Baiiplus guidebook en

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ii

Contents
Important Information................................................................... ii
USA FCC Information Concerning Radio Frequency Interferenceii

1 Overview of Calculator Operations..................................1
Turning On the Calculator ............................................................. 1
Turning Off the Calculator............................................................. 1
Selecting 2nd Functions ................................................................. 2
Reading the Display ....................................................................... 2
Setting Calculator Formats ........................................................... 4
Resetting the Calculator ................................................................ 6
Clearing Calculator Entries and Memories ................................... 6
Correcting Entry Errors................................................................... 7
Math Operations ............................................................................ 8
Memory Operations ..................................................................... 12
Calculations Using Constants....................................................... 13
Last Answer Feature..................................................................... 14
Using Worksheets: Tools for Financial Solutions ........................ 15

2 Time-Value-of-Money and Amortization Worksheets...21
TVM and Amortization Worksheet Variables ............................. 22
Entering Cash Inflows and Outflows........................................... 25
Generating an Amortization Schedule ....................................... 25
Example: Computing Basic Loan Interest.................................... 26
Examples: Computing Basic Loan Payments ............................... 27
Examples: Computing Value in Savings ...................................... 28
Example: Computing Present Value in Annuities....................... 29
Example: Computing Perpetual Annuities.................................. 30
Example: Computing Present Value of Variable Cash Flows ..... 31
Example: Computing Present Value of a Lease With Residual
Value........................................................................................ 33
Example: Computing Other Monthly Payments......................... 34
Example: Saving With Monthly Deposits .................................... 35
Example: Computing Amount to Borrow and Down Payment . 36
Example: Computing Regular Deposits for a Specified Future
Amount ................................................................................... 37
Example: Computing Payments and Generating an Amortization
Schedule .................................................................................. 38
Example: Computing Payment, Interest, and Loan Balance After
a Specified Payment ............................................................... 39

3 Cash Flow Worksheet......................................................41
Cash Flow Worksheet Variables................................................... 41

iii

Uneven and Grouped Cash Flows ................................................ 42
Entering Cash Flows...................................................................... 43
Deleting Cash Flows...................................................................... 43
Inserting Cash Flows ..................................................................... 44
Computing Cash Flows ................................................................. 44
Example: Solving for Unequal Cash Flows .................................. 46
Example: Value of a Lease with Uneven Payments .................... 48

4 Bond Worksheet ............................................................. 51
Bond Worksheet Variables ........................................................... 52
Bond Worksheet Terminology ..................................................... 54
Entering Bond Data and Computing Results .............................. 54
Example: Computing Bond Price and Accrued Interest.............. 56

5 Depreciation Worksheet ................................................ 57
Depreciation Worksheet Variables .............................................. 57
Entering Data and Computing Results ........................................ 59
Example: Computing Straight-Line Depreciation ....................... 61

6 Statistics Worksheet ....................................................... 63
Statistics Worksheet Variables ..................................................... 63
Regression Models ........................................................................ 65
Entering Statistical Data............................................................... 66
Computing Statistical Results....................................................... 67

7 Other Worksheets ........................................................... 69
Percent Change/Compound Interest Worksheet ........................ 69
Interest Conversion Worksheet.................................................... 72
Date Worksheet ............................................................................ 74
Profit Margin Worksheet ............................................................. 76
Breakeven Worksheet .................................................................. 78
Memory Worksheet ...................................................................... 80

A Appendix — Reference Information.............................. 83
Formulas ........................................................................................ 83
Error Messages .............................................................................. 94
Accuracy Information ................................................................... 95
AOS™ (Algebraic Operating System) Calculations ..................... 96
Battery Information...................................................................... 97
In Case of Difficulty ...................................................................... 98
Texas Instruments Support and Service ....................................... 99
Texas Instruments (TI) Warranty Information ........................... 100

