time. This calculation always uses the actual calendar. Appointments. 2003.

A competitor’s new product will affect sales by a forecasted percentage. 12: The Equation Solver 153 . FIN BUS SUM TIME SOLVE CURRX CALC EDIT DELETE NEW Solver Example: Sales Forecasts Suppose part of your job includes making sales forecasts. The Solver can store many equations—the number and length of equations is limited only by the amount of memory available. You can then use those menus to do calculations. B%. A%. and that these forecasts are revised based on new information. C%. Enter Solver equations in algebraic form regardless of the calculation mode (ALG or RPN). A change in the price of the product will affect sales by a forecasted percentage.12 The Equation Solver The Equation Solver (the SOLVE menu) stores equations that you enter and creates menus for them. The equations are stored in a list. A change in sales-force training will affect sales by a forecasted percentage. For instance.

). then ALPHA menu. before . If you are not familiar with the ALPHAbetic menu. you can type in this equation as and then automatically create this menu—which contains all the :* variables’ labels—by pressing I Each menu label represents a variable. * Because the Solver uses arithmetic priority ( . refer to “ Typing Words and Characters ” on page 30. you are using an equation: Next Forecast = Old Forecast + Change in Old Forecast = Old Forecast + (Projected Percentage Changes xOld Forecast) or: NEXT = OLD + ((A% + B% + C%) ÷ 100 x OLD) Using the SOLVE and ALPHAbetic menus. You can use them to store and calculate values the same way you use other menus and their built-in variables. See “Order of Calculations. 154 12: The Equation Solver .Regardless of how you do this calculation (even if you do it longhand). a second set of parentheses (before A% and after the second OLD) is not necessary. To type this equation. you must use the ALPHA menu.” page 165. Entering a Solver Equation. Keys: Display: Description: Displays SOLVE menu.

Calculating with the Solver. Stores effect of sales-force training on sales. causing an expected 15% drop in sales. creates Solver menu with menu labels for this equation.000 units. In the meantime. three market changes have occurred that affect this forecast. B) A major sales-force training program started. Suppose last month’s forecast for a product was 2. )/ 100 * OLD I Enters equation into list. Controls view of full equation. causing an expected 20% increase in sales. causing an expected 5% increase in sales.NEXT = OLD +( A %+ B %+ C % The equation is too long for the display. Menu Label: Display: Description: Verifies that equation is valid. Calculate the new forecast for next month. C) A competitor is introducing a new product. 2000 20 5 Stores old forecast. 12: The Equation Solver 155 . Stores effect of price drop on sales. A) The price of the product has dropped. e Displays SOLVE menu.

300 units.300 units. but you can affect B% through the sales training program. and @] moves you through the list. You can’t affect A% or C%. you will see an instruction for entering an equation when you press : If the Solver list is not empty. All you need to do is re-enter the one value you are changing: Keys: 2300 Display: Description: The training program would need to result in a 10% increase in sales to effect a new forecast of 2. Pressing [. The SOLVE Menu If the Solver list is empty. Determine what B% must be for NEXT to equal 2.15 & Stores effect of competitor’s new product on sales. Suppose your boss wants next month’s forecast to be 2. 156 12: The Equation Solver . @[.300. Calculates new forecast for next month. you will see the current equation—the last one entered or selected. ].

4. and use the regular keyboard to type in digits and arithmetic operators (+. The arrow keys move long equations across the display. 3. Press . While you’re working with a specific equation in the Solver. Use the ALPHA menu to type in characters (see page 30). Deletes the current equation or just its variables (that is. use < to backspace or C to start over. The SOLVE Menu Labels Menu Label Description Verifies the current equation and creates menu labels for it. Press to verify that the equation is valid. To retrieve the primary SOLVE menu. and to create its menu labels. This is necessary before doing any calculations. Entering Equations To make an entry into the Solver list: 1. Press I to store the equation.). =. press @]. the equation’s own menu appears in the display. press e. (To insert the new entry at the bottom of the list. You now can proceed with your calculations. yx.Table 12-1.) 2. Accesses the ALPHA-Edit menu (page 31) so you can alter the current equation. the space allotted in memory for the variables). Or press e to bring up the ALPHA-Edit menu. Allows you to enter a new equation. If you make a mistake. etc. When you press the calculator displays: 12: The Equation Solver 157 .

the Solver has no way of checking whether the equation is the right one for your problem. mathematically valid). then the equation is good (that is. and that you’ve followed the rules for writing equations given on page 166 under “What Can Appear in an Equation. Calculator line Solver menu To test whether your equation is in fact correct. the calculator briefly displays: and the cursor will blink at the first character that the Solver could not interpret. test it out by entering some values for which you already know the result. and see if the Solver’s result is correct. If the equation contains more than six variables. but this is a good place to start looking.while the Solver checks that the equation is mathematically valid. (However.” An entry that is not an equation will be stored when you press I .) If the equation cannot be solved. (It is possible that your mistake is somewhere else. Check to be sure you’ve made no typing mistakes. Calculating Using Solver Menus (CALC) If pressing creates a Solver menu for your equation. since this is where the Solver got stuck. To do a calculation using a Solver menu: 158 12: The Equation Solver . but it cannot be verified when you press .) The ALPHA-Edit menu appears so you can make changes. the Solver uses the label to switch between sets of menu labels.

R 2. Read the section. during the calculation.500 of debt. The Return on Equity of a business can be defined as: ROE= Operating income − Interest − Taxes Common equity Find the ROE of a small firm with $2. Store values in all but one of the variables (for example. certain types of equations are more difficult to solve. The assets earned 10% while its debt cost it 8%. However. The firm paid no taxes. “How the Solver Works. Remember that you can verify stored values by pressing menu label.).1. the display temporarily shows two lines of changing numbers. such as then the Solver is searching for a result for the variable A. this is all you need to know about how the Solver works. Operating income=assets × percentage earnings on assets = Interest=debt × percentage interest paid on debt = Common equity=amount of common equity used for financing = The Solver equation would be: 12: The Equation Solver 159 . The assets were financed using $500 of common equity and $1. In most cases. To start the calculation. If. Example: Return on Equity.” starting on page 179.000 in assets. 2000 . etc. press the menu key for the variable you want to calculate.

Keys: Display: Description: Restores MAIN menu.TAX ) / EQTY I Stores the equation. Displays ALPHA menu. the percentage earnings on assets. the taxes paid. the percentage interest paid on the debt.DEBT * % INT . %INT. 2000 10 1500 8 0 500 Stores the values for the assets. the amount of debt. and (press ) TAX and EQTY. DEBT. %ERN. Verifies the equation and displays the menu labels for ROE. 160 12: The Equation Solver . ASSET. . The return on equity is 16%. and the common equity. @A ROE = ( ASSET * % ERN Entering the equation.

Type the name just as you type the rest of the equation. Press I to replace the previous version with the edited version. 3. press e. The name is for your visual aid only. press and the appropriate letters. as well. Press to access the ALPHA-Edit menu. the calculator cannot recognize it. The calculator knows that whatever comes before the colon is not part of the equation. Press e to bring back the editing menu. you can name it later using . To insert letters.Editing an Equation (EDIT) If you have an . Naming an Equation Naming equations helps you identify them later. 2. (See “Editing ALPHAbetic Text. You can alter the current equation using the ALPHA-Edit menu: 1. If you don’t name an equation initially. the cursor stops over the first character that the Solver could not logically interpret. separated by a colon. The name precedes the equation. Editing an equation clears its variables.” page 31. To abort an editing operation without saving any of the changes. Names can be any length and contain any character except + - x ÷ ( ) < > ^ : = space 12: The Equation Solver 161 .) You can use < (backspace) and C (clear).

For example. Clearing Variables You can clear the variables in a Solver equation just as you clear variables in other menus: press @c while the menu with those variables is displayed. and TOTAL. Shared Variables If two or more equations contain the same variable. You can calculate a value for COST using the RUG equation. store them into storage registers. No sharing occurs between variables outside the Solver and those within the Solver. 162 12: The Equation Solver . Since the value for COST is shared. Remember that the value in the calculator line stays there when you switch menus. which figures the cost of a carpet. this COST variable in the Solver is not shared with the COST variable in the MU%C and MU%P menus in BUS. you do not need to store it again. display the SOLVE menu and move through the list using the [ and ] keys. For example.Finding an Equation in the Solver List To display an entry in the Solver list. then switch to the TOTAL equation and calculate CHARGE after entering HOURS. which figures the total cost of buying a carpet and installing it: COST is a shared variable. To transfer values between built-in variables and Solver variables. that variable is shared among those equations. Recall them after switching menus. suppose your Solver list of equations includes these two equations labeled RUG. @[ moves to and @] moves to .

otherwise you will lose the Note variables in all the equations. * An equation that has not been verified ( pressed) does not have any variables allocated to it. Therefore. 12: The Equation Solver 163 . Press . (See “Deleting All Equations or Variables in the Solver. (The equation itself should not be in the display. press . If it is. If the SOLVE menu is displayed (rather than the SOLVE CALC menu). If a variable is shared. A%. This does not save memory space.) Deleting Variables and Equations Each equation in the Solver list uses calculator memory to store 1) itself. and C% to zero. it has no variables to be cleared or deleted. Deleting a variable erases its value and its storage location.” page 164. The memory space for a deleted variable is re-created the next time you use that equation. then pressing @c will prompt . its value is lost to all equations that share it. OLD. the variable retains its storage location in memory. This is a way to save memory space. Variables are also cleared when their equation is edited.Make sure that the menu for the variables is in the display. B%.* Deleting a variable is quite different from clearing it: Clearing a variable sets it to zero.) Pressing @c now sets NEXT. and 2) its variables.

Deleting One Equation or Its Variables (DELET) To delete an equation or its variables: 1. To delete just the variables. Display the equation. A numerator and denominator might be separated by a bar. To delete just the variables. 2. 2. then only the second question appears. respond to . This preserves all equations. to both questions: 3. Display the SOLVE menu. To delete all equations. Press @c. such as 164 12: The Equation Solver .) 4. It doesn’t matter which equation is displayed. Press in the SOLVE menu. respond to . respond (If the entry has no variables allocated. respond questions: to both 3. Writing Equations An equation in a book looks different from an equation in the Solver. or just all the variables in all the equations: 1. To delete the equation. Deleting All Equations or All Variables in the Solver (@c) To delete all the equations in the Solver. This preserves the equation.

is interpreted as A + ( B/C ) = 12. earlier (page 154) we used the equation ⎛ ( A% + B % + C % ) × Old Forecast ⎞ Next Forecast=Old Forecast + ⎜ ⎟. When in doubt. Parentheses override the above rules of priority. To divide the sum of A + B by C. B is raised to the 3rd power and then multiplied by A. (Do not use brackets or braces. enter the equation as . A B × C A + would be entered as B × C could be entered as D × E 12: The Equation Solver 165 . write the equation as . such as Order of Calculations. For example. Multiplication and division before addition and subtraction. Operations occur from left to right but do: Exponentiation first.a +b +c d − e ×f Since a Solver equation appears all on one line. Parentheses. use parentheses. To raise A × B to the 3rd power.) For example. 100 ⎝ ⎠ which was entered into the calculator as . For example. It never hurts to use parentheses─even multiple parentheses. is interpreted as A × B3 = C. you must group the numerator and denominator separately by using parentheses.

XOR.. Numbers (Constants). Press portions of the equation: to view successive Spaces. but cannot contain the characters + - x ÷ ^ ( ) < > = : space The first three to five characters (depending on their widths) become the variable’s menu label. Names of Variables. and numbers. make sure no two variables in the same equation have the same first three to five characters. A variable’s name can be up to 10 characters long. NOT. For example: looks like when it is stored. You can use as many spaces as you like between variables. or PI as variable names because they will be interpreted as functions. Therefore. Do not use AND.. To view a long equation. An equation longer than one display line (22 characters) moves to the left and adds an ellipsis (.A + B × C (D + 5) × E could be entered as What Can Appear in an Equation Long Equations. Do not put commas or other characters in numbers. OR. operators.). There is no limit on the length of an equation (or the number of variables it has) if there is enough memory to store it. For instance. move the cursor using the arrow keys on the ALPHA-Edit menu. 166 12: The Equation Solver . type for ten thousand (not ).

However. Parentheses determine order. Starting after : 1. For example. Some of these functions also have typing aids. is just a character. Using the ALPHA Menu Keys: Display: Description: 12: The Equation Solver 167 . Note that you supply the number after supplying the function.). This is called a typing aid. (In the Solver. All of the math operators are located either on the keyboard (/. .Parentheses. Do not use brackets or braces. Any of these operators except % can be included in an equation. An equation can contain any of the functions and conditional expressions given in the table on pages 168-171. but do not imply multiplication. Functions and Conditional Expressions. Many of these operators look different in an equation: pressing @v produces . Math Operators (“Typing Aids”). for example. etc. You can also type these functions letter by letter using the ALPHA menu. these two methods of placing 25! (factorial) into an equation are equivalent.) You can call up the MATH menu from the Solver. For instance.) or in the MATH menu ( . @t. etc. it is faster to select math operators directly on the keyboard or in the MATH menu. the equation Psn = Ps (1-F) would be typed into the Solver as . The × sign must be inserted between and the parenthesis. You then supply a number or variable followed by a closing parenthesis. The list of Solver functions on pages 168-171 shows the spelling of each function.

( 25 )= This calculates 25! (factorial). x. In addition. @m 25 )= This also calculates 25!. 2. or algebraic expressions. The items inside parentheses must be replaced by specific numbers. Solver Functions Here is a complete list of functions that you can include in Solver equations. yx). ÷ . variables. is just a character. (In the Solver. but not %. The ALPHA menu automatically returns after one MATH selection. and with fewer keystrokes. -. Using a Typing Aid Keys: Display: Description: MATH menu labels appear. not an operator.) 168 12: The Equation Solver . you can use the arithmetic operators (+.

Formats for d1 and d2 are set in the TIME menu. which uses 12. ex. which recognizes leap years. Number of days between dates d1 and d2. 10x. Fractional part of x. Common (base 10) antilogarithm. DDAYS(d1:d2:cal) EXP(x) EXPM1(x) FACT(x) FLOW(CFLO-listname:flow#) FP(x) G(x) 12: The Equation Solver 169 .Table 12-2. cal = 3 for the 360-day calendar. See L function on page 170. Returns (Get) the value of the variable. Current date. ex-1. Value of the specified cash flow. x!. The format for d1 is set in the TIME/SET menu. 30-day months. which ignores leap years. Current time. The date n days after (when n is positive) or before (when n is negative) date d1. cal designates the calendar: cal = 1 for the actual calendar. cal = 2 for the 365-day calendar. The variable will not appear in the SOLVE menu if it is only used in L and G functions. factorial of a positive integer. Solver Functions for Equations Function ABS(x) ALOG(x) CDATE CTIME DATE(d1:n) Description Absolute value of x. Natural antilogarithm.

Converts time in HH. use expr1.-1 if x<0. Natural (base e) log of x.MMSS format. Conditional expression: if cond is true. Compares x and y. 3.14159265359 (12 digits). MOD(x. Value of the specified SUM-list item. or rounds x to y significant digits if -12 ≤ y ≤-1.MMSS format to decimal hours. Compares x and y. Integer part of the quotient of x/y. Sign of x (+1 if x>0. 1/x. The variable will not appear in the SOLVE menu if it is only used in L and G functions. Remainder of the division x/y. Store the value of expr in the variable x. In (1 + x) Common (base 10) log of x. and returns the larger of the two.Table 12-2. See page 178. Inverse of x. 0 if x=0. Greatest integer less than or equal to x.y) = x-y x INT(x/y) π . Used to combine related equations into one Solver menu. if cond is false. This is useful if you have a complex expression that uses the same sub expression multiples times for example: (1+i)^N x PV+((1–(1+i)^N)/(1–(1+i))) x PMT+FV It can be written: . Rounds x to y decimal places if 0 ≤ y ≤ 11. and returns the smaller of the two. Solver Functions for Equations (Continued) Function HMS(time) HRS(time) IDIV(x:y) IF(cond:expr1:expr2) INT(x) INV(x) IP(x) ITEM(SUM-listname:item#) L(x:expr) Description Converts time in decimal hours to HH. use expr2. LN(x) LNP1(x) LOG(x) MAX(x:y) MIN(x:y) MOD(x:y) PI RND(x:y) S(variable name) SGN(x) 170 12: The Equation Solver . See page 174. Integer part of x. Used in an IF function to test if solving for the variable named. y must be an integer.

00 payments. or truncates x to y significant digits if -12 ≤ y ≤-1. The number of items in specified SUM list. expressed as a percentage. The number of times that specified cash flow occurs. stepping from c1 to c2 at increments of s. i% is the interest rate per compounding period. Present value of a single $1. equivalent to (SPFV(i%:n)-1) ÷ (i% ÷100). n is the number of compounding periods. n is the number of compounding periods. SIZEC(CFLO-listname) SIZES(SUM-listname) SPFV(i%:n) SPPV(i%:n) SQ(x) SQRT(x) #T(CFLO-listname:flow#) TRN(x:y) USFV(i%:n) USPV(i%:n) 12: The Equation Solver 171 . expressed as a percentage. equivalent to USFV(i%:n) ÷ SPFV(i%:n). Square of x . Future value of a single $1. Future value of a uniform series of $1. The number of the last flow in specified CFLO list.00 payments. X . i% is the interest rate per compounding period.Table 12-2. y must be an integer. expressed as a percentage. i% is periodic interest rate. Truncates x to y decimal places if 0 ≤ y ≤11. Solver Functions for Equations (Continued) Function Σ(cfr:c1:c2:s:expr) Description Summation of the algebraic expression expr for values of the counter ctr.00 payment. x2. Square root of x . equivalent to 1 ÷ SPFV(i%:n). n is number of payments. Present value of a uniform series of $1.00 payment. n is number of payments. i% is periodic interest rate. equivalent to (1 + i% ÷ 100)n. expressed as a percentage. See page 176.

There are 36 monthly payments starting in one month and five days. PMT= the monthly payment. What is the payment amount? Use the following formula when the time until the first payment is more than one month but less than two months. odd days (an integer from 0 through 30). Interest for this odd (non-integer) period is calculated by multiplying the monthly interest by the number of days and dividing by 30.000 loan at 13. N= the number of payment periods. The formula can be rearranged and simplified using USPV. PV= the amount of the loan. DAYS= the number of leftover. the Solver function for returning the present value of a uniform series of payments: The keystrokes are: PV *( 1 + ANNI / 1200 * DAYS / 30 ) + PMT * USPV ( ANNI / 12:N )= 0 172 12: The Equation Solver .Example Using a Solver Function (USPV): Calculations for a Loan with an Odd First Period. Suppose an auto purchase is financed with a $6.5% annual interest. The formula for this loan is: −N ⎛ ANNI ⎞ ⎛ 1 − ⎜1 + ⎜ ⎟ ANNI DAYS ⎞ 1200 ⎠ ⎛ ⎝ ⎜ × PV ⎜1 + ⎟ + PMT ⎜ ANNI 1200 30 ⎠ ⎝ ⎜ ⎜ 1200 ⎝ ⎞ ⎟ ⎟ = 0 ⎟ ⎟ ⎟ ⎠ where: ANNI= the annual percentage interest rate.

and creates menu. (Press Enters equation. Displays ALPHA menu. Stores loan amount in PV.5 5 36 12: The Equation Solver 173 . Stores annual percent interest in ANNI. Calculates monthly PMT of $203. Stores number of odd days in DAYS. ) I 6000 13. verifies it.Keys: Display: Description: Displays SOLVE menu and bottom of Solver list.99. @] (type in equation as shown above) Remember that the colon is located after. Stores number of payments in N.

