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12c Financial Calculator

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Senior Manager
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12c Financial Calculator [#permalink] New post 25 Jun 2008, 19:19
Does anyone have this model calculator, and if so, can you help me with an issue that I am having with it?

I am trying to calculate the FV of $55 after 4 months at an 8% annual rate. I know the answer is $56.43, and I get that number when I do the calculations with the calculator but NOT using the FV function. When I do it with the FV function, I get $56.47, just 4 cents off. I have no idea why.
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Re: 12c Financial Calculator [#permalink] New post 25 Jun 2008, 19:25
I dont have the calculator in front of me but try

55 PV
0 PMT
8 GBUTTON and then hit I (i think its the g button, and then hitting I divides by 12)
4 N
FV = ?
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Re: 12c Financial Calculator [#permalink] New post 25 Jun 2008, 20:04
rhyme wrote:
I dont have the calculator in front of me but try

55 PV
0 PMT
8 GBUTTON and then hit I (i think its the g button, and then hitting I divides by 12)
4 N
FV = ?


Tried that way too, it gives yet another answer, 56.48. Thanks for giving it a shot. The mystery behind these varying answers is killing me! This is the only question of my TMV problem sets that is coming out incorrect using the TMV functions. At least I am learning my away around this calculator. It is pretty intense!
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Re: 12c Financial Calculator [#permalink] New post 25 Jun 2008, 20:17
Just did a basic compounding FV calculation, and it worked, so the 12c is not hopeless for me. However, it must have something to do with the time calculation in the other problem being that it is the FV at 4 months with an interest rate that compounds annually. I want to get to the bottom of it!
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Schools: Chicago (Booth) - Class of 2009
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WE: Business Development (Consumer Products)
Followers: 256

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Re: 12c Financial Calculator [#permalink] New post 25 Jun 2008, 21:11
Can you post the exact question?
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Re: 12c Financial Calculator [#permalink] New post 26 Jun 2008, 05:53
An individual invests $55 in an account that has an interest rate of 8 percent compounded annually. After four months, what will this investment be worth?
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Re: 12c Financial Calculator [#permalink] New post 26 Jun 2008, 06:54
I got it, Rhyme! Well, actually HP got it for me. You have to turn the "c" indicator on first to put in partial compounding mode. Press STO, then EEX, and the go about it as before. Answer: 56.43! Thanks again for your help!
Re: 12c Financial Calculator   [#permalink] 26 Jun 2008, 06:54
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