Index ............................................................................... 103

iv

1
Overview of Calculator Operations
This chapter describes the basic operation of your BA II PLUS™
calculator, including how to:
• Turn on and turn off the calculator
• Select second functions
• Read the display and set calculator formats
• Clear the calculator and correct entry errors
• Perform math and memory operations
• Use the Last Answer feature
• Use worksheets

Turning On the Calculator
Press $.
• If you turned off the calculator by pressing $, the
calculator returns to the standard-calculator mode
with a displayed value of zero.
All worksheets and formats for numbers, angle units,
dates, separators, and calculation method retain
previous values and configurations.
• If the Automatic Power Down™ (APD™) feature
turned off the calculator, the calculator turns on
exactly as you left it, saving display settings, stored
memory, pending operations, and error conditions.

Turning Off the Calculator
Press $.
• The displayed value and any error condition clear.
• Any unfinished standard-calculator operation and worksheet
calculation in progress cancel.

Overview of Calculator Operations 1

• The Constant Memory™ feature retains all worksheet values and
settings, including the contents of the 10 memories and all format
settings.

Automatic Power Down™ (APD™) Feature
To prolong battery life, the Automatic Power Down (APD) feature turns
off the calculator automatically after about five minutes of inactivity.
The next time you press $, the calculator turns on exactly as you left
it, saving display settings and stored memory and any pending
operations or error conditions.

Selecting 2nd Functions
The primary function of a key is printed on the key itself.
For example, the primary function of the $ key is to
turn on or turn off the calculator.
Most keys include a second function printed above the key.
To select a second function, press & and the
corresponding key. (When you press &, the 2nd indicator
appears in the upper left corner of the display.)

For example, pressing & U exits the selected
worksheet and returns the calculator to the standard-
calculator mode.
Note: To cancel after pressing &, press & again.

Reading the Display
The display shows the selected variable labels with values up to 10 digits.
(The calculator displays values exceeding 10 digits in scientific notation.)

2 Overview of Calculator Operations

The indicators along the top of the display tell you which keys are active
and offer information about the status of the calculator.

Indicator Meaning
2nd Press a key to select its second function.
INV Press a key to select its inverse trigonometric function.
HYP Press a key to select its hyperbolic function.
COMPUTE Press % to compute a value for the displayed variable.
ENTER Press ! to assign the displayed value to the displayed
variable.
SET Press & V to change the setting of the displayed
variable.
#$ Press " or # to display the previous or next variable in the
worksheet.
Note: To easily scroll up or down through a range of
variables, press and hold # or ".
DEL Press & W to delete a cash flow or statistical data point.
INS Press & X to insert a cash flow or statistical data point.
BGN TVM calculations use beginning-of-period payments. When
BGN is not displayed, TVM calculations use end-of-period
payments (END).
RAD Angle values appear in radians. When RAD is not displayed,
angle values appear and must be entered in degrees.

 The displayed value is entered in the selected worksheet.
The indicator clears following a computation.

 The displayed value is computed in the selected worksheet.
When a value changes and invalidates a computed value,
the_indicator clears.
= The displayed variable is assigned the displayed value.
– The displayed value is negative.


Setting Calculator Formats
You can change these calculator formats:
To Select Press Display Default
Number of & | DEC 0–9 (Press 9 for 2
decimal floating-decimal)
places
Angle units # DEG (degrees) DEG
RAD (radians)

Dates # US (mm-dd-yyyy) US
Eur (dd-mm-yyyy)

Number # US (1,000.00 ) US
separators Eur (1.000,00)

Calculation # Chn (chain) Chn
method AOSé (algebraic
operating system)

1. To access format options, press & |. The DEC indicator
appears with the selected number of decimal places.
2. To change the number of decimal places displayed, key in a value
and press !.
3. To access another calculator format, press # or " once for each
format.
For example, to access the angle unit format, press #. To access the
number-separator format, press " " "or # # #.
4. To change the selected format, press & V.
5. To change another calculator format, repeat step 3 and step 4.
— or —
To return to the standard-calculator mode, press & U.
— or —
To access a worksheet, press a worksheet key or key sequence.