OR. Six relational operators are available for conditional expressions. Relational Operators. XOR. otherwise (“or else”). Four logical operators can be used in conditional expressions: AND. Operator > < = ≥ ≤ ≠ Keys (ALPHA menu) (ALPHA menu) = = = 174 12: The Equation Solver . the solver accepts the equation: According to this equation. if SALES is greater than 3000.Conditional Expressions with IF Equations can include conditional expressions using the function IF. then the BONUS equals .02 × SALES. The syntax of the IF function is: IF conditional expression algebraic expression algebraic expression then or else For example.01 × SALES. Logical Operators. and NOT. BONUS equals .

= Means: If A is greater than 7 and is less than or equal to 15. T=W x A x B. When A≠0 and B≠0. Example: Nested IF Functions. Suppose a corporation uses a rating system to determine salary. T=W x B. T=W x A When A=0 and B=0.500 annually? 12: The Equation Solver 175 . Employees are rated on a scale from 1 through 3. When A≠0 and B=0. T = W x A x B. then T=W x (A + B).Examples of Conditional Equations. but not both. An IF function can be used as the argument of another IF function. then VALUE=FIRST. and are given the following annual percent raise based on their rating: Rating 1 2 3 Percent Salary Increase 3% 6% 10% The Solver equation to calculate an employee’s new salary is based on his or her rating and old salary. then VALUE=FIRST+1 ÷ FIRST. Otherwise. equals 0. What would be the new annual salary for an employee with a rating of 2 who currently earns $27. Means: If A or B. T=0. This is called nesting. Otherwise. Means: If FIRST is not equal to 0. then B= 2 x A ÷ 6+C. B=3 x A+10+C. If FIRST=0. When A=0 and B≠0. In other words.

3. 4. then enter the equation: To do the calculation: Keys: Display: Description: Stores. The Σ function returns the final summation. and the value is added to the previous value. Calculates new salary. 1. Stores rating. and incrementing according to the step size. For each value of the counter. 2. I 27500 2 Stores old salary. the algebraic expression is evaluated.Press . verifies. and creates menu labels for the equation. the counter I runs from 1 through 6 in steps of one ─that is. the expression is 176 12: The Equation Solver . when the equation: is solved for SERIES. For example. The Summation Function (∑) The Σ function does summation calculations in an equation: counter variable algebraic expression starting value ending value step size The counter variable takes on a series of values. For each value I. beginning with the starting value. 5. until it passes the ending value. 6.

2. which must have the same number of items: 12: The Equation Solver 177 . Thus the stored value of X is used to calculate X + 2X2 + 3X3 + 4X4 + 5X5 + 6X6. and 8. Then the stored value of X will calculate 2X2 + 4X4 + 6X6 + 8X8. The following Solver functions gain access to these lists. and a step size of 2. For example. if the last flow in the list INV were . the following equation calculates Σxi2yi2 for values stored in two SUM lists named XVAR and YVAR. Accessing CFLO and SUM Lists from the Solver You can use a Solver equation to perform calculations other than those in the CFLO and SUM menus using data stored in CFLO and SUM lists.calculated and added to the sum.00. CFLO-listname returns the number of the last flow in the specified CFLO list. CFLO-listname specified flow. flow number returns the value of the CFLO-listname flow number specified flow occurs. If 8 is stored in LAST. The following equation uses a variable as the ending value. 4. SUM-listname SUM list. 0 as the beginning value. SUM-listname specified item. The Σ function can be used to sum calculations done with numbers in lists. then would equal 6. returns the number of times the returns the number of items in the specified item number returns the value of the Summation of List Data. 6. For example. I takes on values of 0.

That way. you can keep the same Solver menu labels in the display all the time─you don’t have to switch equations. S(variable name) The advantage over two separate equations is that the single equation gives you a single menu with all possible variables.“Chi-Squared Statistics” in chapter 14 illustrates another use of the Σ function with SUM lists.21-LB=0. rearranged single equation can do either conversion: This means: if you are solving for either KG or LB. and the other side is set equal to zero. The two conversion equations are rewritten so that all the variables appear on one side of each equation. Use the above equation to convert between kilograms and pounds and between meters and feet. then use KG × 2.28-FT = 0. if you are working with two different but related problems. The S function appears as part of the conditional expression of the IF function. You can leave out the “=0” and it will be understood that the whole equation is set equal to zero. consider these two equations for conversions: and The following. For example. Otherwise (that is. if you are solving for M or FT). Example: Unit Conversions. Creating Menus for Multiple Equations (S Function) The S (solving for) function is used in conjunction with the IF function to group related equations together and to specify the criteria for choosing one of them to solve. use M × 3. Press then enter the equation: 178 12: The Equation Solver .

enter your own guesses. Press 225 Result is 2.” below. How many feet equal 100 meters? Press 100 Result is . you can stop this iterative process. it tries to find the answer indirectly by iteration. It estimates a set of answers. and restart the search. If the Solver is unable to find a direct solution. the calculator displays the result. it tries to find a direct solution by rearranging the equation and then solving for the variable. (See “Halting and Restarting the Iterative Search” and “Entering Guesses. sees how close they are to a solution. and then makes another set of estimates. How the Solver Works The Solver has two ways of finding an answer. The calculator displays the Solver’s current estimates as the Solver searches for an answer. If the displayed estimates don’t appear to be proceeding towards a number you judge to be a reasonable answer. then to verify it and create its menu: 1.) 12: The Equation Solver 179 . If the Solver finds a direct solution. Note that you do not have to clear variables between steps 1 and 2. The S function considers only those values in the part of the equation that it is solving. First. You should keep in mind that there might be more than one solution to an equation. Convert 225 pounds to kilograms. and that it might be necessary for you to enter guesses to influence which solution the Solver finds.Press I to store it.

Halting and Restarting the Iterative Search When the Solver is iteratively searching for a solution (in other words. you can restart the search using your own guesses (see “Entering Guesses. The Solver has found a possible solution. you can halt the calculation by pressing any key except @. you can repeat the calculation by pressing the menu key for the variable you solved for. press C or <. Check to see if your equation and stored values are correct. unequal values of the left and right sides of the equation. see “Entering Guesses. To check how good this result is. Refer to “Solver Calculations” in appendix B for additional descriptions of these outcomes. Read “Solver Calculations” in appendix B for an explanation of the meaning of this display. Case 2: The calculator displays a message with the calculated. The calculator displays the message .” below. Case 1: The calculator displays a result.” below). press < or C. If the two sides of the equation have not been calculated to be exactly equal. Or. you might be able to find a solution by entering very good guesses. 180 12: The Equation Solver . The Solver cannot begin the search with the current guesses. when the Solver is displaying sets of estimates). Case 4: The calculator displays . There are four possible outcomes. To see the best estimate the Solver has found so far. If the equation is correct. but you must interpret its validity. Case 3: The calculator displays . To see the questionable solution.The process of finding a solution iteratively is very complex. It is very likely that this is a solution to the equation. Press < or C to view the starting guesses. You can restart the search from where it left off by pressing the menu key for the variable you are solving for. Refer to “Solver Calculations” in appendix B for more information. To supply new guesses. the calculator displays a message with the values for the left and right sides of the equation.

and you wish to begin searching for another answer. If you enter one guess.Entering Guesses Entering your own guesses serves two purposes. The Solver works most efficiently when the answer is between your two guesses. To enter two guesses. You can enter one or two guesses. 0 100 causes the Solver to search for A using 0 and 100. the Solver uses those two guesses to start searching for a solution. Then key in the second guess and press the menu key twice. key in the first guess and press the menu key. If you enter two guesses. you should enter 5 and 12 as the starting guesses. The closer your guesses are to the desired solution. after you’ve stored a value for every variable except the unknown variable.5 as a guess for a Solver variable named A and starts the calculation. If you enter one guess. First. if you know the answer is between 5 and 12. key in the value and press the menu key twice. One equation for calculating the profit from a manufacturing operation is: 12: The Equation Solver 181 . it can save time by telling the Solver where to start searching. if more than one solution exists. Example: Using Guesses to Find a Solution Iteratively. For example. For example. After you’ve halted the iterative search. Second. After the Solver has returned an answer. For example. You can enter guesses at these times: Before beginning the calculation. the Solver generates a second guess.5 enters 4. the Solver makes a second guess. entering guesses may lead the Solver to a solution in a specified range. 4. the better chance the Solver has of finding it. To enter one guess.

) Press .000.100. fixed cost. verifies. The following steps enter guesses for QTY. I 6000 4100 112000 130000 Stores price. 182 12: The Equation Solver . then enter the equation: Keys: Display: Description: Stores. it will begin by using the estimates 100 and 200. and profit.000. How many pianos must C-Sharp sell this year in order to earn a profit of $130. fixed costs per year are $112. Stores variable cost. If the Solver must search iteratively to solve for QTY. and creates labels for the equation. The second guess for QTY. C-Sharp has had to sell between 100 and 200 pianos to make an acceptable profit. Variable costs are $4. You can use this information as initial guesses. Keys: 100 200 Display: Description: The first guess for QTY.Profit = (Price × Quantity) - (Variable costs × Quantity) - Fixed Costs The C-Sharp Piano Corporation sells pianos for $6.000? (In past years.

Solves for QTY iteratively. 12: The Equation Solver 183 .

the calculator will not transmit data to the printer when the low-power annunciator ( ) is on. * Since the HP-17bII+ cannot send control characters to the printer. This chapter describes information you can print.13 Printing The calculator can print information using the HP 82240 Infrared Printer. To preserve battery power. the calculator slows its transmission rate to allow the printer time to print. 184 13: Printing . Operation of the printer is covered in the printer user’s guide. printing stops and the calculator displays the message . If a low-power condition occurs after you’ve started a printing operation. Because communication goes only one way—from calculator to printer—the calculator cannot determine whether the printer is receiving information.* The print annunciator ( )appears in the display whenever the calculator sends information through its printer port. which accepts the infrared signal from the printer port. portions of the printer’s manual pertaining to control codes and graphics characters do not apply. If a printing operation involves many lines of information.

Press e. This prints numbers. expressions. again to set the desired mode: 3. When the printer is powered by batteries alone. printing will be faster using the printer’s ac adapter and the calculator’s appropriate printing speed mode. If necessary. To optimize printing performance. set the printing speed mode in the calculator appropriately. Press press to change and display the new mode.The Printer’s Power Source The speed of the printer depends on whether it is using its optional ac adapter. 13: Printing 185 . and messages. To view or change the printing speed mode: 1. be sure to change the mode to so that the calculator will not transmit data too rapidly. Double-Space Printing Press @> press e. Menus cannot be printed. press P. For long printing operations. to turn double-space printing on or off. 2. Press @>. single Solver equations. Then Printing the Display(P) To print whatever is in the calculator line.

Lists. including the contents of variables. see “Printing an Amortization Table. You can also transmit descriptive notes to label the output. lists. Table 13-1. return the Printing Variables. registers. the history stack. The PRINTER Menu Labels Menu Label Description Prints data stored or calculated in the current menu. (To print amortization schedules. appointments. @p 186 13: Printing .) From within any menu you can press @p to bring up the PRINTER menu. Displays the ALPHA menu for typing a message up to 22 characters long. Upon completion. Prints the contents of the history stack.” page 82. Prints the contents of registers 0 through 9. Switches between Trace On and Trace Off modes. and Appointments (LIST) You can list specific sets of information stored in menus by pressing while the relevant menu labels are displayed.” below. Prints the current date and time. See “Trace Printing. all of these functions except previous menu to the display. This table summarizes those printing activities.Printing Other Information (@p) PRINTER LIST STK REGS TIME MSG TRACE The PRINTER menu provides the ability to print most of the information you’ve stored. See “Printing Variables and Lists. and the current date and time. See page 188.” page 188.

that list must be the current list. Pressing @p while a SUM list named SALES is the current list produces labeled output like this: Printing Solver Equations. it displays the labels . 13: Printing 187 . if the calculator is in the FIN TVM menu. You can print a listing giving the values of all variables whose menu labels are displayed. press P. Pressing @p now produces a print-out like this: Printing Number Lists. press @p .Printing the Values Stored in Variables. To print one or all Solver equations. To print out the entire list of equations. To print just the current equation. To print out the contents of a particular SUM or CFLO list. display the main SOLVE menu (press ). For example.

Printing Appointments. such as . Press @p. 2. Remember that many menu labels do not represent data. press P). suppose you wanted to print a number that represents the balance for September. They contain no information for printing. To switch trace printing on and off: 1. To print all stored appointments. When tracing is on. and . the calculator uses more power and operates more slowly. This brings up the ALPHA menu. When tracing is off. This produces a listing like this for each appointment: Menus Not Associated with Stored Data. . then . Now print out the number itself (if it’s in the calculator line. display the menu (press then press @p . Type (and edit) the label or message. Trace Printing (TRACE) Trace printing produces a record of all the keys you’ve pressed and of calculated results. The calculator beeps if there is nothing to print when you press . 3. You could start the output with the label “SEPTEMBER BALANCE”. use P and @p to print what you want. 1. @p Printing Descriptive Messages (MSG) You can include descriptive messages with your printed output by using . Press I to print out the label or message. but rather activities. For example. Press @p. 188 13: Printing .

3. press again. press again to display the desired message. turn it off. To stop the printer immediately. Press to change the setting.2.800 + 125 Press @p to set . but not immediately stop the printing. A message informs you that tracing is on or off. 1 /12× 4. Keys: Print-out: e 12 @t v* v4800 + v125 = @p e How to Interrupt the Printer Pressing a calculator key during a printing operation will interrupt transmission. If necessary. Produce a record of the keystrokes you use to do the following calculation and store the result in the TVM variable PMT. 13: Printing 189 . Example: Trace-Printing an Arithmetic Calculation. If you see . Press e.

14 Additional Examples Loans Simple Annual Interest See appendix F for RPN keystrokes for this example. Your good friend needs a loan to start her latest enterprise and has requested that you lend her $450 for 60 days. and what is the total amount owed? The interest is: (7% of $450) × 60 days 365 days v Keys: 450 * 7 % * 60 / 365 Display: Description: Annual interest. to be calculated on a 365-day basis. 190 14: Additional Examples . You lend her the money at 7% simple annual interest. I% = the annual interest rate as a percent. How much interest will she owe you in 60 days. DAYS = the number of days in the loan. Example: Simple Interest at an Annual Rate. Add principal to get total debt + 450 = A Solver Equation for Simple Annual Interest: DEBT = the total owed at the end of the loan period. LOAN = the original amount (principal) lent. Actual interest for 60 days.

To do this. use this for an actual-calendar basis: or use this for a 360-day basis: DATE1 = the date the loan commences. PV =-100. Use PMT from step 1. rather than the number of days. Since the balloon amount is not given. Since the mortgage was issued. What is the yield if the purchase price of the mortgage is $79. but change N to 5 years (N = 5 × 12). interest rate (I%YR). If you know the dates for the course of the loan. Remember the cash-flow sign convention: money paid out is negative. money received is positive. 42 monthly payments have been made. first assume 20 years’ amortization on the original mortgage with no balloon payment (so N = 20 × 12.000 mortgage taken out at 9% for 20 years. Example: Discounted Mortgage. and I%YR = 9). Since the payment amount (PMT) is not given. An investor wishes to purchase a $100. see “Solving Your Own Equations. DATE2 = the date the loan ends. Yield of a Discounted (or Premium) Mortgage The annual yield of a mortgage bought at a discount or premium can be calculated given the original mortgage amount (PV).000? 1. The loan is to be paid in full (a balloon payment) at the end of its fifth year. FV = 0. and the price paid for the mortgage (new PV).000. 2.For instructions on entering Solver equations. calculate it (FV) next. periodic payment (PMT). 14: Additional Examples 191 .” on page 29. calculate it first. balloon payment amount (if any) (FV).

Calculates monthly payment received. 192 14: Additional Examples . then calculate I%YR for the annual yield. Keys: 5@ Display: Description: Stores number of payments for 5 years. the amount of the balloon. $79. or 5 × 12-42) and PV (proposed purchase price. 9 100000 & Stores interest rate and amount of original loan. Keys: Display: Description: Selects menu. Finally enter current values for N (less number of payment periods already passed. Step 2: Enter the new value for N given a balloon in 5 years. (Money paid out is negative. Step 1: Calculate PMT. then find FV. Figures and stores total number of payments for a full 20-year loan with monthly payments. sets 12 payments per year and @c e 20 @ End mode. Calculates balloon due in 5 years. Make sure FV = 0.000).) 0 Sets FV to zero.3.

then find new I%YR for discounted mortgage with balloon. APR.) If the mortgage amount is $60. incorporates fees usually charged when a mortgage is issued.000 for 30 years and the interest rate is 11½% annually with monthly payments. v R . while the periodic payments remain the same. what APR is the borrower paying? 14: Additional Examples 193 . money received is positive. current values for N and PV. (One point is equal to 1% of the mortgage amount. A borrower is charged two points for the issuance of a mortgage. the annual interest rate (I%YR). The annual percentage rate. Remember the cash-flow sign convention: money paid out is negative.42 79000 & Annual Percentage Rate for a Loan with Fees See appendix F for RPN keystrokes for the next two examples. The APR can be calculated given the term of the mortgage (N periods). Example: APR for a Loan with Fees.Step 3: Enter actual. Keys: Display: Description: Stores number of payments remaining in 5-year loan. The actual amount received (the PV) by the borrower is reduced. discounted purchase price (new present value). the mortgage amount (new PV). which effectively raises the interest rate. and the basis of the fee charged (how the fee is calculated). Calculates percent annual yield. Stores proposed.

5 60000 0 Figures and stores number of payments. Stores interest rate and amount of loan. Borrower’s monthly payment. you must 194 14: Additional Examples . What is the yield to the lender? Assume that monthly payments of interest are made. so future value is zero. Since the payment amount is not given. sets 12 payments per year and End mode. @c e 30 @ 11. 10-year.1. use the PMT calculated in step 1 and adjust the mortgage amount to reflect the points paid (PV = $60. v R -2% Stores actual amount of money received by borrower into PV.000. calculate it (PMT) first. Use the given mortgage amount (PV = $60.000 - 2%). no future value). No balloon payment. (Before figuring the yield.000) and interest rate (I%YR = 111/2%). Keys: Display: Description: If necessary. To find the APR (the new I%YR). 2. Example: Loan from the Lender’s Point of View. A $1. 12% (annual interest) interest-only loan has an origination fee of 3 points.000. Calculates APR. All other values remain the same (term is 30 years.