Choosing the Number of Decimal Places Displayed
The calculator stores numeric values internally to an accuracy of 13 digits,
but you can specify the number of decimal places you want to display.
The calculator displays up to 10 digits with the floating-decimal option.
Results exceeding 10 digits appear in scientific notation.


Changing the number of decimal places affects the display only. Except
for amortization and depreciation results, the calculator does not round
internal values. To round the internal value, use the round function.
Note: All examples in this guidebook assume a setting of two decimal
places. Other settings might show different results.

Choosing the Angle Units
The angle unit value affects the display of results in trigonometric
calculations. When you select radians, the RAD indicator appears in the
upper right corner of the display. No indicator appears when you select
the default setting of degrees.

Using Dates
The calculator uses dates with the Bond and Date worksheets and the
French depreciation methods. To enter dates, use this convention:
mm.ddyy (US) or dd.mmyy (European). After you key in the date, press
!.

Choosing Calculation Methods
When you choose the chain (Chn) calculation method, the calculator
solves problems in the order that you enter them. (Most financial
calculators use Chn.)
For example, when you enter 3 H 2 < 4 N, the Chn answer is 20 (3 + 2 = 5,
5 * 4 = 20).
Using AOSé (algebraic operating system), the calculator solves problems
according to the standard rules of algebraic hierarchy, computing
multiplication and division operations before addition and subtraction
operations. (Most scientific calculators use AOS.)
For example, when you enter 3 H 2 < 4 N, the AOS answer is 11 (2 Q 4 =
8; 3 + 8 = 11).

Resetting Default Values
To reset default values for all of the calculator formats, press &
z with one of the formats displayed.


Resetting the Calculator
Resetting the calculator:
• Clears the display, all 10 memories, any unfinished
calculations, and all worksheet data.
• Restores all default settings
• Returns operation to the standard-calculator mode

Because the calculator includes alternative methods that let you clear
data selectively, use reset carefully to avoid losing data needlessly. (See
“Clearing Calculator Entries and Memories” on page 6.)
For example, you might reset the calculator before using it for the first
time, when starting a new calculation, or when having difficulty
operating the calculator and other possible solutions do not work. (See
“In Case of Difficulty” on page 98.)

Pressing & } !
1. Press & }. The RST ? and ENTER indicators appear.
Note: To cancel reset, press & U. 0.00 appears.
2. Press !. RST and 0.00 appear, confirming that the calculator is
reset.
Note: If an error condition exists, press P to clear the display before
attempting to reset.

Performing a Hard Reset
You can also reset the calculator by gently inserting a pointed object
(such as an unfolded paper clip or similar object) in the hole marked
RESET in back of the calculator.

Clearing Calculator Entries and Memories
Note: To clear variables selectively, see the specific worksheet chapters in
this guidebook.

To clear Press
One character at a time, starting with the last digit *
keyed in
An incorrect entry, error condition, or error P
message


To clear Press
The prompted worksheet and reset default values &z
Calculator format settings and reset default values &|
&z
• Out of the prompted worksheet and return to &U
standard-calculator mode
• All pending operations in standard-calculator
mode
• In a prompted worksheet, the variable value PP
keyed in but not entered (the previous value
appears)
• Any calculation started but not completed
TVM worksheet variables and reset default values &U
&^
One of the 10 memories (without affecting the Q D and a
others) memory number
key (0–9)

Correcting Entry Errors
You can correct an entry without clearing a calculation, if
you make the correction before pressing an operation key
(for example, H or 4).
• To clear the last digit displayed, press *.
• To clear the entire number displayed, press P.
Note: Pressing P after you press an operation key clears
the calculation in progress.

Example: You mean to calculate 3 Q 1234.56 but instead enter 1234.86.

To Press Display
Begin the expression. 3< 3.00

Enter a number. 1234.86 1,234.86

Erase the entry error. ** 1,234.