Stores entire loan amount as balloon payment. Calculates annual interest on $1. PMT. PV.000. This first period is sometimes called an odd or partial first period. using simple interest for the odd period.. sets 12 payments per year and @c e 10 @ 1000000 v12 %/ * v 12 End mode.. .calculate the monthly PMT = (loan x 12%) ÷ 12 mos.000. Calculates..and calculates. Stores total number of payments. The formula is valid for 0 to 59 days from inception to 14: Additional Examples 195 . 1000000 v. situations exist in which the first payment period is not the same length as the remaining periods. the FV (a balloon payment) is the entire loan amount. then stores monthly payment. The following Solver equation calculates N. However. while the PV is the loan amount minus the points. or $1. Calculates APR—the yield to lender.) When calculating the I%YR. I%. then stores amount borrowed (total — points)..3 %= & Loan with an Odd (Partial) First Period The TVM menu deals with financial transactions in which each payment period is the same length.000 .000. Keys: Display: Description: If necessary. or FV for transactions involving an odd first period.

I% = the periodic interest rate. Begin mode is assumed.first payment. For instructions on entering Solver equations.* A Solver Equation for Odd-Period Calculations: (For the character. Keys: Display: Description: Creates menu. A 36-month loan for $4. Example: Loan with an Odd First Period. N = the total number of payment periods. If the number of days until the first payment is between 30 and 59. Stores loan amount. press . 36 4500 36 payment periods. PMT = the periodic payment. above.” on page 29. Stores periodic.) PV = the loan amount. and a 30-day month is assumed.500 has an annual interest rate of 15%. what is the monthly payment amount? Select equation ODD in the Solver. into the Solver. If the number of days until the first payment is less than 30. DAYS = the actual number of days until the first payment is made. monthly v15 / 12 * You do not need to specify Begin or End mode. If the first payment is made in 46 days. inclusive. 196 14: Additional Examples . FV = the balloon payment. The following examples assume that you have entered the equation named ODD. see “Solving Your Own Equations. End mode is assumed. A balloon payment occurs at the end of the last (Nth) period and is in addition to any periodic payment.

10000 24 400 & 3000 & 8 Stores known values.000 at the end of the 24th month. Example: Loan with an Odd First Period Plus Balloon. what annual interest rate is being charged? Select equation ODD. Calculates periodic (monthly) interest rate. plus a balloon payment of $3. v * 12 = Canadian Mortgages Annual interest rate.000 loan has 24 monthly payments of $400.interest rate. In Canadian mortgages. Interest is compounded semi-annually while payments are made monthly. you need to calculate a Canadian mortgage factor to store as I%YR. If the payments begin in 8 days. Set End mode and store 12 . Calculates payment. 14: Additional Examples 197 . No balloon payment. Keys: Display: Description: Creates menu. A $10. 46 0 Stores days until first payment. 1. the compounding and payment periods are not the same. To use the TVM menu in the hp 17bII+.

make the number negative. and 200 . Continue the problem by supplying the other mortgage values and solving for the unknown item. 4. @c e 0 6 200 v+ 12 = & Calculates I%YR for Canadian mortgage factor. 30 @ 30000 0 Stores other values. 5. sets 12 payments per year with End mode.000 Canadian mortgage if the interest rate is 12%? Keys: Display: Description: Displays TVM menu. Add 200 to the annual interest rate. Store 0 . 3. $30. What is the monthly payment required to fully amortize a 30-year. Do not change I%YR from step 4.6 .2. and store it in . Example: Canadian Mortgage. Monthly payment. Press to calculate the Canadian mortgage factor. A Solver Equation for Canadian Mortgages: 198 14: Additional Examples .

(For the

operator press @u.)

PV = loan amount, or present value. PMT = monthly payment amount. I%YR = annual (Canadian) interest rate as a percent. N = total number of payment periods for the life of the loan. FV = remaining balance, or future value. For instructions on entering Solver equations, see “Solving Your Own Equations,” on page 29.

Advance Payments (Leasing)
Occasionally payments are made in advance, such as in leasing. Leasing agreements sometimes call for the extra payments to be made when the transaction is closed. A residual value (salvage value) can also exist at the end of the normal term. The following equation calculates the monthly payment and the annual yield when one or more payments are made in advance. It can be modified to accommodate periods other than monthly by changing the number 12 to the appropriate number of payment periods per year. Remember the cash-flow sign convention: money paid out is negative, money received is positive. A Solver Equation for Advance Payments:

(For the

character press

.)

PMT = the monthly payment amount. PV = the value of the equipment. FV = the residual value.

14: Additional Examples 199

I%YR = the annual interest rate as a percent. N = the total number of payments. #ADV = the number of advance payments. The following example assumes that you have entered the equation ADV, above, into the Solver. For instructions on entering Solver equations, see “Solving Your Own Equations,” on page 29. Example: Leasing with Advance Payments. Equipment worth $750 is leased to you for 12 months. The equipment is assumed to have no salvage value at the end of the lease. You agree to make three payments at the time of closing. What is the monthly payment if the annual interest rate is 10%? Select the ADV equation in the Solver.

Keys:
750 12 0 3 10

Display:

Description:
Creates menu. Stores known values.

Calculates payment.

Savings
Value of a Fund with Regular Withdrawals
Example: A Fund with Regular Withdrawals. What are the balances after 1, 10, and 20 years of a fund that starts at $750,000, has $20,000 withdrawn at the beginning of each quarter, and earns 10% annual interest compounded monthly?

200 14: Additional Examples

1. Because the compounding periods and the withdrawal periods are not coincident, you must first convert the nominal interest rate to one in terms of the withdrawal periods. You can do this using the ICNV menu, as explained on page 87, “Compounding Periods Different from Payment Periods.” 2. The rest of the calculation is a straightforward TVM problem. Remember that money deposited is paid out and therefore negative; money withdrawn is received and therefore positive. Step 1: Find the adjusted nominal interest rate.

Keys:

Display:

Description:
Displays periodic interest-rate conversion menu.

12 10

Stores number of compounding periods. Stores nominal interest rate. Calculates effective interest rate.

4

Stores number of withdrawal periods. Calculates adjusted nominal interest rate.

Step 2: Calculate the future values.

Keys:

Display:

Description:
Switches to TVM menu.

ee

14: Additional Examples 201

<

Clears message to show NOM% value still in calculator line.

s

Stores adjusted nominal interest rate in I%YR. Sets 4 payments

4

(withdrawals) per year

e
750000 & 20000 4

and Begin mode. Stores present (initial) value of fund. Stores withdrawal amount. Stores number of withdrawals in 1 year. Value of fund at end of year 1.

40

Stores number of withdrawals over 10 years. Calculates value of fund at end of year 10.

20 @

Stores number of withdrawals after 20 years. Calculates value of fund at end of year 20.

Deposits Needed for a Child’s College Account
See appendix F for RPN keystrokes for this example.

202 14: Additional Examples

Suppose you want to start saving now to accommodate a future series of cash outflows. An example of this is saving money for college. To determine how much you need to save each period, you must know when you’ll need the money, how much you’ll need, and at what interest rate you can invest your deposits. Use a CFLO list to calculate the net uniform series (NUS) of the future withdrawals: 1. Store zero for all cash flows except the withdrawals. For those cash flows, store the amounts you will need to withdraw (since this is cash received, these cash flows will be positive). 2. Store the periodic interest rate in I% and calculate NUS. The NUS equals the amount of the monthly deposit you will need to make. You can also calculate the equivalent present value of all the monthly deposits combined by calculating the net present value, NPV. Example: Savings for College. Your daughter will be going to college in 12 years and you are starting a fund for her education. She will need $15,000 at the beginning of each year for four years. The fund earns 9% annually, compounded monthly, and you plan to make monthly deposits, starting at the end of the current month. How much should you deposit each month to meet her educational expenses? The cash-flow diagram looks like this:

14: Additional Examples 203

$15,000

$15,000

$15,000

$15,000

$0 $0 $0 0 1 2

$0 144

$0

$0 156

$0

$0 168

$0

$0 180

Figure 14-1. Flow of Withdrawals
9.00 0 1 2 3 178 179 180

Figure 14-2. Flow of Deposits

Keys:

Display:

Description:
Displays current cash-flow list and CFLO menu keys.

@c
or

Clears current list or gets a new one.

204 14: Additional Examples

I 0I 11 I 15000 I I 0I 11 I 15000 I I e 14: Additional Examples 205 . gets CALC menu. Stores third withdrawal. Stores cash flows of zero for the next 11 months. . for senior year.. Stores cash flows of zero for the next 11 months. * vI 12 12 ..for the next 11 months. 15000 I I 0I 11 I 15000 I Stores cash flows of zero. Stores zero in FLOW(1) and prompts for the number of times it occurs. Stores fourth withdrawal. for sophomore year.1 Stores 143 (for 11 years. Stores second withdrawal.. Stores amount of first withdrawal. at end of 12th year. to zero. FLOW(0)..Step 1: Set up a CFLO list. Done entering cash flows. 0I 0I Sets initial cash flow. 11 months) in #TIMES(1) for FLOW(1). for junior year.

Remember that for calculations with cash flows. such as an IRA or Keogh account. and for how long. You can use the TVM menu to calculate the future value of a tax-free or tax-deferred account. PMT = the amount of your deposit. v9 / 12 Value of a Tax-Free Account See appendix F for RPN keystrokes for this example. You can solve for either case. which is the same as the NPV of the four future withdrawals. Keys: Display: Description: Figures the periodic (monthly) interest rate and stores it in I%. Calculates the net present value of the monthly deposits. I%YR = the annual dividend rate.Step 2: Calculate NUS for the monthly deposit. 206 14: Additional Examples . (Current tax law and your current income will determine whether just interest or also principal are tax-free. money paid out is negative and money received is positive. (It must be constant for the duration of the account.) N = the number of payments until retirement. The purchasing power of that future value depends on the inflation rate and the duration of the account. PV = the present value of the retirement account.) FV = the future value of the retirement account. Amount of monthly deposit needed to meet planned withdrawals.

in today’s dollars. 1 e 35 Stores number of payment periods until retirement (1 × 35). Consider opening an IRA account with a dividend rate of 8. 8.175 0 2000 & Stores dividend rate. Calculates interest you will earn. assuming an 8% annual inflation rate? Keys: Display: Description: Sets 1 payment per year and Begin mode. 1) If you invest $2. v v v+ R= v R *R = Calculates total amount paid into IRA by retirement.Example: Tax-Free Account. 14: Additional Examples 207 . Annual payment (deposit).175%. Calculates amount in account at retirement. Present value of account (before first payment). how much will you have at retirement? 2) How much will you have paid into the IRA? 3) How much interest will you have earned? 4) If your post-retirement tax rate is 15%.) 5) What is the purchasing power of that amount.000 at the beginning of each year for 35 years. what is the after-tax future value of the account? Assume only the interest will be taxed. (Assume the principal was taxed before deposit.

If you invest $3. with dividends taxed as ordinary income. The annual tax on the interest is paid out of the account. assuming 8% annual inflation? 208 14: Additional Examples . This problem uses the TVM menu to calculate the future value of a taxable retirement account that receives regular. Example: Taxable Retirement Account. how much will you have in the account at retirement? Assume an annual dividend rate of 8. (Assume the deposits have been taxed already. I%YR = the annual interest rate diminished by the tax rate: interest rate × (1-tax rate). PV = the current amount in the retirement account. and that payments begin today. Calculates present-value purchasing power of the above after-tax FV at 8% inflation rate. Subtracts taxes from total FV to calculate after-tax FV. What will be the purchasing power of that amount in today’s dollars.175% and a tax rate of 28%. Stores after-tax future value in FV.v* 15 % = v& + R = v 8 0 Taxes at 15% of interest. Value of a Taxable Retirement Account See appendix F for RPN keystrokes for this example.000 each year for 35 years.) N = the number of years until retirement. annual payments beginning today (Begin mode). FV = the future value of the retirement account. PMT = the amount of the annual payment.

1 Sets 1 payment per year and Begin mode.175 . The procedure eliminates the sign change problem by utilizing reinvestment and borrowing rates that you specify. and 29. Negative cash flows are discounted at a safe rate that reflects the return on an investment in 14: Additional Examples 209 .02% monthly.) The Modified Internal Rate of Return (MIRR) procedure is an alternative that can be used when your cash-flow situation has multiple sign changes. Calculates future value.35.86. (This particular example has three positive real answers: 1. there is a potential for more than one IRR%. e 35 v8. Stores no present value.Keys: Display: Description: Displays TVM menu. Calculates and stores interest rate diminished by tax rate. Stores annual payment. the cash-flow sequence in the following example has three sign changes and hence up to three potential internal rates of return. For example. 14. Stores years until retirement. Modified Internal Rate of Return When there is more than one sign change (positive to negative or negative to positive) in a series of cash flows.28 % v 0 3000 & 8 0 Calculates present-value purchasing power of the above FV at 8% inflation.

the NPV result in PV. Press to calculate the periodic interest rate. This is the modified internal rate of return. calculate the present value of the negative cash flows (NPV) at the safe rate and store the result in register 0. 2. 210 14: Additional Examples .000 0 200. 1. Enter zero for any cash flow that is positive. An investor has an investment opportunity with the following cash flows: Group No. store the total number of periods in N.a liquid account. Enter zero for any cash flow that is negative. An average return rate on recent market investments might be used. Calculate the future value of the positive cash flows (NFV) at the reinvestment rate and store the result in register 1. In the TVM menu. $ -180. The figure generally used is a short-term security (T-bill) or bank passbook rate. Keys: Display: Description: Displays current cash-flow list.000 Calculate the MIRR using a safe rate of 8% and a reinvestment (risk) rate of 13%. MIRR.000 -100. 4. of Months (FLOW no.000 100. 3. Positive cash flows are reinvested at a reinvestment rate that reflects the return on an investment of comparable risk. Example: Modified IRR.) (#TIMES) 0 1 2 3 4 1 5 5 9 1 Cash Flow. and the NFV result in FV. In the CFLO menu.

(Skip negative flows.@c or 180000 & Clears current list or gets a new one. Clears list. I 5I e v8 / 12 s0 e @c 0I Stores monthly safe interest rate. store positive flows. FLOW(0). Stores FLOW(2) 5 times. You can skip FLOW(3) and FLOW(4) because they are equal to zero for this part. Stores initial cash flow. I 0I 5I 100000 & Stores 5 for #TIMES(1). Stores FLOW(1) as zero since the flow amount is positive. Returns to CFLO menu. Stores FLOW(2). Stores zero as FLOW(0). Stores NPV in register 0. 14: Additional Examples 211 . Calculates NPV of negative cash flows.) 100000 I 5I Stores FLOW(1) 5 times.

0I 5I 0I 9I 200000 I Stores zero for FLOW(2). Stores total number of investment periods. 5 times. if necessary. Recalls present value of negative cash flows and stores in PV. 0 Stores zero in PMT (no payments). I e v13 / 12 s1 @A @c e 20 Stores monthly reinvestment rate. Stores zero for FLOW(3). Stores FLOW(4). 212 14: Additional Examples . R0 R1 Recalls future value of positive cash flows and stores in FV. Calculates annual MIRR. Switches to TVM menu. sets 12 periods per year with End mode. Stores NFV in register 1. 9 times. Calculates NFV of positive cash flows. 1 time.

000 of protection in one policy year. A Solver Equation for Insurance Price: INS = the price per $1. to calculate interest.000 per year for alternative insurance. Use policy surrender values for cash values and the actual (after-tax) amounts for payments (premiums) and dividends. PREM = the annual premium amount. see “Solving Your Own Equations. FACE = the face value of the policy for one year. The following example assumes that you have entered the above equation into the Solver. is rarely apparent at first glance.Price of an Insurance Policy The price of an insurance policy. DIV = the dollar value of the dividend for one year. Similarly. as a percent. the interest rate you could earn on a one-year savings certificate after tax. but also the interest that could have been earned on the cash value or savings portion of the policy. assume a price per $1. on a savings account. 14: Additional Examples 213 . Even complex policies like minimum-deposit plans can be analyzed with this procedure.” on page 30. LVAL = the value of the policy at the end of last year. a low-cost term policy of the one-year renewable type. for example. The price should include not only the premium payments. The following equation calculates the price per $1. I% = the rate of return. other than term life insurance. To calculate the price. For instructions on entering Solver equations. assume some value for interest—for example. VAL = the value of the policy at the end of the current year.000 of protection for one policy year and the interest rate earned on the savings portion of the policy.

000 protection? Select the correct equation in the Solver. The premium of $1. You are evaluating your $50. What is the annual price per $1. Calculates rate of return.302 at the beginning of the year. You can earn 6% on a savings account. it will grow to $4. 165 50000 Stores face value of policy. Stores value of policy at end of last year. Stores interest rate you could get elsewhere.000 insurance policy.104 by the end of the year. Keys: 1010 3302 6 4104 Display: Description: Creates menu.Example: Insurance Policy. Calculate the rate of return on your savings. Stores value of policy at end of this year. Stores annual premium.000 face value. 214 14: Additional Examples . Your protection cost $6. Stores annual dividend.57 per $1. and a dividend of $165 is received at the end of the policy year.010 is due at the beginning of the year. Keys: 3 Display: Description: Stores price of alternate insurance.000 face (protection) value. Insurance protection could be purchased for $3 per $1. The cash value of the policy is $3.

Stores maturity date.174 (that is. 1973. 2001.74). Indiana University Press. calculate the yield to maturity: Keys: Display: Description: Displays BOND menu.151.100). 2003 you consider the purchase of a $1. The bond is now selling at 115.5% semiannual coupon using a 30/360 calendar. On March 16. Displays only two decimal places. Sets semiannual bond e @c 3. and matures on January 1.162003 1. The bond is callable on January 1. p.5 115. 2006 at 110 (that is. Belth.012031 10. Stores price. 234.174 on 30/360 calendar. Clears variables. It has a 10. Bonds Example: Yield to Maturity and Yield to Call. Life Insurance—A Consumer’s Handbook. $1. Stores today as purchase date.000 bond that was issued on January 1. $1. sets CALL to 100. Stores coupon rate.Reference: Joseph M. 2031. 14: Additional Examples 215 . but stores all three. First. Determine both the yield to maturity and the yield to call for this bond. Calculates yield to maturity.