Key in the correct number. 56 1,234.56

Compute the result. N 3,703.68


Math Operations
When you select the chain (Chn) calculation method, the calculator
evaluates mathematical expressions (for example, 3 + 2 Q 4) in the order
that you enter them.

Examples of Math Operations
These operations require you to press N to complete.

To Press Display
Add 6 + 4 6H4N 10.00

Subtract 6 N 4 6B4N 2.00

Multiply 6 Q 4 6<4N 24.00

Divide 6 P 4 664N 1.50
1.25 3 ; 1.25 N 3.95
Find universal power: 3
Use parentheses: 7 Q (3 + 5) 7 <9 3 H 5 :N 56.00

Find percent: 4% of $453 453 < 4 2 N 18.12

Find percent ratio: 14 to 25 14 6 25 2 N 56.00

Find price with percent add-on: 498 H 7 2 34.86
$498 + 7% sales tax N 532.86

Find price with percent discount: 69.99 B 10 2 7.00
$69.99 N 10% N 62.99

Find number of combinations where: 52 & s 5 N 2,598,960.00
n = 52, r = 5
Find number of permutations where: 8 & m 3 N 336.00
n = 8, r = 3

These operations do not require you to press N to complete.

To Press Display
2 6.3 4 39.69
Square 6.3

Find square root: 15.5 15.5 3 3.94

Find reciprocal: 1/3.2 3.2 5 0.31

Find factorial: 5! 5 &g 120.00

Find natural logarithm: ln 203.45 203.45 > 5.32


To Press Display
.69315 .69315 & i 2.00
Find natural antilogarithm: e
Round 2 P 3 to the set decimal format 2 6 3 N&o 0.67

Generate random number* &a 0.86

Store seed value D&a 0.86

Find sine:** sin(11.54°) 11.54 & d 0.20

Find cosine:** cos(120°) 120 & e -0.50

Find tangent:** tan(76°) 76 & f 4.01
-1 .2 8 d 11.54
Find arcsine:** sin (.2)
-1 .5 S 8 e 120.00
Find arccosine:** cos (-.5)
-1 4 8f 75.96
Find arctangent:** tan (4)
Find hyperbolic sine: sinh(.5) .5 & c d 0.52

Find hyperbolic cosine: cosh(.5) .5 & c e 1.13

Find hyperbolic tangent: tanh(.5) .5 & c f 0.46
-1 5 &c8d 2.31
Find hyperbolic arcsine: sinh (5)
-1 5 &c8e 2.29
Find hyperbolic arccosine: cosh (5)
-1 .5 & c 8 f 0.55
Find hyperbolic arctangent: tanh (.5)

* The random number you generate might be different.
** Angles can be computed in degrees or radians. Examples show
angles in degrees. (See “Choosing the Angle Units” on page 5.)

Universal Power ;
Press ; to raise the displayed positive number to any power (for
example, 2-5 or 2(1/3)).
Note: Because the reciprocal of an even number (such as, 1/2, 1/4, 1/6) is
a complex number, you can only raise a negative number to an integer
power or the reciprocal of an odd number.


Parentheses 9 :
Use parentheses to control the order in which the calculator evaluates a
numeric expression in division, multiplication, powers, roots, and
logarithm calculations. The calculator includes up to 15 levels of
parentheses and up to 8 pending operations.
Note: You do not have to press : for expressions ending in a series of
closed parentheses. Pressing N closes parentheses automatically,
evaluates the expression, and displays the final result. To view
intermediate results, press : once for each open parenthesis.

Factorial & g
The number for which you compute a factorial must be a positive integer
less than or equal to 69.

Random Numbers & a
The calculator generates a random real number between zero and one
(0<x<1) from a uniform distribution.
You can repeat a sequence of random numbers by storing a seed value in
the random number generator. Seed values help you recreate
experiments by generating the same series of random numbers.
To store a seed value, key in an integer greater than zero and press D
& a.

Combinations & s
The calculator computes the number of combinations of n items taken r
at a time. Both the n and r variables must be greater than or equal to 0.

n!
nCr = ----------------------------
-
( n – r )! × r!

Permutations & m
The calculator computes the number of permutations of n items taken r
at a time. Both the n and r variables must be greater than or equal to 0.

n! -
nPr = ------------------
( n – r )!

Rounding & o
The calculator computes using the rounded, displayed form of a number
instead of the internally stored value.


For example, working in the Bond worksheet, you might want to round a
computed selling price to the nearest penny (two decimal places) before
continuing your calculation.

Note: The calculator stores values to an accuracy of up to 13 digits. The
decimal format setting rounds the displayed value but not the
unrounded, internally stored value. (See “Choosing the Number of
Decimal Places Displayed” on page 4.)

Scientific Notation ;
When you compute a value in the standard-decimal format that is either
too large or small to be displayed, the calculator displays it in scientific
notation, that is, a base value (or mantissa), followed by a blank space,
followed by an exponent.
With AOS™ selected, you can press ; to enter a number in scientific
notation. (See “Choosing Calculation Methods” on page 5.)
For example, to enter 3 Q 10 3, key in 3 < 10 ; 3.


Memory Operations
You can store values in any of 10 memories using the
standard calculator keys.
Note: You can also use the Memory worksheet. (See
“Memory Worksheet” on page 80.)
• You can store in memory any numeric value within the
range of the calculator.
• To access a memory M0 through M9, press a numeric
key (0 through 9).

Clearing Memory
Clearing memory before you begin a new calculation is a critical step in
avoiding errors.
• To clear an individual memory, store a zero value in it.
• To clear all 10 calculator memories, press & { & z.

Storing to Memory
To store a displayed value to memory, press D and a numeric key (0–9).
• The displayed value replaces any previous value stored in the
memory.
• The Constant Memory feature retains all stored values when you
turn off the calculator.

Recalling From Memory
To recall a number stored in memory, press J and a numeric key (0–9).
Note: The recalled number remains in memory.

Memory Examples
To Press
Clear memory 4 (by storing a zero value in it) 0D4

Store 14.95 in memory 3 (M3) 14.95 D 3

Recall a value from memory 7 (M7) J7

Memory Arithmetic
Using memory arithmetic, you can perform a calculation with a stored
value and store the result with a single operation.


• Memory arithmetic changes only the value in the affected memory
and not the displayed value.
• Memory arithmetic does not complete any calculation in progress.
The table lists the available memory arithmetic functions. In each case,
the specified memory stores the result.

To Press
Add the displayed value to the value stored in memory 9 DH 9
(M9).
Subtract the displayed value from the value stored in DB 3
memory 3 (M3).
Multiply the value in memory 0 (M0) by the displayed value. D< 0
Divide the value in memory 5 (M5) by the displayed value. D6 5
Raise the value in memory 4 (M4) to the power of the D; 4
displayed value.

Calculations Using Constants
To store a constant for use in repetitive calculations, enter
a number and an operation, and then press & `.
To use the stored constant, key in a value and press N.
Note: Pressing a key other than a number or N clears the
constant.

Example: Multiply 3, 7, and 45 by 8
To Press Display
Clear the calculator. &U 0.00
Enter the value for the first calculation. 3 3
Enter the operation and a constant value. <8 8
Store the operation and value, and then &` N 24.00
calculate.
Calculate 7 Q 8. 7N 56.00

Compute 45 Q 8. 45 N 360.00


Keystrokes for Constant Calculations
This table shows how to create a constant for various operations.

To* Press**
Add c to each subsequent entry n H&` c N
Subtract c from each subsequent entry n B&` c N
Multiply each subsequent entry by c n <&` c N
Divide each subsequent entry by c n 6&` c N
Raise each subsequent entry to the power of c n ;&` c N
Add c% of each subsequent entry to that entry n H&` c 2N
Subtract c% of each subsequent entry from the n B&` c 2N
entry

*The letter c denotes the constant value.
**Repeat constant calculations with n N.