Second. SETT = the settlement date (in current date format). Calculates a yield to call. Notes do not have periodic coupons.012006 110 Changes maturity date to the call date. Discounted Notes A note is a written agreement to pay to the buyer of the note a sum of money plus interest. 1. DISC = the discount rate as a percent. 216 14: Additional Examples . Solver Equations for Discounted Notes: To find the price given the discount rate: To find the yield given the price (or to find the price given the yield): PRICE = the purchase price per $100 face value. since all interest is paid at maturity. RV = the redemption value per $100. MAT = the maturity date (in current date format). The following equations find the price or yield of a discounted note. The calendar basis is actual/360. A discounted note is a note that is purchased below its face value. calculate the yield to call: Keys: Display: Description: Returns to first BOND menu. YIELD = the yield as an annual percentage. Stores call value.

maturity date March 17.172004 8.The following example assumes that you have entered the NOTE equations into the Solver. Calculates yield. Keys: 10. Stores known values. discount rate 8. the oldest point is discarded. What are the price and yield of the following U.7%? (Assume month/day/year format. the same number of points is used in each calculation. Treasury Bill: settlement date October 14. Statistics Moving Average Moving averages are often useful in predicting trends in data taken over a period of time. see “Solving Your Own Equations.) Select the NOTE:PRICE equation in the Solver. Calculates price. e] Displays NOTE:YIELD equation. 2003. then its menu. For instructions on entering Solver equations. a specified number of points is averaged. 14: Additional Examples 217 . Each time a new point is acquired.7 100 Display: Description: Creates menu.S. In moving-average calculations.142003 3.” on page 30. Example:Price and Yield of a Discounted Note. Thus. 2004.

Calculate a threemonth moving average for the number of units manufactured during the first half of the year. For instructions on entering Solver equations. 218 14: Additional Examples .” on page 30. using VOL for the SUM list’s name. Example: A Moving Average in Manufacturing. make sure its name matches the name in the Solver equation. The following example assumes that you have entered the equation MAVG into the Solver. When you create and name the SUM list.A Solver Equation for Moving Averages: name N = the number of values averaged in each calculation. Manufacturing volumes are: January 4400 February March 5360 2900 April 3670 May 4040 June 3200 Keys: Display: Description: Displays SUM menu and current list. name = the name of the SUM list whose data will be averaged. @c or 4400 I 5360 I 2900 I 3670 I Clears current list or gets a new one. see “Solving Your Own Equations. Enters data. LAST = the item number of the most recent value to be averaged.

Displays menu. 3. and 3.* It is used to test whether a set of observed frequencies differs from a set of expected frequencies sufficiently to reject the hypothesis under which the expected frequencies were obtained. 4.4040 I 3200 I e VOL I e (use ] and [ if necessary) 3 3 4 5 6 Names the list VOL. and 6. Stores number of points. Make sure name is VOL. Calculates average for months 2. Calculates average for months 1. 5. Displays the MAVG equation. 2. and 5. * The statistic can be assumed to be χ2 distributed with n–1 degrees of freedom if n or some of the Ei values are large. 14: Additional Examples 219 . Calculates average for months 3. and 4. Calculates average for months 4. Chi-Squared ( χ2 ) Statistics The χ2 statistic is a measure of the goodness of fit between data and an assumed distribution.

press message ). EXP = the expected value when it is a constant. Solver Equations for χ2 Calculations: If the expected value is a constant: name1 If the expected values vary: name1 name2 (To enter the Σ character.In other words. To solve the equation. χ2 will be small. The equation is: χ2 = ∑ i =1 n (Oi − Ei )2 Ei If there is a close agreement between the observed and expected frequencies. once or twice (until you see the The following example assumes that you have entered the CHI equation into the Solver. 120 ÷ 6.) 220 14: Additional Examples .) name1 CHI2 = the final χ2 value for your data. name1 = the name of the SUM list that contains the observed values. or whether they might reasonably result from chance. or 20. make sure the name(s) match name1 (and name2. using OBS for name1. For instructions on entering Solver equations. press name1 name2 . (The expected frequency is the same for each number. if applicable) in the Solver equation. you toss it 120 times and observe the following results. it tests whether discrepancies between the observed frequencies (Oi) and the expected frequencies (Ei) are significant.” on page 30. When you create and name the SUM list(s). χ2 will be large. Example: Expected Throws of a Die. If the agreement is poor. name2 = the name of the SUM list that contains the expected values. To determine whether a suspect die is biased. see “Solving Your Own Equations.

Enters observed values. you can conclude that. The number of degrees of freedom is (n–1)=5. Since the computed value (5. Displays menu. @c or 25 I 17 I 15 I 23 I 24 I 16 I Clears current list or gets a new one. Calculates χ2.05 with 5 degrees of freedom.07. e OBS I e (use [ and ] if necessary ) Names the list OBS. to a 0. Displays the CHI equation. the die is fair. Make sure name1 is OBS.00) is less than 11.5 =11. 20 Stores expected value.05 .05 significance level (95% probability). The 2 table shows that χ 0.07.Number Frequency Observed 1 25 2 17 3 15 4 23 5 24 6 16 Keystroke: Display: Description: Displays SUM menu and current list. 14: Additional Examples 221 . Consult statistical tables to find χ2 to a significance level of 0.

Answers to Common Questions Q: I’m not sure if the calculator is malfunctioning or if I’m doing something incorrectly. before contacting us.” below. Past experience has shown that many of our customers have similar questions. How can I determine if the calculator is operating properly? A: Refer to page 232. How do I restore the periods? A: Press D . Memory. which describes the diagnostic self-test. I press 12 + 3 = and get 3. We suggest reading “Answers to Common questions. and Service Obtaining Help in Operating the Calculator Hewlett-Packard is committed to supporting users of HP calculators. 222 A: Assistance. and Service . Press @> to set Algebraic mode. Q: My numbers contain commas as decimal points. Batteries. Memory.00. A: You may be in the wrong mode. Batteries. Q: My arithmetic keys don’t work like I expect.A Assistance. You can obtain answers to your questions about using the calculator from our Calculator Support department.

2. Q: How do I indicate multiplication in an equation typed into the Solver? A: Use the multiplication key (*). Q: Can I access the TVM menu functions from the Solver? A: No. @c clears the data lists or variables accessible from the current menu. and specify the number of payments per year ( ). Also check that all figures for money paid out are negative (the cash-flow sign convention). 2. Memory. Erasing the entire contents of memory is covered in “Erasing Continuous Memory” on page 229. You cannot use the letter in the ALPHA menu. See “Accessing CFLO and SUM Lists from the Solver. Q: The calculator has displayed the message . Q: Can I access the data stored in my CFLO and SUM lists from the Solver? A: Yes. What should I do? A: Assistance. Clearing the variables before starting (@c ) accomplishes the same thing. Q: Why am I getting the wrong answer using the TVM menu? A: Be sure to enter a value for all five TVM variables. Batteries. Q: What does an “E” in a number (for example. Q: How do I clear all or portions of memory? A: C clears the calculator line. but you can do the same functions by copying the appropriate financial formulas into the Solver.” page 177.Q: How do I change the number of decimal places the calculator displays? A: The procedure is described in “Decimal Places” on page 34. and Service 223 . Check the appropriate payment mode (mortgages and loans are typically End mode calculations).51 x 10-13). Refer to “Scientific Notation” on page 47.51E-13) mean? A: Exponent of ten (for example. The formulas are given starting on page 168. even if a value is zero (as FV is for a loan without a balloon).

See also Q: The messages and the menu labels in the display are not in English. annunciator is e to turn Q: How can I change the sign of a number in a list without keying in the number again? A: Press R I & I . press @> . To select the English language. Do not use rechargeable batteries. How do I restore the English? A: Models of the hp 17bII+ sold in many countries outside of the United States include a menu to select the language for messages and labels. Press @p off tracing. the calculator can continue normal operation for several hours. To conserve battery power. . A: Check the beeper mode by pressing @> page 36. Batteries.A: Refer to “Managing Calculator Memory” on page 227 for instructions on how to reclaim memory for your use. Memory. When changing batteries. use only fresh button-cell batteries. Both batteries must be changed at the same time. and the blinking. Low-Power Indications When the low-battery annunciator ( ) comes on. Q: The beeper is not working. and Service . Why? A: The calculator is trace printing. Q: The calculator is operating slowly. Printing might halt during a printing operation 224 A: Assistance. printing does not function when the battery annunciator is on. Continuous Memory will be preserved for approximately two weeks. Power and Batteries The calculator is power by two 3-volt lithium coin batteries. If the calculator is turned off.

The calculator can detect that there is insufficient power for printing before the battery annunciator comes on. Do not touch the contacts. In either case. Please see page 18 for information about the language setting. 2. and Service 225 . Do not press C again until the entire procedure for changing batteries is completed. To install batteries: 1. Changing batteries with the calculator on can erase the contents of Continuous Memory. A: Assistance. the calculator returns to the previous display if your stored data is intact. The calculator will require fresh batteries before it can be turned back on. Turn the calculator over and prize off the battery cover. the display will show . Hold batteries by the edges. Pressing any key will clear this message from the display. lint-free cloth to remove dirt and oil. When you turn the calculator on after fresh batteries have been installed. the clock’s time might be incorrect. If data has been lost. you must replace the batteries within 30 seconds to prevent loss of Continuous Memory. If you continue to use the calculator after the battery annunciator comes on. the calculator displays . power can eventually drop to a level at which the calculator stops powering the display and keyboard. After selecting a language. Make sure the calculator is off. Installing Batteries Once the batteries are removed.due to a borderline low-battery condition. Wipe each battery with a clean. If you have set any appointments. Have two fresh CR2032 batteries at hand. 3. Memory. make sure they will not come due while the batteries are out. Batteries.

7. Batteries. If it does not function. you might have taken too long to change the batteries or inadvertently turned the calculator on while the batteries were out. in case memory lost. 226 A: Assistance. The batteries can burst or explode. and Service . Make sure that the positive sign (+) on each battery is facing outward. Press on. Remove and insert the other battery as step 4. Never remove two old batteries at the same time. Remove one of the two batteries once. Insert a new battery. Replace the battery compartment cover. Put the batteries back in and turn the calculator on. Memory. Now turn the calculator back on. 6. Remove the batteries again and lightly press a coin against both battery contacts in the calculator for a few seconds. Warning 5. You should see .4. or dispose of batteries in fire. puncture. making sure that the positive sign (+) is facing outward. releasing hazardous chemicals. Do not mutilate.

Batteries. 2. Delete any Solver variables or equations you no longer need (see page 164). Memory. (This is separate from the system memory that stores all the unerasable information with which the calculator is manufactured. To further increase the amount of available memory: Rename the named SUM and CFLO lists with shorter names (see page 98). If you see this message: 1. Shorten or delete any messages with appointments (see page 146). and clear any lists you no longer need (see page 99).) The calculator displays if you attempt an operation that uses more memory than is currently available. and Service 227 . This frees the memory that was being used to store each of the numbers and operators. Complete any calculations in the calculator line (press = or C).Managing Calculator Memory The calculator has approximately 30. A: Assistance.740 units (or “bytes”) of user memory available.

and displays the MAIN menu. Repeat if necessary. printer without the ac adapter. and beeper on. To reset the calculator. The calculator displays to confirm that reset has occurred. Memory. attempt to reset it. clears the calculator line. Stored data remains intact. The calculator can reset itself if it is dropped or if power is interrupted.Resetting the Calculator If the calculator doesn’t respond to keystrokes or is behaving unusually. Stored data remains intact except setting those conditions: double-space printing off. Resetting the calculator halts the current calculation. Resetting the calculator halts the current calculation. Warning Never press the reset button twice within 1 second as this could result in a memory lost. and Service . 228 A: Assistance. clears the calculator line. printer tracing off. If the calculator still does not respond to keystrokes. hold down C while pressing the third menu key from the left. Batteries. and displays the MAIN menu. pointed object to press the reset hole near of the battery compartment. use a thin.

Returns U.S Dollars and EURO Dollars currencies and the rate equals 1. date and the selected language. and clears all other variables in menus. Erasing Continuous Memory does not affect the current time and date. Memory. and beeper on. the leftmost menu key.0000. In addition. the calculator is set to certain “default” settings. Clears the calculator line and history stack. printer without the ac A: Assistance. Sets those conditions: For English language: Month/day/year date format. printer tracing adapter. and the rightmost menu key. press and hold down C.) or comma (. and Service 229 . Deletes all Solver equations and their variables. Batteries. clock. Maintains the selected mode -ALG or RPN -Period (. For the other languages: Day/month/year date format. the calculator displays . Clears all appointments. Continuous Memory can inadvertently be erased if the calculator is dropped or if power is interrupted. 12-hour double-space printing off. 2 decimal places. Clears all CFLO and SUM lists and their names. When the three keys are released. off.) decimal point. and beeper on. 24-hour double-space printing off. 2 decimal places. To erase Continuous Memory. off. (Press three keys simultaneously). printer without the ac clock. printer tracing adapter.Erasing Continuous Memory Erasing Continuous Memory is a way of freeing a large amount of memory so that you can use it for other things.

Attempt to reset the calculator (see page 228). read “Service” on page 234. If the calculator won’t turn on: 1. 2. observe the following limits: Operating temperature: 0° to 45°C (32° to 113°F). Memory. 230 A: Assistance. Attempt to reset the calculator (see page 228). and aging. The accuracy of the clock crystal is affected by temperature. 2. If the calculator doesn’t respond to keystrokes: 1. see page 227. If these steps do not help. replace the batteries (see page 225). humidity. Operating and storage humidity: 90% relative humidity at 40°C (104°F) maximum.5 minutes per month under normal conditions. Batteries. Optimum accuracy is maintained at 25°C (77°F). the calculator requires service. Determining If the Calculator Requires Service Use these guidelines to determine if the calculator requires service. physical shock. If the calculator still fails to respond. If the calculator fails to respond after step 1. If it does. Environmental Limits In order to maintain product reliability. the calculator requires service. If you have just replaced the batteries. If these steps do not help. attempt to erase Continuous Memory (see page 229). This will erase all the information you’ve stored. Storage temperature: -20° to 65°C (-4° to 149°F).Clock Accuracy The clock is regulated by a quartz crystal accurate to within 1. and Service .

Try rereading portions of the manual. it requires service. If the calculator fails the self test. and check “Answers to Common Questions” on page 222. Do the self-test (described below).If the calculator responds to keystrokes but you suspect that it is malfunctioning: 1. it is quite likely you’ve made a mistake in operating the calculator. Contact the Calculator Support department. If the calculator passes the self-test. 2. Batteries. A: Assistance. Memory. and Service 231 . 3.

To halt the self-test. repeat steps 4 through 6 to verify the results. hold down C while you press the fifth menu key from the left. 7. The calculator displays . but it appears that the calculator is not operating properly. Batteries. 4. turn it on. Once the self-test has begun. Certain diagnostic information is printed during the test. During the test. This results from an incorrect key being pressed. repeating until you halt it. 5. 3. If the calculator failed the self-test. hold down C while you press the third menu key from the left. return to the MAIN menu (press @A). If you have the optional infrared printer. write down the messages that are displayed in step 5. The self-test runs continuously. and does not mean that the calculator requires service. To start the self-test. 232 A: Assistance. you can do a diagnostic self-test. If you do not have a printer. followed by a five-digit number. If you press any other key instead.Confirming Calculator Operation: Self-Test If the display can be turned on. the calculator displays If the calculator displays the calculator requires service. Memory. Turn the calculator on. do not press any keys until you are ready to halt the test. and Service . the calculator beeps periodically and displays various patterns and characters. 2. 6. If possible. To run the self-test: 1. the test halts and the calculator displays a message. Watch for one of two messages that are displayed before the test automatically repeats: If the calculator passes the self-test.

(b) software. or province to province. HP warrants to you that HP software will not fail to execute its programming instructions after the date of purchase. This warranty gives you specific legal rights and you might also have other rights that vary from country to country. If HP receives notice of such defects during the warranty period. 4. for the period specified above. 6. If HP receives notice of such defects during the warranty period. due to defects in material and workmanship when properly installed and used. so the above limitation or exclusion might not apply to you. Some countries. and Service 233 . (d) operation outside of the published environmental specifications for the product. interfacing. Warranty does not apply to defects resulting from (a) improper or inadequate maintenance or calibration. you will be entitled to a refund of the purchase price upon prompt return of the product. to repair or replace any product to a condition as warranted. 3. within a reasonable time. Replacement products may be either new or like-new. states or provinces do not allow limitations on the duration of an implied warranty. parts or supplies not supplied by HP. ANY IMPLIED WARRANTY OR CONDITION OF MERCHANTABILITY. 5. Warranty period: 12 months 1. or (e) improper site preparation or maintenance. 2. state to state. If HP is unable. HP does not warrant that the operation of HP products will be uninterrupted or error free. HP warrants to you. HP MAKES NO OTHER EXPRESS WARRANTY OR CONDITION WHETHER WRITTEN OR ORAL. Memory. accessories and supplies will be free from defects in materials and workmanship after the date of purchase. A: Assistance. at its option. (c) unauthorized modification or misuse. Batteries. HP will replace software media which does not execute its programming instructions due to such defects. TO THE EXTENT ALLOWED BY LOCAL LAW. HP products may contain remanufactured parts equivalent to new in performance or may have been subject to incidental use. the end-user customer. HP will. SATISFACTORY QUALITY.Warranty hp 17bII+ Financial Calculator. that HP hardware. OR FITNESS FOR A PARTICULAR PURPOSE IS LIMITED TO THE DURATION OF THE EXPRESS WARRANTY SET FORTH ABOVE. either repair or replace products which prove to be defective. for the period specified above.

INCIDENTAL.HP shall not be liable for technical or editorial errors or omissions contained herein. Batteries. IN NO EVENT WILL HP OR ITS SUPPLIERS BE LIABLE FOR LOSS OF DATA OR FOR DIRECT. 8. THE REMEDIES IN THIS WARRANTY STATEMENT ARE YOUR SOLE AND EXCLUSIVE REMEDIES. DO NOT EXCLUDE. TO THE EXTENT ALLOWED BY LOCAL LAW. SPECIAL. TORT. FOR CONSUMER TRANSACTIONS IN AUSTRALIA AND NEW ZEALAND: THE WARRANTY TERMS CONTAINED IN THIS STATEMENT. EXCEPT AS INDICATED ABOVE. Customer Support AP Country : Australia China Hong Kong Indonesia Japan Malaysia New Zealand Philippines Singapore South Korea Taiwan Thailand Vietnam Telephone numbers 1300-551-664 or 03-9841-5211 010-68002397 2805-2563 +65 6100 6682 +852 2805-2563 +65 6100 6682 09-574-2700 +65 6100 6682 6100 6682 2-561-2700 +852 2805-2563 +65 6100 6682 +65 6100 6682 234 A: Assistance.7. Some countries. CONSEQUENTIAL (INCLUDING LOST PROFIT OR DATA). OR OTHER DAMAGE. and Service . WHETHER BASED IN CONTRACT. States or provinces do not allow the exclusion or limitation of incidental or consequential damages. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services . Nothing herein should be construed as constituting an additional warranty. OR OTHERWISE. RESTRICT OR MODIFY AND ARE IN ADDITION TO THE MANDATORY STATUTORY RIGHTS APPLICABLE TO THE SALE OF THIS PRODUCT TO YOU. EXCEPT TO THE EXTENT LAWFULLY PERMITTED. so the above limitation or exclusion may not apply to you. Memory.