Last Answer Feature
Use the Last Answer (ANS) feature with problems that call
repeatedly for the same value or to copy a value:
• From one place to another within the same worksheet
• From one worksheet to another
• From a worksheet to the standard-calculator mode
• From the standard-calculator mode to a worksheet

To display the last answer computed, press & x.
Note: The calculator changes the value of the last answer whenever it
calculates a value automatically or whenever you:
• Press ! to enter a value.
• Press % to compute a value.
• Press N to complete a calculation.

Example: Using the Last Answer in a Calculation
To Press Display
Key in and complete a calculation 3H1N 4.00


To Press Display
Key in a new calculation 2; 2.00
Recall the last answer &x 4.00
Complete the calculation N 16.00

Using Worksheets: Tools for Financial Solutions
The calculator contains worksheets with embedded
formulas to solve specific problems. You apply settings or
assign known values to worksheet variables and then
compute the unknown value. Changing the values lets you
ask what if questions and compare results.
Except for TVM variables, accessed in the standard-
calculator mode, all variables are prompted.
For example, to assign values to amortization variables, you
must first press & to access the Amortization
worksheet.

Each worksheet is independent of the others: operations in a worksheet
do not affect variables in other worksheets. When you exit a worksheet
or turn off the calculator, the calculator retains all worksheet data.

To select Function Press
TVM worksheet Analyzes equal cash flows, for ,, -, .,
(Chapter 2) example, annuities, loans, /, 0, or
mortgages, leases, and savings &[
Amortization worksheet Performs amortization &
(Chapter 2) calculations and generates an
amortization schedule
Cash Flow worksheet Analyzes unequal cash flows by & '
(Chapter 3) calculating net present value
and internal rate of return
Bond worksheet Computes bond price and yield & l
(Chapter 4) to maturity or call
Depreciation worksheet Generates a depreciation &p
(Chapter 5) schedule using one of six
depreciation methods


To select Function Press
Statistics worksheet Analyzes statistics on one- or &k
(Chapter 6) two-variable data using four
regression analysis options
Percent Computes percent change, &q
Change/Compound compound interest, and cost-
Interest worksheet sell markup
(Chapter 7)
Interest Conversion Converts interest rates &v
worksheet between nominal rate (or
(Chapter 7) annual percentage rate) and
annual effective rate
Date worksheet Computes number of days &u
(Chapter 7) between two dates, or
date/day of the week a
specified number of days is
from a given date
Profit Margin worksheet Computes cost, selling price, &w
(Chapter 7) and profit margin
Breakeven worksheet Analyzes relationship between &r
(Chapter 7) fixed cost, variable cost, price,
profit, and quantity
Memory worksheet Accesses storage area for up to & {
(Chapter 7) 10 values

Accessing the TVM Worksheet Variables
• To assign values to the TVM worksheet variables, use
the five TVM keys (,, -, ., /, 0).
• To access other TVM worksheet functions, press the &
key, and then press a TVM function key (xP/Y, P/Y,
BGN). (See “TVM and Amortization Worksheet
Variables” on page 22.)
Note: You can assign values to TVM variables while in a
prompted worksheet, but you must return to the
standard-calculator mode to calculate TVM values or
clear the TVM worksheet.


Accessing Prompted-Worksheet Variables
After you access a worksheet, press # or " to select variables. For
example, press & to access the Amortization worksheet, and
then press # or " to select the amortization variables (P1, P2, BAL, PRN,
INT).(See “TVM and Amortization Worksheet Variables” on page 22.)

Indicators prompt you to select settings, enter values, or compute results.
For example, the i# $ indicators remind you to press # or " to select
other variables. (See “Reading the Display” on page 2.)
To return to the standard-calculator mode, press & U.

Types of Worksheet Variables
• Enter-only
• Compute-only
• Automatic-compute
• Enter-or-compute
• Settings
Note: The = sign displayed between the variable label and value
indicates that the variable is assigned the value.
Enter-Only Variables
Values for enter-only variables must be entered, cannot be computed,
and are often limited to a specified range, for example, P/Y and C/Y. The
value for an enter-only variable can be:
• Entered directly from the keyboard.
• The result of a math calculation.
• Recalled from memory.
• Obtained from another worksheet using the last answer feature.
When you access an enter-only variable, the calculator displays the
variable label and ENTER indicator. The ENTER indicator reminds you to
press ! after keying in a value to assign the value to the variable.
After you press !, the  indicator confirms that the value is assigned.
Compute-Only Variables
You cannot enter values manually for compute-only variables, for
example, net present value (NPV). To compute a value, display a
compute-only variable and press %. The calculator computes and
displays the value based on the values of other variables.


When you display a compute-only variable, the COMPUTE indicator
reminds you to press % to compute its value. After you press %, the 
indicator confirms that the displayed value has been computed.
Automatic-Compute Variables
When you press # or " to display an automatic-compute variable (for
example, the Amortization worksheet INT variable), the calculator
computes and displays the value automatically without you having to
press %.
Enter-or-Compute Variables in the TVM Worksheet
You can either enter or compute values for the TVM worksheet variables
(N, I/Y, PV, PMT, and FV).
Note: Although you do not have to be in the standard-calculator mode
to assign values to these variables, you must be in the standard-calculator
mode to compute their values.
• To assign the value of a TVM variable, key in a number and press a
variable key.
• To compute the value of a TVM variable, press %, and then press the
variable key. The calculator computes and displays the value based
on the values of other variables.
Enter-or-Compute Variables in Prompted Worksheets
You can either enter or compute values for some prompted worksheet
variables (for example, the Bond worksheet YLD and PRI variables).
When you select an enter-or-compute variable, the calculator displays
the variable label with the ENTER and COMPUTE indicators.
• The ENTER indicator prompts you to press ! to assign the keyed-
in value to the displayed variable.
• The COMPUTE indicator prompts you to press % to compute a
value for the variable.

Selecting Worksheet Settings
Many prompted worksheets contain variables consisting of two or more
options, or settings (for example, the Date worksheet ACT/360 variable).
When you select variables with settings, the calculator displays the SET
indicator and the current setting.
To scroll through the settings of a variable, press & V once for each
setting.


Display Indicators
• The  indicator confirms that the calculator entered the displayed
value in the worksheet.
• The  indicator confirms that the calculator computed the displayed
value.
• When a change to the worksheet invalidates either entered or
computed values, the  and  indicators disappear.


2
Time-Value-of-Money and Amortization
Worksheets

Use the Time-Value-of-Money (TVM) variables to solve
problems with equal and regular cash flows that are either
all inflows or all outflows (for example, annuities, loans,
mortgages, leases, and savings).
For cash-flow problems with unequal cash flows, use the
Cash Flow worksheet. (See “Cash Flow Worksheet” on
page 41.)

After solving a TVM problem, you can use the Amortization worksheet to
generate an amortization schedule.
• To access a TVM variable, press a TVM key (,, -, ., /, or 0).
• To access the prompted Amortization worksheet, press & .

Time-Value-of-Money and Amortization Worksheets 21

TVM and Amortization Worksheet Variables
Variable Key Display Type of Variable
Number of periods , N Enter-or-compute
Interest rate per year - I/Y Enter-or-compute
Present value . PV Enter-or-compute
Payment / PMT Enter-or-compute
Future value 0 FV Enter-or-compute
Number of payments per year & [ P/Y Enter-only
Number of compounding # C/Y Enter-only
periods per year
End-of-period payments &] END Setting
Beginning-of-period &V BGN Setting
payments
Starting payment & P1 Enter-only
Ending payment # P2 Enter-only
Balance # BAL Auto-compute
Principal paid # PRN Auto-compute
Interest paid # INT Auto-compute

Note: This guidebook categorizes calculator variables by the method of
entry. (See “Types of Worksheet Variables” on page 17.)