EMEA Country : Austria Belgium Belgium Czech Republic Denmark Finland France Germany Greece Netherlands Ireland Italy Luxembourg Norway Portugal Russia South Africa Spain Sweden Switzerland Switzerland Switzerland United Kingdom Telephone numbers 01 360 277 1203 02 620 00 86 02 620 00 85 296 335 612 82 33 28 44 09 8171 0281 01 4993 9006 069 9530 7103 210 969 6421 020 654 5301 01 605 0356 02 754 19 782 2730 2146 23500027 021 318 0093 495 228 3050 0800980410 913753382 08 5199 2065 022 827 8780 (French) 01 439 5358 (German) 022 567 5308 (Italian) 0207 458 0161 LA Country : Anguila Antigua Argentina Aruba Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Cayman Island Telephone numbers 1-800-711-2884 1-800-711-2884 0-800. and Service 235 . Batteries. Memory.555-5000 800-8000 ♦ 800-711-2884 1-800-711-2884 1-800-711-2884 1-800-711-2884 800-100-193 0-800-709-7751 1-800-711-2884 1-800-711-2884 A: Assistance.

Marteen Suriname Trinidad & Tobago Turks & Caicos US Virgin Islands Uruguay Venezuela 001-800-872-2881 + 800-711-2884 800-360-999 01-8000-51-4746-8368 (01-8000-51.Curacao Chile Colombia Costa Rica Dominica Dominican Republic Ecuador El Salvador French Antilles French Guiana Grenada Guadelupe Guatemala Guyana Haiti Honduras Jamaica Martinica Mexico Montserrat Netherland Antilles Nicaragua Panama Paraguay Peru Puerto Rico St. and Service . Lucia St Vincent St.HP INVENT) 0-800-011-0524 1-800-711-2884 1-800-711-2884 1-999-119 ♦ 800-711-2884 (Andinatel) 1-800-225-528 ♦ 800-711-2884 (Pacifitel) 800-6160 0-800-990-011♦ 800-711-2884 0-800-990-011♦ 800-711-2884 1-800-711-2884 0-800-990-011♦ 800-711-2884 1-800-999-5105 159 ♦ 800-711-2884 183 ♦ 800-711-2884 800-0-123 ♦ 800-711-2884 1-800-711-2884 0-800-990-011 ♦ 877-219-8671 01-800-474-68368 (800 HP INVENT) 1-800-711-2884 001-800-872-2881 ♦ 800-711-2884 1-800-0164 ♦ 800-711-2884 001-800-711-2884 (009) 800-541-0006 0-800-10111 1-877 232 0589 1-800-478-4602 01-800-711-2884 1-800-711-2884 1-800-711-2884 156 ♦ 800-711-2884 1-800-711-2884 01-800-711-2884 1-800-711-2884 0004-054-177 0-800-474-68368 (0-800 HP INVENT) 236 A: Assistance. Kitts & Nevis St. Memory. Batteries.

Regulatory information Federal Communications Commission Notice This equipment has been tested and found to comply with the limits for a Class B digital device. However. Memory.hp. If this equipment does cause harmful interference to radio or television reception. Declaration of Conformity for Products Marked with FCC Logo. including interference that may cause undesired operation. the user is encouraged to try to correct the interference by one or more of the following measures: • Reorient or relocate the receiving antenna. and can radiate radio frequency energy and. there is no guarantee that interference will not occur in a particular installation. These limits are designed to provide reasonable protection against harmful interference in a residential installation. • Increase the separation between the equipment and the receiver. which can be determined by turning the equipment off and on. Modifications The FCC requires the user to be notified that any changes or modifications made to this device that are not expressly approved by Hewlett-Packard Company may void the user’s authority to operate the equipment. and Service 237 . pursuant to Part 15 of the FCC Rules. • Connect the equipment into an outlet on a circuit different from that to which the receiver is connected. uses. Operation is subject to the following two conditions: (1) this device may not cause harmful interference. if not installed and used in accordance with the instructions. may cause harmful interference to radio communications.NA Country : Canada USA Telephone numbers 800-HP-INVENT 800-HP INVENT Please logon to http://www.com for the latest service and support information. United States Only This device complies with Part 15 of the FCC Rules. A: Assistance. • Consult the dealer or an experienced radio or television technician for help. Batteries. and (2) this device must accept any interference received. This equipment generates.

71034 Boeblingen. Batteries.If you have questions about the product that are not related to this declaration. European Union Regulatory Notice This product complies with the following EU Directives: • Low Voltage Directive 2006/95/EEC • EMC Directive 2004/108/EEC Compliance with these directives implies conformity to applicable harmonized European standards (European Norms) which are listed on the EU Declaration of Conformity issued by Hewlett-Packard for this product or product family. Germany 238 A: Assistance. TX 77269-2000 or call HP at 281-514-3333 To identify your product. Memory. *Notified body number (used only if applicable refer to the product label) Hewlett-Packard GmbH. O. Herrenberger Strasse 140. Canadian Notice This Class B digital apparatus meets all requirements of the Canadian Interference-Causing Equipment Regulations. write to Hewlett-Packard Company P. Avis Canadien Cet appareil numérique de la classe B respecte toutes les exigences du Règlement sur le matériel brouilleur du Canada. This compliance is indicated by the following conformity marking placed on the product: xxxx * This marking is valid for non-Telecom products This marking is valid for EU non-harmonized and EU harmonized Telecom products (e. refer to the part. Box 692000. series. O. Box 692000. Mail Stop 530113 Houston. HQ-TRE. Bluetooth). write to Hewlett-Packard Company P.g. Mail Stop 510101 Houston. TX 77269-2000 For questions regarding this FCC declaration. Telecom products . and Service . or model number located on the product.

Memory. and Service 239 . it is your responsibility to dispose of your waste equipment by handing it over to a designated collection point for the recycling of waste electrical and electronic equipment. For more information about where you can drop off your waste equipment for recycling. Noise Declaration In the operator position under normal operation (per ISO 7779): LpA < 70dB. your household waste disposal service or the shop where you purchased the product.special handling may apply This calculator’s battery may contain perchlorate and may require special handling when recycled or disposed in California. A: Assistance. Perchlorate Material -. Batteries. Instead.Japanese Notice Disposal of Waste Equipment by Users in Private Household in the European Union This symbol on the product or on its packaging indicates that this product must not be disposed of with your other household waste. The separate collection and recycling of your waste equipment at the time of disposal will help to conserve natural resources and ensure that it is recycled in a manner that protects human health and the environment. please contact your local city office.

B More About Calculations IRR% Calculations The calculator determines IRR% for a set of cash flows using mathematical formulas that “search” for the answer. the calculator finds the desired answer. There might also be additional negative answers. This is the only positive answer. Case 2: The calculator finds a negative answer but a single positive solution also exists. calculating IRR% for certain sets of cash flows is more complex. It displays: To see the negative answer. the calculator displays a message to help you interpret what has happened. However. Case 1: The calculator displays a positive answer. press <. Case 3: The calculator displays a negative answer and no message. In these cases. (Refer to “Storing a Guess for IRR%”. There may be more than one mathematical solution to the problem. 240 B: More About Calculations . The process finds a solution by estimating an answer and then using that estimate to do another calculation—in mathematical terms. below). you must input a guess. this is called an iterative process. However. Possible Outcomes of Calculating IRR% These are the possible outcomes of an IRR% calculation for which you have not stored a guess. In most cases. or there may be no solution. one or more negative answers may exist. To search for that positive answer. since there is usually only one solution to the calculation.

You can resume the calculation by: Pressing s while the current estimate is displayed in the calculator line. no (other) solutions will be found. The calculator then displays the current estimate for IRR%. You can halt the calculation at any time by pressing any key. It might involve more than one positive or negative answer. You can enter a guess for IRR% at these times: Before beginning the calculation. Storing a Guess for IRR% To enter a guess. however. discussed below. However. Case 4: The calculator displays the message: The calculation is very complex. The calculation halts when the calculator finds an answer. or there may be no solution. This continues the calculation from where it left off.This is the only answer. This situation might be the result of an error. there B: More About Calculations 241 . Storing a guess for IRR%. This can reduce the time required to calculate an answer. the calculator displays the current estimate of IRR% and the calculated value of NPV for each iteration. key in an estimate of IRR% and then press s . After you’ve halted the calculation. A common mistake is to put the wrong sign for a cash flow. Case 5: The calculator displays: There is no answer. Halting and Restarting the IRR% Calculation The search for IRR% may take a relatively long time. After the calculator has halted the calculation due to any of the above cases. For cases 3 and 5. you must store a guess. A valid cash flow series must have at least one positive and one negative cash flow. When calculating IRR% using a guess. To continue the calculation. such as a mistake in keying in the cash flows.

To find a good estimate for IRR%. Solver Calculations As noted in chapter12. To use all the calculating power included in the Solver. pressing causes the Solver to internally rearrange the equation algebraically to solve for COST (COST is the unknown): COST = PRICE - PROFIT Answers calculated this way are called direct solutions. the best estimate of IRR% is the interest rate that yields the value for NPV closest to zero. or no true solution at all. Since IRR% is the interest rate at which NPV equals zero. For example. Isolating a variable involves rearranging the equation so that the unknown variable is by itself on the left-hand side of the equation. press to calculate NPV for that value. it would help to understand. Choose as your guess for IRR% a value of I% that produces an NPV close to zero. and look for trends in the results. suppose you enter the equation: PROFIT = PRICE-COST If you’ve stored values for PROFIT and PRICE. in a general way. Direct Solutions When you start a calculation (by pressing a menu key).may be additional positive or negative answers. depending on the complexity of the equation: direct and iterative (an indirect). Repeat the calculation of NPV for several values of I%. You can continue searching for other solutions by halting the calculation and entering a different guess. the Solver uses two methods to find solutions. how it works. the Solver first tries to find a direct solution by “isolating” the variable you are solving for (the unknown). key in a guess for IRR% and press Then. 242 B: More About Calculations . One way to obtain a good guess for IRR% is to calculate NPV for various interest rates (I%).

but an answer cannot be calculated with the values stored. (2) The unknown variable can appear twice within an IF function: once in the then clause and once in the else clause. DATE. The only operators involving the unknown variable are+.† The unknown variable does not appear as an exponent. For example. the unknown can be isolated.-. SQ.x. The Solver can isolate the unknown variable if the equation meets these conditions: The unknown variable occurs only once in the equation. However. even power (for example. DDAYS (actual calendar only). † The Solver’s ability to find a solution iteratively can often be enhanced by rewriting the equation so that the unknown variable does not appear as a divisor. ÷ . the Solver rearranges the equation to: L=AREA÷W in order to calculate L. and ^ (power). the Solver cannot find an answer because division by zero is not allowed. if you enter the value zero for W. and SQRT. For example. LN.* The only functions in which the unknown variable appears are ALOG. LOG. INV. B: More About Calculations 243 . S. the Solver may more easily solve for A if the equation 1 ÷(A ^ 2–A)=B is rewritten as (A ^ 2–A) ×B=1. However. if the Solver can isolate the variable. there may be more than one solution. IF (in then and else clauses only). EXPM1. *Exceptions: (1) Occurrences of the unknown variable as the argument of the S function are ignored. Then the calculator displays: For example. it will find one of the solutions using the positive root. LNP1. EXP. if you enter an equation: AREA=LxW and then enter values for AREA and W. the Solver rearranges A ^ 2 =4 to A= 4 and calculates the answer+2.For certain equations. If you are solving for a variable raised to a positive. A ^ 2=4).

To do this. which we’ll call estimate #1 and estimate #2. as shown. Using estimate #1. the Solver can distinguish between situations where the current estimate could be a solution.Iterative Solutions If the Solver is not able to isolate the unknown variable. the Solver narrows in on the answer. If neither estimate produces a value of zero for LEFT-RIGHT. For example. the Solver starts with two initial estimates of the answer. By repeating this process many times. it cannot provide a direct solution. the Solver analyzes the results and produces two new estimates that it judges to be closer to the answer. and situations where no solution is found. * The Solver’s ability to find a solution iteratively can often be enhanced by rewriting the equation so that the unknown variable does not appear as a divisor. the Solver calculates values for the left and right side of the equation (LEFT and RIGHT) and calculates LEFT minus RIGHT (LEFT-RIGHT). the Solver looks for a value that sets the left side of the equation equal to the right side. sometimes the Solver will be unable to find an estimate where LEFT-RIGHT is exactly zero. the Solver may more easily solve for A if the equation 1 ÷(A ^ 2-A)=B is rewritten as (A ^ 2-A)×B=1. 244 B: More About Calculations . Sign of LEFT-RIGHT for each estimate Since calculators cannot do calculations with infinite precision (the hp17bII+ uses 12 digits in its calculations).* In its iterative search for a solution. However. Then. the calculator displays the two current estimates and the sign of (LEFT-RIGHT) for each estimate. the Solver does the same calculations for estimate #2. During this search. the Solver searches iteratively for a solution. In these cases.

the calculator displays the values of LEFT and RIGHT. If the answer does not seem reasonable. The equation could have more than one iterative solution. If you want to know whether LEFT-RIGHT is exactly zero. Case 1b: is not exactly 0. (You can halt the search at any time by pressing any key except @ ) There are four possible outcomes: Case 1: The calculator displays an answer. (Numbers that are as close together as possible are called neighbors. LEFT-RIGHT is a positive value for one estimate and a negative value for the other estimate. There are two situations in which the Solver returns a case 1 answer: Case la: LEFT-RIGHT is exactly zero.The iterative search for a solution sometimes takes several minutes. Case 1a: is exactly 0. press the menu key for the unknown variable. enter one or two guesses and B: More About Calculations 245 . Case lb: LEFT-RIGHT is not zero for either estimate. the Solver has found two estimates that cannot get any closer together. This is very likely the true solution for the unknown variable.) Furthermore. The two estimates are "neighbors". If LEFT-RIGHT is not equal to zero. However. and are relatively close together.

Case 2: The calculator displays the values of LEFT and RIGHT. Otherwise. If LEFT and RIGHT are relatively close together. and the two estimates are not neighbors. the answer is probably a solution. If LEFT and RIGHT are relatively close to one another in value. the Solver is displaying the final estimates and the signs of LEFT-RIGHT for each estimate. If the values of LEFT and RIGHT are not relatively close to one another. Be very cautious about accepting the answer. This information can be helpful: Case 2a: If the signs of LEFT-RIGHT are opposite. You might want to enter one or two guesses and restart the search. press and hold down the menu key for the unknown variable until the numbers in the display stop changing. Case 2b: If the signs of LEFT-RIGHT are opposite. the Solver found two estimates that “bracket” an ideal solution (a solution where LEFT-RIGHT equals zero). the result is probably not a true solution. 246 B: More About Calculations . If you want to obtain additional information about the answer. the Solver has halted because it could find no estimates that further reduced the magnitude of LEFT-RIGHT. Case 2c: If LEFT-RIGHT for the two estimates have the same sign. If the result seems unreasonable. and the two estimates are as close together as two 12-digit numbers can get (neighbors). the result is probably a true solution. If LEFT and RIGHT are relatively close together. be very cautious about accepting the answer as a solution. you should reject the answer.restart the search. press < or C. To see the calculator’s result. the answer is probably a solution. At this point. it could be because the equation has more than one solution. which are unequal.

You might find a solution by B: More About Calculations 247 .Case 2a: have opposite signs. Case 2b: have opposite signs. Case 2c: have the same sign. The two estimates are "neighbors". The two estimates are far apart.. Case 3: The calculator displays: The Solver is unable to begin its iterative search for a solution using the current initial estimates (guesses).

expressed as a percentage. i%=periodic interest rate. The closer you can estimate the answer.) SPFV (i % : n) = ⎜1 + ⎛ ⎝ ⎟ 100 ⎠ i% ⎞ n Uniform Series Present Value Function (Present value of a $1. Check your equation to make sure you have made no errors in entering it. you might be able to find a solution by entering very good guesses. Single Payment Present Value Function (Present value of a single $1.00 payment made after n periods.) i% ⎞ ⎛ 1 -   +   ⎟ ⎜1 100 ⎠ ⎝ USPV (i % : n) = i% 100     -n Uniform Series Future Value Function (Future value of a $1.entering different estimates.00 payment.) i% ⎞ ⎛ +  SPPV (i % : n) = ⎜1  ⎟ 100 ⎝ ⎠ -n Single Payment Future Value Function (Future value after n periods of a single $1.) 248 B: More About Calculations . If your equation and variables are correct. Equations Used by Built-in Menus Actuarial Functions n=number of compounding periods. Case 4: The calculator displays: The Solver is unable to find a solution.00 payment that occurs n times. Also check the value of each known variable.00 payment that occurs n times. the more likely that the Solver will find a solution.

i% ⎞ ⎛ 1 ⎜ 1 +  ⎟ -  100 ⎠ USFV (i % : n) = ⎝ i% 100     n Percentage Calculations in Business (BUS) ⎛ NEW - OLD ⎞ %CHANGE = ⎜ ⎟ × 100 OLD ⎝ ⎠ ⎛ PART ⎞ %TOTAL = ⎜ ⎟ × 100 ⎝ TOTAL ⎠ ⎛ PRICE - COST ⎞ MARKUP %C = ⎜ ⎟ × 100 COST ⎝ ⎠ ⎛ PRICE - COST ⎞ MARKUP %P = ⎜ ⎟ × 100 PRICE ⎝ ⎠ Time Value of Money (TVM) S = payment mode factor (0 for End mode. PMT is initially PMT rounded to the current display setting. i = For each payment amortized: I %YR P / YR × 100 B: More About Calculations 249 . 1 for Begin mode). i% = I%YR P/YR i% × S ⎞ ⎛ 0 = PV + ⎜1 + ⎟ × PMT × USPV (i % : n) + FV × SPPV(i% : n) 100 ⎠ ⎝ Amortization ∑INT=accumulated interest ∑PRIN=accumulated principal i=periodic interest rate BAL is initially PV rounded to the current display setting.

CFj = amount of the cash flow for group j. INT’ = 0 for period 0 in Begin mode) INT = INT’ (with sign of PMT ) PRIN = PMT + INT’ PRIN = PMT + INT’ BALnew = BALold + PRIN ∑INTnew = ∑INT old + INT ∑PRINnew = ∑PRIN old + PRIN Interest Rate Conversions Periodic compounding ⎢⎝ ⎣ Continuous compounding ⎡⎛ ⎤ NOM% ⎞ ⎟ − 1⎥ × 100 100 × P ⎠ ⎥ ⎦ P EFF % = ⎢⎜1 + EFF % = ⎜ e ⎝ ⎛ NOM % 100 ⎞ − 1⎟ × 100 ⎠ Cash-Flow Calculations j = the group number of the cash flow. k = the group number of the last group of cash flows. Nj = 1≤ l <j ∑ nl = total number of cash flows prior to group j k NPV = CF0 + ∑ (CFj x USPV (i % : nj ) x SPPV (i % : Nj )) j =1 When NPV = 0. the solution for i% is IRR%. 250 B: More About Calculations .INT’ = BAL x i (INT’ is rounded to the current display setting. nj = #TIMES the cash flow occurs for group j.

2 = semiannual). M=coupon periods per year ( 1 = annual. E=number of days in coupon period bracketing settlement date. Jr. the number of days from beginning of coupon period to settlement date. YLD% / 100. New York.NFV = NPV × SPFV (i % : N ) where N = ∑ nj j =1 k NPV NUS = USPV (i % : N ) TOTAL = ∑ (nj × CFj ) j =0 k Bond Calculations Reference: Lynch. Standard Securities Calculation Methods. For one or fewer coupon period to redemption: ⎡ CPN % ⎤ ⎢ CALL + ⎥ A CPN % ⎞ M ⎥ -⎛ × PRICE = ⎢ ⎜ Y ⎞⎥ E M ⎟ ⎛ DSC ⎢1 + ⎝ ⎠ × ⎜ ⎟⎥ ⎢ M ⎠⎦ ⎝ E ⎣ For more than one coupon period to redemption: B: More About Calculations 251 . By convention. E is 180 (or 360) if calendar basis is 30/360. N=number of coupon periods between settlement and redemption dates. A=accrued days. and Jan H. Y=annual yield as a decimal fraction. Securities Industry Association. 1986. then round it to the next higher whole number.. Mayle. (DSC= E-A). DSC=number of days from settlement date to next coupon date. If N has a fractional part (settlement not on coupon date). John J.

If the maturity date of a semiannual bond falls on August 29 or 30. YR#: ACRS = SL = × BASIS 100 BASIS − SALV ACRS % LIFE BASIS − SALV SOYD = × (LIFE − YR # + 1) (LIFE + 1) LIFE × 2 DB = BASIS × FACT % /100 ⎛ (FACT % /100) ⎞ × ⎜1 − ⎟ LIFE LIFE ⎝ ⎠ (YR # − 1) 252 B: More About Calculations . a semiannual bond that matures on September 30 will have coupon payment dates on March 31 and September 30. and ACCRU. Depreciation Calculations For the given year. or 29 in leap years). then the coupon payments will also fall on the last day of the month. PRICE. (This affects calculations for YLD%. For example.) If the maturity date falls on the last day of the month. then the February coupon payment dates will fall on the last day of February (28.⎡ ⎢ CALL ⎢ PRICE = ⎢ N −1+ ⎢⎛ Y ⎞ 1+ ⎢⎜ M⎟ ⎠ ⎣⎝ ⎡ CPN % ⎢ ⎢N M + ⎢∑ K −1+ Y ⎞ ⎢ K =1 ⎛ 1+ ⎟ ⎢ ⎜ M⎠ ⎣ ⎝ DSC E ⎤ ⎥ ⎥ ⎥ ⎥ ⎥ ⎦ DSC E ⎤ ⎥ CPN % ⎞ ⎥ ⎛A ⎥ − ⎜E × M ⎟ ⎝ ⎠ ⎥ ⎥ ⎦ The “end-of-month” convention is used to determine coupon dates in the following exceptional situations.

x’=an element of the sorted list. RANGE = MAX - MIN Forecasting Model LIN EXP LOG PWR y y y y = = = = B + Mx BeMx B + M ln x BxM Transformation y = B + Mx In y = ln B + Mx y = B + M ln x ln y = ln B + M ln x Xi xi xi ln xi ln xi Yi yi ln yi yi ln yi B: More About Calculations 253 .For the last year of depreciation. DB equals the remaining depreciable value for the prior year. Sum and Statistics n=number of items in the list.

Let: n SX 2 = Σ ( X i − X )2 X = ΣX i n SX 2 = Σ (Yi − Y )2 Y = ΣYi Then: SXY = Σ ( X i − X ) (Yi − Y ) SXY M = SX 2 B = b for LIN and LOG models. and B = eb for EXP and PWR models. where b = Y − M X CORR = SXY SX 2 × SY 2 Equations Used in Chapter 14 Canadian Mortgages PV = − PMT ⎢ where: ⎡1 − (1 + r )−N ⎤ −N ⎥ − FV (1 + r ) r ⎣ ⎦ 1 ⎡⎛ ⎤ CI %YR ⎞ 6 r = ⎢⎜ 1 + ⎟ − 1⎥ 200 ⎠ ⎢⎝ ⎥ ⎣ ⎦ N CI%YR PV PMT FV = = = = = total number of monthly payments annual interest rate (as a percent) loan amount monthly payment balloon payment 254 B: More About Calculations .

Odd-Period Calculations PV ⎢1 + i × ⎡ ⎣ DAYS ⎤ = 30 ⎥ ⎦ ⎡1 − (1 + i )−N ⎤ −N − (1 + i × S ) × PMT × ⎢ ⎥ − FV (1 + i ) i ⎣ ⎦ Where: PV = loan amount i = periodic interest rate as a decimal DAYS = actual number of days until the first payment PMT = periodic payment amount N = total number of payments FV = balloon payment amount S = 1 if DAYS < 30 S = 0 if DAYS ≥ 30 Advance Payments PMT = ⎡1 ⎢ ⎣ − PV − FV (1 + i )−N ⎤ − (1 + i )− (N − # ADV ) + # ADV ⎥ i ⎦ where: PMT PV FV i N #ADV = = = = = = payment amount loan amount balloon payment amount periodic interest rate (as a decimal) total number of payments number of payments made in advance Modified Internal Rate of Return MIRR = 100 ⎢⎜ where: ⎡⎛ NFV ⎞1 n ⎤ P ⎟ − 1⎥ ⎢⎝ − NPVN ⎠ ⎥ ⎣ ⎦ n = total number of compounding periods NFVP = net future value of positive cash flows NPVN = net present value of negative cash flows B: More About Calculations 255 .

cannot be used to store values. Variable used to calculate or display values. There is a map for each menu label in the MAIN menu and for each menu found on the keyboard.C Menu Maps The following maps show how to display each of the menus. cannot be used to calculate values. BUS Menu 256 C: Menu Maps . BUS %CHG %TOTL MU%C MU%P OLD NEW %CH COST PRICE M%C TOTAL PART %T COST PRICE M%P Figure C-1. The menu labels for variables are enclosed in boxes to illustrate how they are used: Variable used to store and calculate values. Variable used to store values.

CURRX Menu C: Menu Maps 257 .RCL SELCT Currencies Figure C-2.STO C.CURRX CURR1 CURR2 RATE C.

FIN TVM ICNV CFLO NOM% EFF% P NOM% EFF% CALC INSR DELET NAME GET *NEW Names of Lists TOTAL IRR% I% NPV NUS NFV N I%YR PV PMT FV OTHER P/YR BEG END AMRT #P INT PRIN BAL NEXT TABLE FIRST LAST INCR GO Figure C-3. FIN Menu 258 C: Menu Maps .

FIN Menu C: Menu Maps 259 .FIN BOND DEPRC BASIS SALV LIFE ACRS MORE YR# DB SOYD SL MORE TYPE SETT MAT MORE YLD% PRICE 360 A/A SEMI ANN Figure C-3 (continued).

260 C: Menu Maps .SUM CALC INSR DELET NAME GET TOTAL ALPHA-Edit menu* ALPHA menu* Names of lists TOTAL MEAN MEDN RANG MORE MIN MAX SORT FRCST MORE * (Select x and y) x-list y-list CORR M B MORE MODL W.SD SIZE MORE LIN LOG EXP PWR MORE Figure C-4.MN G. see pages 30-31. SUM Menu * For the complete menu.

. TIME A/PM MSG RPT HELP MIN A/PM M/D 12/24 HELP DATE1 DAYS 360D 365D Figure C-5... TIME Menu * * For the complete menu. C: Menu Maps 261 .TIME CALC APPT SET APT1 APT2 .MORE .. see pages 30-31.

and PRINTER Menus * For the complete menu. MATH.SOLVE CALC EDIT NEW ALPHA menu* * ALPHA-Edit menu* Figure C-6. SOLVE Menu DISP FIX ALL MATH . MODES. LOG LN EXP N! PI MODES BEEP PRNT DBL ALG RPN INTL PRINTER LIST STK REGS TIME MSG TRACE Figure C-7. DSP. see pages 30-31. . 262 C: Menu Maps .

the examples and keystrokes in this manual are written entirely using Algebraic (ALG) mode. “Getting Started. HP’s RPN operating logic is based on an unambiguous. parentheses-free mathematical logic known as “Polish Notation. D: RPN: Summary 263 .” It assumes that you already understand calculator operation as covered in chapter 1. For optimal efficiency of the stack. and F) are especially for those of you who want to use or learn RPN—Hewlett-Packard’s original Reverse Polish Notation for operating calculators. Except for the RPN appendixes. RPN functions. we have modified that notation to specify the operators after the numbers. About RPN on the HP 17bII+ This appendix replaces much of chapter 2.D RPN: Summary About RPN The RPN appendixes (D. RPN arithmetic. “Arithmetic.” developed by the Polish logician Jan Łukasiewicz (1878 - 1956). including percentages and s and R arithmetic. E. Hence the term Reverse Polish Notation. While conventional algebraic notation places the operators between the relevant numbers or variables. Łukasiewicz’s notation places them before the numbers or variables.” Only those features unique to RPN mode are summarized here: RPN mode. This calculator can use either RPN or algebraic logic for calculations—you choose which. or RPN.

“RPN: The Stack. This mode determines the operating logic used for arithmetic calculations. including the Solver. see appendix E. The calculator responds by displaying .All other operations-including the Solver-work the same in RPN and ALG modes. see appendix F.” Continue reading in chapter 2 to learn about the other functionality of your calculator. It identifies keystrokes that are shown in ALG mode and must be performed differently in RPN mode. work the same in RPN and ALG modes. The calculator displays 264 D: RPN: Summary .” For RPN keystrokes of selected examples from chapter 14. This mode remains until you change it. “RPN: Selected Examples. The display shows the X register from the stack.) For more information about how RPN works. v Watch for this symbol in the margin earlier in the manual. The mode affects only arithmetic calculations-all other operations. To select RPN mode: Press @> . (The Solver uses algebraic logic only. Appendixes D. E. . Setting RPN Mode The calculator operates in either RPN (Reverse Polish Notation) or ALG (Algebraic) mode. To select ALG mode: Press @> . and F explain how to use your calculator in RPN mode.

Rolls down stack contents. Rolls up stack contents.Where the RPN Functions Are Function Name ENTER LASTX R↓ R↑ X<>Y CHS Definition Enters and separates one number from the next. X-register exchanges with Y-register. Changes sign. Key to Use = @L ~ (same as () [ (except in lists) x (same as )) & D: RPN: Summary 265 . Recalls last number in X-register.

Simple Arithmetic Here are some examples of simple arithmetic. the I key also performs the E function and the ] key also performs the ~ function.) completes the calculation. Doing Calculations in RPN Arithmetic Topics Affected by RPN Mode This discussion of arithmetic using RPN replaces those parts of chapter 2 that are affected by RPN mode. Use ~ to roll through stack contents. scientific notation. One-number functions (such as v) work the same in ALG and RPN modes. etc. The percent function (%). /. numeric precision. See appendix E. or the range of numbers available on the calculator. The operator (+. 266 D: RPN: Summary . all of which are covered in chapter 2. In lists: [ and ] move through lists. -. u).Using INPUT for ENTER and ▼ for R↓. -. RPN mode does not affect the MATH menu. arithmetic done inside registers. Use = to enter numbers into the stack during arithmetic calculations. The LAST X function (@L). Except in CFLO and SUM lists. Notice that E separates numbers that you key in. In lists: I stores numbers. *. recalling and storing numbers. These operations are affected by RPN mode: Two-number arithmetic (+.

Combined with + or -. press @> . The % key calculates percentages without using the * key. it adds or subtracts percentages. only between keyed-in numbers. To Calculate: 123 12 1/3 Press: 12 E 3 @u 12 E 3 @t @u Display: (cube root) The Percent Function. To Calculate: 27% of 200 200 less 27% 12% greater than 25 Press: 200 E 27 % 200 E 27 %25 E 12 %+ Display: Compare these keystrokes in RPN and ALG modes: D: RPN: Summary 267 .To select RPN mode. To Calculate: 12 + 3 12 – 3 12 x 3 12 ÷ 3 122 12 Press: 12 E 3 + 12 E 3 12 E 3 * 12 E 3 / 12 @w 12 @v 12 @t Display: 1/12 You do not need to use E before an operator. The power function uses the @u keys. Key in both numbers (separated by E) before pressing the operator key. The Power Function (Exponentiation).

The RPN memory stack (refer to appendix E) stores intermediate results until you need them. Compare these keystrokes in RPN and ALG modes: RPN Mode Store-2 x 3 in register 5 Find PV-2 2Find PV less 2% Find PMT x N 2 &E 3 *s 5 ALG Mode 2 &* 3 =s 5 R R 2 %- R -2= R -2%= R *R = R R * Chain Calculations-No Parentheses! The speed and simplicity of calculating using RPN are apparent during chain calculations-longer calculations with more than one operation.RPN Mode 27% of 200 200 less 27% 200 E 27 % 200 E 27 %- ALG Mode 200 * 27 %= 200 .27 %= Calculations with STO and RCL The store (s) and recall (R) operations work identically in ALG and RPN modes (see “Storing and Recalling Numbers” and “Doing Arithmetic Inside Registers and Variables” in chapter 2). remember to use RPN. The keystrokes are the same for simple storing and recalling and for doing arithmetic inside registers and variables. then inserts them into the calculation. When doing arithmetic in the display with values from storage registers and variables. 268 D: RPN: Summary .

Keys: 12 E 3 + 7* Display: Description: Intermediate result.9 /* 3E4+5E6+* Display: {(456-75) ÷ 18.18.9) (3+4) x (5+6) D: RPN: Summary 269 . Pressing the function key produces the answer.5} x (68 ÷ 1. Now study these examples. it is saved automatically-without using parentheses.5 / 68 E 1. Notice that you don’t need to press E to save this intermediate result (15) before proceeding. To Calculate: (750 x 12) ÷ 360 360 ÷ (750 x 12) Press: 750 E 12 * 360 / 360 E 750 E 12 */ or 750 E 12 * 360 x/ 456 E 75 . Since it is a calculated result. For another example. Note the automatic storage and retrieval of intermediate results.The cube root example and the percentage addition example (previous topics) are two simple examples of chain calculations. calculate 7 x (12 + 3) Start the calculation inside the parentheses by finding 12 + 3.

The “oldest” number is the one in the T-(top) register. Z. The memory stack consists of up to four storage locations. Y.00 0. These registers - labeled X.00 0. 270 E: RPN: The Stack . and T - store and manipulate four current numbers.00 “Oldest” number Displayed (most “recent” number) The most “recent” number is in the X-register: This is the number you see in the display.00 0.E RPN: The Stack This appendix explains how calculations take place in the automatic memory stack and how this method minimizes keystrokes in complicated calculations. What the Stack Is Automatic storage of intermediate results is the reason that RPN mode easily processes complicated calculations-without using parentheses. T Z Y X 0. called registers. The key to automatic storage is the automatic RPN memory stack. It is a work area for calculations. which are “stacked” on top of each other.

4 (press 1 E 2 E 3 E 4). the value in the X-register rotates around into the T-register. located on the ) key. Suppose the stack is filled with 1. E: RPN: The Stack 271 . It swaps the contents of the X. except in a CFLO or SUM list. Exchanging the X. As you enter numbers. Variable Stack Size. the stack builds up again. the [ key rolls the contents of the stack upward.and Y-Registers in the Stack Another function that manipulates the stack contents is x(x exchange y). three. While in RPN mode you don’t need to press the shift key for ~. The calculator displays only the X-register. or four). Pressing ~ four times rolls the numbers all the way around and back to where they started: T Z Y X 1 2 3 4 4 1 2 3 4 1 2 3 4 1 2 3 ~ 3 ~ 2 ~ 1 ~ 4 When you press ~. Likewise. The ~ and [ functions roll through as many registers as currently exist (one. when ] affects the list and not the stack. 2. The ] key has the same effect as ~. except in lists. 3. Pressing x again restores the original order of the contents. one register at a time.and Y-registers without affecting the rest of the stack. while the registers themselves maintain their positions. While in RPN mode you don’t need to press the shift key for x. Clearing the stack by pressing @c reduces the stack to one register (X) with a zero in it. Rolling a Full Stack.Reviewing the Stack (Roll Down) The ~ (roll down) function (on the ( key) lets you review the entire contents of the stack by “rolling” the contents downward. Notice that the contents of the registers are rolled. two.

you do not need to clear the display before doing a new calculation. and as operators combine two numbers to produce one new number in the X-register (dropping the stack). 272 E: RPN: The Stack . Arithmetic-How the Stack Does It The contents of the stack move up and down automatically as new numbers enter the X-register (lifting the stack). and that number is lost. it pushes the top contents out of the T-register. lifts. it replicates the contents of the T-register and overwrites the X-register.) Notice that when the stack drops. Because of the automatic movement of the stack. an easy way to calculate 9 ÷ (13x8) is to press 13 E 8 * 9 x/. For example.The x function is used primarily to swap the order of numbers in a calculation. and drops its contents while calculating 3+4-9: a (lost) T Z Y X a b a a b a b 7 a a b 3 E 4 3 4 + 7 Drop 9 9 Lift - -2 Drop (a and b represent values already on the stack. When the stack lifts. This shows that the stack’s memory is limited to four numbers for calculations. Most functions (except E and C) prepare the stack to lift its contents when the next number enters the X-register. See how a full stack drops.

The annual sales of a small hardware company are projected to double each year for the next 3 years. key in the number and press E+. Key in the current sales in thousands (84). c. The replicating effect of E. how does it do this? Suppose the stack is filled with a. Now enter and add two new numbers: 5+6: a (lost) b (lost) c d 5 c d 5 c c d T Z Y X a b c d b c d 5 5 Lift E 5 Lift 6 6 No lift + 11 Drop E replicates the contents of the X-register into the Y-register. Cumulative Growth. In terms of the stack. allows you to fill the stack with a numeric constant for calculations. The effect is simply to separate two sequentially entered numbers. E: RPN: The Stack 273 . To add a number to itself. b. 2. The next number you key in (or recall) writes over (instead of lifting) the copy of the first number left in the X-register. Example: Constant. what are the annual sales for each of the next 3 years? 1. You can use the replicating feature of E to other advantages. If the current sales are $84. and d. together with the replicating effect (from T into Z) of stack drop. Fill the stack with the growth rate (2 EEE). Filling the Stack with a Constant.000.How ENTER Works You know that E separates two numbers keyed in one after the other. Using a Number Twice in a Row.

Clearing Numbers Clearing One Number.000. these keystrokes would correct it: 1 1 1 1 1 1 E 1 2 2 < 0 3 3 Clearing the Entire Stack. The next number you key in (or recall) writes over this zero. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 E 2 2 E E 2 84 84 * 168 * 336 * 672 Sales for the next 3 years are projected to be $168. 274 E: RPN: The Stack . There are two ways to clear the number in the X-register: Press <. The stack expands again when you enter more numbers. Pressing @c clears the X-register to zero and eliminates the Y-. Z-.000. $336.000. For example. Press C. Clearing the X-register puts a zero in it.3. Calculate future sales by pressing * for each of the next 3 years. if you wanted to enter 1 and 3 but mistakenly entered 1 and 2. and T-registers (reducing the size of the stack to one register). and $672.

39 E: RPN: The Stack 275 .00 Because of the automatic movement of the stack. Pressing @L returns this value to the X-register.74 + 52.T Z Y X a b c d @c 0. This ability to recall the “last x” value has two main uses: Correcting errors: retrieving a number that was in the X-register just before an incorrect calculation. so that the constant is the last number in the X-register. it is not necessary to clear the stack before starting a calculation. Reusing Numbers You can use @L to reuse a number (such as a constant) in a calculation. just before executing the arithmetic operation. Example: Calculate 96. The LAST X Register Retrieving Numbers from LAST X The LAST X register is a companion to the stack: It stores the number that had been in the X-register just before the last numeric operation (such as a * operation).39 52. pressing @c also clears the application’s variables. and therefore can be saved and retrieved with @L. Reusing a number in a calculation. Note that if an application menu is currently displayed. Remember to enter the constant second.

@L / Final result. You can calculate in the same order as you would with pencil and paper-that is. They reappear automatically as they are needed for the calculation-the last result stored is the first to come back out. and without using parentheses. saved in LAST X. Other features of RPN include the following: You never work with more than two numbers at a time.74 E 52. from the innermost parentheses outward: 4 ÷ [14+(7x3)-2]=0. Pressing an operator key executes that operation immediately. E separates two numbers keyed in sequentially.4 x/ 276 E: RPN: The Stack .39 + Display: Description: Intermediate result. Intermediate results are automatically stored. This is an advantage the RPN stack has over algebraic calculator logic. Chain Calculations The automatic lifting and dropping of the stack’s contents let you retain intermediate results without storing or reentering them.Keys: 96. Retrieves the number before the + operation. so you can check each step as you go. Intermediate results appear as they are calculated.12 can be solved as 7 E 3 * 14 + 2 .

7 E 3 @u-/@v Calculate: 8.2) ÷ [ (8.0.2 .4 × 0.8.15 E 2.71× 2.32 */ 3.Exercises Here are some extra problems that you can do to practice using RPN.5 x-/@v or 5.46) × 0.33 .4.5 E .3 * 1.7 E 3 @u 12.73 ) = 0.8 * .5.8 * 12.01) A Solution: 4 E 5.3 × (3.4 E .57 4.8) ÷ (12.71 E 2.75) .00 A Solution: 14 E 12 + 18 E 12 -* 9 E 7 -/ Calculate: 232 – (13 x 9) + 1/7=412.(1.01 *-/@v E: RPN: The Stack 277 .75 .5.15 ..4 E .33 × (4 .60 5.14 A Solution: 23 @w 13 E 9 *.2.46 .33 *@L 7.7.32] = 4. Calculate: (14 + 12) x (18 – 12) ÷ (9 – 7)=78.7 @t + Calculate: A Solution: (5.

and what is the total amount owed? Keys: 450 E 7 % 60 * 365 / 450 + Display: Description: Annual interest. You lend her the money at 7% simple annual interest. Since the payment amount is not given. Actual interest for 60 days.000) and interest rate (I%YR = 11½%). what APR is the borrower paying? 1. (One point is equal to 1% of the mortgage amount. Adds principal to get total debt. calculate it (PMT) first. Example: APR for a Loan with Fees.000 for 30 years and the interest rate is 11½% annually with monthly payments. to be calculated on a 365-day basis.) If the mortgage amount is $60. How much interest will she owe you in 60 days. Use the given mortgage amount (PV = $60.F RPN: Selected Examples The following examples selected from chapter 14 (“Additional Examples”) have been converted to RPN keystrokes. and in a CFLO list. use the PMT calculated in step 1 and 278 F: RPN: Selected Examples . To find the APR (the new I%YR). with R. Example: Simple Interest at an Annual Rate. A borrower is charged two points for the issuance of a mortgage. Your good friend needs a loan to start her latest enterprise and has requested that you lend her $450 for 60 days. These examples illustrate how to convert algebraic to RPN keystrokes in less common situations: with %. 2.

while the PV is the loan amount minus the points. Keys: Display: Description: If necessary.) When calculating the I%YR. R 2 %- Stores actual amount of money received by borrower into PV.000.000. you must calculate the monthly PMT = (loan x 12%) ÷ 12 mos.000. Example: Loan from the Lender’s Point of View. What is the yield to the lender? Assume that monthly payments of interest are made. A $1. Stores interest rate and amount of loan. or $1. Calculates APR. so future value is zero. 12% (annual interest) interest-only loan has an origination fee of 3 points. (Before figuring the yield.adjust the mortgage amount to reflect the points paid (PV = $60. Figures and stores number of payments. F: RPN: Selected Examples 279 . sets 12 payments per year and @c e 30 @ 11. All other values remain the same (term is 30 years. the FV (a balloon payment) is the entire loan amount. Borrower’s monthly payment. No balloon payment. no future value).000 10-year.5 60000 0 End mode.000 -2%).

Keys: Display: Description: If necessary. compounded monthly. then stores. Remember to press the = key for E while working in a list. monthly payment. She will need $15. The fund earns 9% annually. Calculates APR—the yield to lender. amount borrowed (total points). Calculates.000. How much should you deposit each month to meet her educational expenses? See figures 14-1 and 14-2 (chapter 14) for the cash-flow diagrams.000. Stores total number of payments. Calculates. not perform an ENTER. (Pressing I will add data to the list.) 280 F: RPN: Selected Examples . starting at the end of the current month.000 at the beginning of each year for four years. Stores entire loan amount as balloon payment. sets 12 payments per year and @c e 10 @ 1000000 E 12 % 12 / 1000000 3%-& End mode. Calculates annual interest on $1. then stores. You plan to make monthly deposits. Your daughter will be going to college in 12 years and you are starting a fund for her education. Example: Savings for College.

Step 1: Set up a CFLO list. Keys: 0I 0I Display: Description: Sets initial cash flow. Stores second withdrawal. I 0I 11 I 15000 II Stores cash flows of zero . for sophomore year. 12 E 12 * 1 - I For E. 15000 I Stores amount of first withdrawal.. @c or Clears current list or gets a new one. Stores 143 (for 11 years. . 11 months) in #TIMES(1) for FLOW(1).. Stores zero in FLOW(1) and prompts for the number of times it occurs. not I.. for the next 11 months. at end of 12th year. press =. FLOW(0).. to zero. F: RPN: Selected Examples 281 .Keys: Display: Description: Displays current cash-flow list and CFLO menu keys.

1) If you invest $2.175%. how much will you have at retirement? 2) How much will you have paid into the IRA? 3) How much interest will you have earned? 4) If your post-retirement tax rate is 15%. Calculates the net present value of the monthly deposits.0 I 11 I 15000 II 0 I 11 I 15000 II Stores cash flows of zero for the next 11 months. Amount of monthly deposit needed to meet planned withdrawals. Example: Tax-Free Account. gets CALC menu. Done entering cash flows. Stores cash flows of zero for the next 11 months. for junior year. Stores third withdrawal. Stores fourth withdrawal. for senior year. what is the 282 F: RPN: Selected Examples . Consider opening an IRA account with a dividend rate of 8. e Step 2: Calculate NUS for the monthly deposit. Keys: 9 E 12 / Display: Description: Figures the periodic (monthly) interest rate and stores it in I%. which is the same as the NPV of the four future withdrawals. Then calculate net present value.000 at the beginning of each year for 35 years.

R * R 15 % R Calculates total amount paid into IRA by retirement. Subtracts taxes from total FV to calculate after-tax FV. 5) What is the purchasing power of that amount. Calculates amount in account at retirement. assuming an 8% annual inflation rate? Keys: 1 Display: Description: Sets 1 payment per year and Begin mode. &R + F: RPN: Selected Examples 283 . in today’s dollars. 8. Taxes at 15% of interest.after-tax future value of the account? Assume only the interest will be taxed (the principal was taxed before deposit). Present value of account (before first payment). Stores after-tax future value in FV. + Calculates interest you will earn. Annual payment (deposit).175 0 2000 & Stores dividend rate. e 35 Stores number of payment periods until retirement (1 x 35).

assuming 8% annual inflation? Keys: Display: Description: Displays TVM menu. If you invest $3. Calculates present-value purchasing power of the above FV at 8% inflation. What will be the purchasing power of that amount in today’s dollars. 1 Sets 1 payment per year and Begin mode.175 E 28 % 0 3000 & 8 0 284 F: RPN: Selected Examples . Stores years until retirement.000 each year for 35 years.8 0 Calculates present-value purchasing power of the above after-tax FV at 8% inflation rate. how much will you have in the account at retirement? Assume an annual dividend rate of 8. Stores no present value. and that payments begin today. Stores annual payment. Stores interest rate. e 35 8. with dividends taxed as ordinary income. Calculates interest rate diminished by tax rate.175% and a tax rate of 28%. Calculates future value. Example: Taxable Retirement Account.

Press C or < to erase the message and restore the previous display. The Solver cannot begin a numerical search using the initial estimates. Attempted a calculation using an empty CFLO or SUM list.Error Messages The calculator beeps and displays an error message under certain circumstances-for example. To conserve battery power. Error Messages 285 . when you attempt an operation that is not allowed. See pages 180 and 241. the calculator will not transmit data to the printer until fresh batteries have been installed. Attempted to get another list without first clearing or naming the current list. The calculator distinguishes between math errors that occur on the calculator line and other types of messages by preceding math-error messages with the word . Press @c to clear it or to name it.

Attempted to divide by zero. Attempted to raise zero to the zero power. An exponential model with a negative or zero y-value. An internal result in a calculation was too small for the calculator to handle. An internal result in a calculation was too large for the calculator to handle. A power model with a negative or zero x. Attempted to take the square root of a negative number or calculate G. 286 Error Messages .Attempted to take the base 10 or natural log of a negative number or zero. Attempted to raise a negative number to a non-integer power. Attempted to divide zero by zero.SD given any negative frequencies.or y-value. This can happen during curve-fitting calculations if you attempt to calculate: A logarithmic forecasting model with a negative or zero x-value. Attempted to raise zero to a negative power.

CONT menu: EFF%. You must change one or more stored values. (Refer to the equations in appendix B to see which variables appear in the divisor. NUS. Calculation of I%YR. Refer to “Managing Calculator Memory” on page 227 for additional information. or a SUM-list sort was interrupted. One of the following values for interest is less than or equal to-100: TVM menu: I%YR ÷ P/YR. Error Messages 287 . Attempted to do curve fitting using an x-variable list in which all the values are equal. The calculator has insufficient memory available to do the operation you’ve specified. a Solver variable. IRR%. CFLO menu: I% (calculating NPV. Attempted to do curve fitting using the logarithmic or power models with a list for which the transformed values of x (ln x) are equal. or NFV) or estimate of IRR%. PER menu: NOM% ÷ P (calculating EFF%). EFF% (calculating NOM%).The numbers stored into built-in variables caused a division by zero in the calculation.) Attempted to calculate standard deviation with only one value in the list. amortization results.

The number entered cannot be interpreted as a proper time.99999 or N ≧ 1010. 228). Attempted to calculate I%YR with N ≦ 0. Attempted to store into a built-in variable a number that is outside the range of values permitted for that variable. or attempted date arithmetic outside the range 10/15/1582 through 12/31/9999.The number entered cannot be interpreted as a proper date. Refer to “Names of Variables.” page 166. Check its format (page 143). Attempted to set a date outside the range 1/1/2000 through 12/31/2099.” page 166. (Refer to page 240. Calculation of IRR% produced a negative answer. The appointment’s repeat interval is out of range. A variable’s name is invalid. 288 Error Messages . negative number when specifying the number of displayed decimal places (in DSP).) The calculator has been reset (page 224. Attempted to enter a non-integer. but the calculator has determined that there is also a unique positive answer. Refer to “What Can Appear in an Equation. The Solver cannot interpret the equation due to a syntax error.

and FV. No solution is possible using the values stored in the current built-in menu or list. Error Messages 289 . and requires you to store a guess. the calculation is too complex for the TVM menu. so it returns ±9.) Attempted to calculate the factorial of a negative or non-integer value. The calculation of IRR% is complex. type in a new name and press I. (Review page 64. Check the values stored in PV.99999999999E499 rounded to the current display format. The list name you’ve attempted to enter is already in use. 229). A warning-not an error-that the magnitude of a result is too large for the calculator to handle. See page 47 for limits. You may be able to perform the calculation using the CFLO menu to calculate IRR%. This most commonly results from an incorrect sign for a cash flow or other monetary value.The calculator is unable to calculate I%YR. Make sure the signs of the numbers are correct.) Continuous Memory has been erased (page 224. (Refer to page 240. and FV are correct. PMT. PMT. If the values of PV.

Attempted a two-list SUM calculation using lists of unequal lengths. See page 47 for limits. 290 Error Messages . so it returns the value zero. A warning-not an error-that the magnitude of a result is too small for the calculator to handle.No solution was found for a Solver equation using the current values stored in its variables. Refer to page 248 in appendix B.

150 or =. 47 low-battery annunciator. 144 ) alarm annunciator. . 184 #TIMES. 150 . 20 &. 32 <. 40 t. 274 . 51% formula. 139 . 96–97 . 41 . 147 . 51 %TOTL menu using. 139 . 162 menu. 22 . 224 v. 139. 43. 139 . 96–97 . 92. 35 %. 51 . 132. . 132. 249 ( . 17. 19 <. 184. 144 . 17. 42 ] or [. 174 print annunciator. 95. 96 editing a list. 174 Index 291 . 176–77. 19 shift annunciator. 78 .Index Special Characters -. 49 using. 139 Σ. 35 . 132. 32. . 249 . 220 . 132. 49. 50 formula. 132. 139 . 271 ] or [ with history stack. 264 @. 16. 171. 127 . 98 in a list. 143 . 43 in a list.

166. 111 Accuracy of the clock. 199–200. 77–81 equations.A . 164–66 ALOG. 21 ADJST menu. 78 schedule. 109 . on bond. 169 Appointment menus. 146–47 unacknowledged. 18 printer. 184 Antilogarithms. 278 Annunciators. RPN. 109. 30 AM/PM format. 145 APR for. 82–83 AMRT menu. See also Leasing Algebraic mode. 63 with fees. 144 Advance payments. 78 AND operator. 264 rules in equations. 146 printing. 147 Actual calendar actuarial equations. 148 APPT menu. 147 clearing. 36 key. 148 -setting menu. 142. 248 for arithmetic. 145 . 193 with fees. 169 Alphabetic keys. appointment-setting menu. 230 Acknowledging appointments. 67–71 interest-only. RPN. . 34 . 30–32 . 56 ALPHAbetic menu. 145 messages. 146. 249 schedule. 115 through . 146 repeat interval. 174 Annual percentage interest rate in TVM. 255. 264 ABS (absolute value) function. 169 Accrued interest. 147. 110 Addition. 146 Appointments acknowledging. 145 . with fees. 115 . 42. 194 292 Index . 145 past due. 278 calculations. 74–77. 36. 18 definition. 143 Amortization calculations. printing. 188 setting. 148 messages. 149 for bonds.

154 Arrow keys for changing current equation. 266–69. 272 RPN examples. RPN. 111 type. 256 Business variables. built-in BUS menu. 50 Buy option. 111 BOND menu. 17. 132 . 55 Index 293 . 80–81 Balloon payment. 36 Begin payment mode. 166 Beginning of list in CFLO list. 224 Beeper. 69–71 Batteries. 28–29 C. 277 Arithmetic priority. 224 annunciator. 20 Balance of loan. 21–22. 50 @c. 196–97 Arithmetic. 272 in RPN stack. 32 for finding an equation. 46 in RPN. 64. 147 Beeper on and off. 20 C. 167 Brightness of the display. 32 key. 115 Backspace key. 17 Built-in variables. 162 Braces in equations. 108–9 Bonds. 167 Brackets in equations. 20. for a lease. in CFLO. 110 yield. 95 of the Solver list. 38 in registers and variables. 49. 278 odd-period. 225–26 Battery life. 56. 251 fractional values for. 64 . 162 for rolling the history stack. 110–13 equations. 195. 52–53 .interest-only. 132 B . 111 price. 56 . 43 for viewing long equations. 78 . in curve fitting. 156 for editing. 215–16 Bottom of the current list. 109. 75–77 B-value. 66 C %CHG menu. See Variables. changing. clearing. 124 Bond calculations. 98 in SUM list.

94. . 38–48 definition. 104 initial. 110. 92 SUM menu. 18 displaying alphabetic information. 132 CALC menu in CFLO menu. 276 Calculator not functioning. 122 TIME menu. 94. 128 in TIME menu. 150 actual. 56 in in in in CFLO menu. grouped grouped. 92. 109 . 142 SOLVE menu. 276 parenthesis in. 228 Support. 268. 31–32 editing. 101 in SOLVE menu. 149 Calendar basis. 254 Capitalized value. 99 copying from. See also Date 360-day. 101 ungrouped. 157 . 93 zero. 20 Calendar. 55 . See CFLO list Cash flow diagrams in cash flow calculations. 197–99. 95 maximum number of. 230–31 resetting. 74–75 Cash flow calculations. 158–59 in SUM menu. 98 entering numbers in. 101 clearing. 150 . 250 list. 91 deleting numbers. 222 Calculator line arithmetic in. 109 . 91 sum of. lease. 98 correcting. 169 CFLO list CALC menu.. 92–94 in TVM calculations. 112 Canadian mortgage. RPN order of. 98 creating. 94. 150 365-day. 150 Calculations. 91–107 equations. 98 editing. See Cash flows. 64–66 Cash flows equal. 95–97 294 Index . 225. 56 range of. 94 definition. 95 CDATE. 56 . 108–9 Call.

95. 37 erasing. 63. 99 naming. 225–26 the sign of a number. 87–90. 271. 50 numbers in RPN. 28 menus. 99 inserting numbers. 109 BUS variables. 99 viewing numbers. in numbers. 20 %CHG variables. 148 BOND variables. 61. 274 Solver variables. 38 in RPN. 219–20 Clearing. 50 calculator memory. 274 TIME CALC variables. 67. 85 Continuous Memory. 50 %T variables. 75 periods. 71 monthly. 268.GETting a new list. calculating interest for. 28–29 Clock. 273. 86 Continuous compounding. 187 signs of numbers. 21. 62. 166–67 inserting and deleting. 99 viewing name of current list. 126 in equations. 64 periods. 31–32 Chi-squared. 166 CONT menu. 150 TVM variables. 50 MU%P variables. 99 ICNV variables. 50 AMRT variables. 146. 98 Chain calculations. RPN. 276 Changing batteries. clearing. payment periods. 74. 229 using. 72 Conditional expressions. 35 Compound interest calculations. 17 Index 295 . 98–99 for equation names. 161 for SUM list. 86 menu variables. 225. 38–39. 68. 123 the history stack. 98–99 printing. 28–29 CFLO lists. 274 Constants in equations. 28 MU%C variables. 44 the RPN stack. 200 rates. 98 name. 61 Compounding annual. 80 appointments. 64 variables. 84 semimonthly. See Time Commas. vs. 22 Characters for CFLO list. 163 SUM lists. 92 starting a new list. 174–76 Constant numbers.

253 Customer Support. 101 Counter variable. 51–52 of capital. 19 movement keys. 32 . 149–52 296 Index . 55 Current equation. 34–35 . 57 exchange. 55. 150 . 59 currency#1. 122. 49. 222 D in CFLO menu. 162–64 printing. 32 Curve fitting. 94–96. 55 currency#2. 169 Date arithmetic. 85–87 Correlation coefficient. 17 Conventional investments. 151 setting. 185 Date in the past or future. 133–37 equations. 123–24. 121. 60 converting. 150 . 132–34 calculations. 115 in SET menu. changing. 99 a new equation. 55 storing and recalling. 187 CURRX menu.in summation function. 156 deleting. 143 in appointment-setting menu. 157. 141. 143–44 viewing. definition. 108–9 payments. 108 Creating a CFLO list. 150 . 176 Coupon basis. 132 Cost markup on. 59 entering a rate. 41 in RPN. 56 . 164 in SUM menu. 127 CTIME. 145 . 169 Cube root. 157–58 a SUM list.Contrast of display. 101 Converting interest rates. 127 . 57. 58 selecting. 92 in Solver menu. 18 D. 267 Currency clearing variables. 257 Cursor. in the Solver.

17 Displayed messages. 18 e. 43 printing the contents of. 242–43 Discount rate. 162–64 Dependent variable. 35 Declining balance depreciation. 28. 143. 225. 149 Day. 147. 34. 43–46 values assigned to variables. 179. 36. 42 . 114. 232 Diagrams. 34–35. 143. Solver. 25. 18 . 185 DSP menu. 114 Depreciation ACRS method. 161 . 169 Day of the week. 252 partial year. 64–66. cash flow. 144 DDAYS. determining. 101 Display clearing. 47 . 100 from a SUM list. See Depreciation Deleting all information. 20 contrast. 162–64 from a CFLO list. 32 equations. 116 sum of the years’ digits. 144 DATE. 47 Decimal point. 185 turning on and off. 262 E \ key. 36 organization. 56 Index 297 . 118–19 calculations. 38–40 Doublespace printing. 114–17 declining balance method. 114. 96. 228–29 characters. 116–17 equations. 17 format. 134 DEPRC menu. 125. 34 in RPN. 285 Displaying the contents of registers. 118–19 straight line.month. 270–75 messages. 116 Diagnostic self-test. 19. 169 Decimal places.Date format. 144 for appointments. 35 Direct solutions in Solver. 114. 28 Division. 98. 123. 92.year format. 127 variables in the Solver. 92–94 Digit separator. 114.

181–83 Examples. entering in the Solver. 130. 273 into CFLO lists. 276 E. 266–67. 164 Erasing. 162–64 displaying. 190 in RPN. 41–42. 47 Editing alphabetic information. 162 editing. 242–48 clearing. 163 deleting. Deleting Erasing calculator memory. 161 E. setting. 169 Exponential model. 225. See Solver list Equation Solver. 271 EXP. 153–83. in numbers. 224 Entering equations. 157 erasing. 161 verifying. 273. 31–32 Effective interest rate. 29 Equations algebraic rules. 153 long. 176 English language. 166–67 clearing. 181–83 Entering numbers in a SUM list. used to complete calculations. 166 naming.. 84–87. 95–97 Environmental limits. 169 EXPM. 266. 157. 21. 31–32 equations. 163 introduction. 157–58 writing. 164 characters in. 229 Error messages. 65 Ending value. 36. 267 in equations. 157–58 guesses in the Solver. RPN. 64. 278–84 Exchanging registers. 123–24 in RPN. 165 298 Index . 163 for built-in menus. 285 Estimates. in summation function. See also Clearing. 132. 161 entering. 230 Equals sign. 47 Exponentiation. 88 . 265. viewing. 64 key. 100 End payment mode. 133 Exponential numbers. 158 length of. 248–55 invalid. 38 Equation list. 161 keys.

132 Functions in equations. 169 Forecasting calculations. 240–42 Solver. 170 Humidity requirements. 247 H in the appointment-setting menu. 230 G . 132 G. 169 FRCST menu. 169 FIN menu. 34 FP. 99 Index 299 . See Solver HRS. 121. in equations. RPN printing. 130–37 equations. 165 History stack. 151 Future value of a series of payments equation. 110 FACT. 169 General business calculations. bond. 115 .F . 248 Solver function. 168–71 Future date. 132–34 Foreign language. 170 HP Solve. 82 . 143 . in CFLO. Solver. 253 values. 24 Hierarchy of operations. in SUM. 169 Factorial. 138–39 Guesses entering in the Solver. 42. 127 . 63 . 56 Halting a numerical search. 18 key. 49–53 equations. 258–59 FLOW. See also Stack. calculating. 181–83 IRR%. 128 Face value. 167. 34 key. 224 Formatting number. 169 Fractional part. 171 . 186 HMS. 249 Grouped standard deviation. 180 Hierarchy of menus. entering. 130. 43. 145 in the SET menu.

98 for storing equations. 250 menu. 276 Internal rate of return. 101–3 with grouped cash flows. 78 Interest compound. 100–101 Interrupting an IRR% calculation. 250 on loan. 227 Insurance policy. amount of PMT applied toward. RPN. key. 72–73 Inserting characters. 134 Individual Retirement Account. 170 300 Index . 18 I. 61. 250 effective and nominal. 157–58 in RPN. 101 ICNV equations. 98 . 174–76 nested.I . 201. 61 Interest rate conversions. 266 . 104–5 IP. 63 in CFLO list. 92 in SUM list. 91. rounded in amortization calculations. 78 . 84 Intermediate results. 213–15 INT. 37. 170. 225–26 . 170 INT. 170 Invalid equation. 84 equation. 175 Independent variable. 170 IF. 97. 180 INV. 101 . 84–90. 56 Insufficient memory. clearing. See also IRR% calculations. 32 Installing batteries. 124 I%. 122 in SUM list. 84–85 variables. 30 in CFLO menu. price. 101 in SUM list. 92 in CFLO list. 267 Investments calculating IRR% and NPV of. 80–81 simple. 241 Interrupting the Solver. 123 in the Solver list. 86 IDIV. 270. 158 Inverse.

132–34 Linear model. 100. 241 IRR% estimate making. 227 Low power. 224 Large number available. 53 key. See CFLO list. 22–26 Index 301 . copying. 44 . 109 . 42 L. 25 @A. 74–77. 275 Leasing. 170 LNP1. 132 .IRA. SUM list. 72–73. 184 L . 130. 170 in RPN. 206 IRR%. 244–48 LEFT-RIGHT. 77–83 APR for. 179–83. 132 . 170 Loan amortizing. 30 Linear estimation. 184 annunciator. 199–200 M . 47 in a list. 101. 240–42 halting. types of. 115 . 44 LAST X register. 170 Logarithmic model. 130. interpreting. 42 . setting. 271 LN. 193 LOG. RPN. 241–42 seeing current. 275 Language. 266 rolling the stack. 174 Low memory. 133 Logarithms. 47 Last result. 49. 132. 121. 241 IRR% solutions. 224 and printing. 42. 133 Linear regression. 121 List. 170 Logical operators. 186 L. RPN. 244–48 Letter keys. with fees. 209 IRR% calculations. 240–41 ITEM. keying in and displaying. 242. 128 Large numbers. Solver list List. 170 Iteration in Solver.

191 302 Index . 68. See also Continuous Memory freeing. 185 beeper. 128–30 weighted. 143–44 Mortgage. 255 Month/day/year format. 69. 77–80 discounted or premium. 49. error. 36 double-space printing. 36 Modified IRR. 227 losing. 28 names of. 253 calculating. 128 . organization of. 132 . 37 Menu labels. 209–12. 138–39 Median. 51–52 on price. 36. 27–28 changing. 67–71. Solver. 56 . 145 in printer men. 128 . 186–88 sharing variables. 52 . 170 MOD. 229 using and reusing. 25. curve-fitting. See also Loan calculations. 37 . 52 Math in equations. 64 Models. 28 exiting. 263–64. 19 maps. 36. 52–53 Messages for appointments. 167 MATH menu. 264 @>. 263. 170 Mode of payments (Begin and End). 143 in appointment setting menu. 25. 49.@M. 262 printer ac adapter. 186 MAIN menu. 161 printing values stored in. 227 insufficient. 16 Markup on cost. 267 . 133 Modes . 285 MIN. 256–62 Menus calculations with. 128 . 19 Manual. 253 calculating. 128–30 Memory. 170 Mean. 185 menu map. 146 Messages. 36. 262 MAX. 128 . 165. 42. 132.

63. RPN. 48 Numbers. in the Solver. 266. 245 Nested IF function. 84–87. 100. discounted. clearing. 101 Net uniform series. 101 . 56 . non-integer. 273 with exponents. SUM list. 91. 98–99 in SUM list. 50 equation. 100 Non-integer period. 101 Net present value. 47 Index 303 . 216–17 NPV calculating. 92–94 in TVM calculations.Moving average. See CFLO list. 250 Number lists. 149–51 of decimal points. 99 of variables. 126 . 249 MU%P. 101 equation. 157 N. 21. 62 range. 63 . 50 equation. linking. 63 @ . 91. 161 of lists. 91. 38–40 in equations. 166 NFV calculating. 56 . 251 Noise Declaration. 101 N . in TVM. 56 . 91. 239 Nominal interest rate. 101 . 64 Neighbors in Solver. See also Value entering. 165 Negative numbers in arithmetic calculations. 47 of payments. 249 Multiple equations. 101 . 100–101 equation. 72 Names of equations. 178 Multiplication in arithmetic. 56 . 174 Notes. 78 . 175 Net future value. 22 in cash-flow calculations. 85–86 in CFLO list. 42 . 217–19 MU%C. 172 NOT. Solver list of days between dates.

172–73. 56 . 100. 268. 18 . 151 Past due appointments acknowledging. 61–64 in cash flow calculations. compounding periods. 62 changing. 17 O. 62 Past dates. 276 Partial period. 167 in RPN. 200 Payments amortization. 270. 255 Operators. 195. 63 TVM. 17 Odd-period calculations. 50 @o. 62 definition. for a lease. 77–81 lease. 179–81 NUS. in TVM. 63 . 78 . 51 . 52 . calculating. 121. 85 O . 62 . 109 . 78 . 62 Payment periods.Numerical solutions. 42 . 186 Parentheses in arithmetic calculations. 132 @p. 3 . 174 Order of calculation. 146 Payment mode. 74–75 OR. See also Odd period payments. 74–77 number per year. 39–40 in equations. 164–67 in RPN. 276 Option to buy. See Past. 165 OTHER menu. 148 definition. 93 vs. in the Solver. 146–47 Overdue appointments.due appointment Overview. 186 P. in equations. 268. 270. 251 . 82 . 56. 63 304 Index . 62 P . 65–66 resetting. 62 compounding. 87–90. 165.

82–83 appointments. 184 PRINTER menu. 130. 80–81 Printer power for. 78 Positive numbers in cash flow calculations. 262 Printer port. 17 Precision of numbers. 171. 188 display. 185 statistical values. 185 using. 40 change. as a shared variable. calculating interest rates for. 187 history stack. 184 Printing amortization table. 52–53 Price. 35. Batteries function. 185 equations. displaying. 267 Periodic compounding. 34 Present value definition. 133 Power on and of. 100 Periods. amount of PMT applied toward. 42. 248 of a single payment. 74–77 of a series of payments. 41.Percent. 28 PRICE. 49. 184 Solver list. 52 Principal of loan. 61 of cost. 186 interrupting. 187 speed. internal. 49–51 key for simple interest. markup on. 64 Power. 35 PI. 63 of a lease. 186 time and date. 49. 188 Index 305 . 267 raising a number to. 36. 85–86 Periodic interest rate. 49. 185 double space. 187 with tracings. 188 number lists. See also Low power. 132. 248 Previous menu. 49–53 in RPN. 186 variables. 101 Periodic rate of return. 170 PMT. 92–94 in TVM. 171. See also Payments in TVM. 63 rounded amortization calculations. 41 Power curve. 40. 186. 51 Percentage calculations. 51–52 of total. 189 messages. See also Payment periods in numbers in numbers. 187 slow.

55 . and F. 128 of numbers. 37. 36 @r. 78 from variables. 170 Rounding a PMT. 35 R. 265 . 43. 56 . 35 RPN. 273. RPN. 268 with @L. SUM list. 41 Register storage. periodic. 145 . 116 Q Questions. 109 Purchase price. 56 . 128 . 28 in RPN. 263 RND. 101 Resetting the calculator. 275 calculator memory. 265 Radix (decimal point). 34 Range calculating. 68–69 PV. 228 Reusing a number. rounded in amortization calculations. 266. 186 Relational operators. 46 in RPN. 229 Reverse Polish Notation. 148 setting. in mortgage calculation. 225–26 Required rate of return. or individual entries Running total. See appendixes D. 45–46 Renaming lists. 96 Purchase date. 45–46 Registers arithmetic in. the Solver list Repeating appointments past-due. 186 R↑. 270–75 printing the contents of. 48 Rate of return. 147 Replacing batteries. 222–24 R . 56 . 174 Remaining depreciable value. 71 Rounding numbers. 45–46. 44 Reciprocal key. See CFLO list. 28 in RPN calculations. 268 ~. E. bond.Prompting for #TIMES. 123–24 306 Index . 115. common. 100 Recalling numbers. 98 with variables.

19 Sign of numbers in cash-flow calculations. 158–59 Index 307 . 128 Saving numbers. 64 Simple interest. 56 . 208 retirement. 146–47 Settings. 56 . 186 s calculations with. 56 . 170 Sample standard deviation. 45–46 . 86 Shift. RPN. default start-up. 132. 115 . 202–6 college.S . 47 in a list. 200–202 retirement. 232 Service. RPN. 47 Self-test. 18. 52–53 in equations. 40 with annual rate. 153–83. 47 Smallest number available. 115 . 284 tax free. RPN. 206–9 tax free. 142 . 132 . in curve-fitting. keying in and displaying. 109 SGN. 280 regular. 282 Savings calculations. 109 . 128 . 133 Small numbers. See also Equations Solver calculations. 115 . 128 . RPN. 128 SOLVE menu. 229 Settlement date. 190 with annual rate. 34 s. 37 Setting an appointments. 43 Savings account. 234–37 SET menu. 143 Setting a language. 170 Shared variables in BUS. RPN. 55 @S. 71–73 Scientific notation. 278 Slope. 155. 162 in ICNV. 268 S (function). 262 Solver. 92 in TVM calculations. 71–72 college.

45–46 arithmetic in. 156–57 for multiple equations. 272 lifting. 46 308 Index . 176 Storage registers. Solver. 252–54 Statistical variables. 171 Squaring a number. 171. x and y. 272 losing contents off the top. 153–54 how it works. 156 definition. 171 SQRT. RPN. 162–64 current equation. 187 Solver menu. 171. 171 Square root calculating. 162–64 deleting variables from. 267 Solver. 41. 267 Stack. types of. 157. 273 size. 157 empty. 179–83 multiple solutions in. See Variables. RPN. 272. 245–48 Solver variables. Solver Sorting numbers.creating custom menus. 153–68 Solver estimates. 272. 128. 157–58 printing. 275 dropping. in summation function. 127–40 Statistical equations. 242–48 using. 271 Standard deviation. 166 Specifying the number of decimal places. 242–48 Solver functions. 168–71 Solver list clearing. See History stack Stack. 41. 171 Square. 34 SPFV. 270–75 automatic movement of. 162–64 editing an equation. 276 clearing. 138–39 Starting value. 176 Statistical calculations. 272 replicating contents in. 179 technical discussion of. 130–34 Step size. 153 deleting equations. seeing curren. 271. 178 Solver solutions. 248 SQ. 130–34 Statistics. 272 rolling contents. 128 Spaces in equations. 248 SPPV. 128–30 calculating. 271. in summation function. 128–30 grouped. 156 entering equations.

128 in SET menu. prompting. 109 . 38–40 SUM equations. 143–44 Index 309 . 123–24 definition. 51 . 132. 128 sorting. 143–44 format. 126 correcting. 21. 128 clearing. 186 changing. 49. 51 sum of cash flows. printing (MSG). 127 naming. 253 SUM items. 124 largest number in. 177 values. deleting. 139. 176–78. 28 in RPN. 145–46 of day. 266. 132 GETting a new list. 121. 141 setting. maximum number of. 101 Summation. 139 Switching menus. 123–24 FRCST menu. 132. 128 name. 122 of a SUM list. 78 . 145 in PRINTER menu. 101 of a SUM list. 127 clearing numbers. 171. 128 starting a new list. 122. in the Solver. 127 SUM menu. 150 . 124 creating. printing. 121–22 deleting numbers. 186 . 124 viewing the name of the current list. 127 inserting numbers. viewing. 44.printing the contents of. 143 in appointment-setting menu. 126 printing. 124–25 entering numbers in. 125 editing. 171 #TIMES. 176–77 function. 25–26 T #T. 268 Subtraction. 144. 187 smallest number in. 186 Text. 45–46 in built-in variables. 230 and date. 124 copying a number from. 186 Storing numbers. 186 Time accuracy. 122–23. 127 viewing numbers. 260 Sum of cash flows. 121 SUM list CALC menu. 96–97 %TOTL. 220 of lists.

clearing. 45–46 storing. 51 Trace-printing. 66 variables. 128 Variables. 243 Up-arrow key. 148 310 Index . 171. 128 Truncating function.shared. dependent. 61–64. 141–42 Time value of money calculations. 188 TRN. 163 deleting. 249 Top of the equation list. 163 names of. 61–83 equations. 27 printing. 28–29. 187 statistical. 28. built-in. 171 Troubleshooting. percent of. 130–34 Variables. 28. 134 Variables statistical. 162 Total. Solver. 154 clearing. 64 Typing aids. 17 TVM calculations. 162 Variables. 30 Unit conversions.TIME menus. 66–67 menu. 248 V Values clearing. 167 Typing alphabetic characters. 45–46 transferring between menus. 178 Unknown variables in Solver. 28 Variable. 52–53 Verifying equations. in Solver. 61–83 equation. 171 Turning calculator on and off. 43 USFV. 171. 56 Unacknowledged appointments. in the Solver. See also @c recalling. 248 USPV. 56 . 249 instructions. 134 independent. 157–58 U . in the Solver. 222–24 True population standard deviation. 166 shared. 242.

bond. 113 Index 311 . See CFLO list. 138–39 X v.Viewing lists. 41 x. in curve-fitting. 132. SUM list. 133–34 Z Zero-coupon bond. 108 y-intercept. in forecasting. bonds. 56 u. 267 . 134 y-values. 74–75 to call. 115 Yield of lease. 41. 132 . 233–34 Weighted mean. 174 x-values. 133–34 W . 109 . Solver list Y . in forecasting. 43 in RPN. 271 XOR. 132. 108 to maturity. 56 Warranty.

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