Using the TVM and Amortization Variables
Because the calculator stores values assigned to the TVM variables until
you clear or change them, you should not have to perform all steps each
time you work a problem.
• To assign a value to a TVM variable, key in a number and press a TVM
key (,, -, ., /, 0).
• To change the number of payments (P/Y), press & [, key in a
number, and press !. To change the compounding periods (C/Y),
press & [ #, key in a number, and press !.
• To change the payment period (END/BGN), press & ], and then
press & V.
• To compute a value for the unknown variable, press %, and then
press the key for the unknown variable.

22 Time-Value-of-Money and Amortization Worksheets

• To generate an amortization schedule, press & , enter the
first and last payment number in the range (P1 and P2), and press "
or # to compute values for each variable (BAL, PRN, and INT).

Resetting the TVM and Amortization Worksheet Variables
• To reset all calculator variables and formats to default values
(including TVM and amortization variables), press & } !:

Variable Default Variable Default
N 0 END/BGN END

I/Y 0 P1 1
PV 0 P2 1
PMT 0 BAL 0
FV 0 PRN 0
P/Y 1 INT 0
C/Y 1

• To reset only the TVM variables (N, I/Y, PV, PMT, FV) to default values,
press & ^.
• To reset P/Y and C/Y to default values, press & [ & z.
• To reset the Amortization worksheet variables (P1, P2, BAL, PRN,
INT) to default values, press & z while in the Amortization
worksheet.
• To reset END/BGN to the default value, press & ] & z.

Clearing the Unused Variable
For problems using only four of the five TVM variables, enter a value of
zero for the unused variable.
For example, to determine the present value (PV) of a known future
value (FV) with a known interest rate (I/Y) and no payments, enter 0 and
press PMT.

Entering Positive and Negative Values for Outflows and
Inflows
Enter negative values for outflows (cash paid out) and positive values for
inflows (cash received).
Note: To enter a negative value, press S after entering the number. To
change a negative value to positive, press S.


Entering Values for I/Y, P/Y, and C/Y
• Enter I/Y as the nominal interest rate. The TVM worksheet
automatically converts I/Y to a per period rate based on the values of
P/Y and C/Y.
• Entering a value for P/Y automatically enters the same value for C/Y.
(You can change C/Y.)

Specifying Payments Due With Annuities
Use END/BGN to specify whether the transaction is an ordinary annuity
or an annuity due.
• Set END for ordinary annuities, in which payments occur at the end
of each payment period. (This category includes most loans.)
• Set BGN for annuities due, in which payments occur at the beginning
of each payment period. (This category includes most leases.)
Note: When you select beginning-of-period payments, the BGN indicator
appears. (No indicator appears for END payments.)

Updating P1 and P2
To update P1 and P2 for a next range of payments, press % with P1 or
P2 displayed.

Different Values for BAL and FV
The computed value for BAL following a specified number of payments
might be different than the computed value for FV following the same
number of payments.
• When solving for BAL, PRN, and INT, the calculator uses the PMT
value rounded to the number of decimal places specified by the
decimal format.
• When solving for FV, the calculator uses the unrounded value for
PMT.

Entering, Recalling, and Computing TVM Values
• To enter a TVM value, key in the value and store it by pressing a TVM
key (,, -, ., /, 0).
• To display a stored TVM value, press J and a TVM key.
You can enter or recall a value for any of the five TVM variables (N, I/Y,
PV, PMT, or FV) in either the standard calculator mode or a worksheet
mode. The information displayed depends on which mode is selected.
• In standard calculator mode, the calculator displays the variable
label, the = sign, and the value entered or recalled.


• In worksheet modes the calculator displays only the value you enter
or recall, although any variable label previously displayed remains
displayed.
Note: You can tell that the displayed value is not assigned to the
displayed variable, because the = indicator is not displayed.
To compute a TVM value, press % and a TVM key in standard-calculator
mode.

Using [xP/Y] to Calculate a Value for N
1. Key in the number of years, and then press & Z to multiply by
the stored P/Y value. The total number of payments appears.
2. To assign the displayed value to N for a TVM calculation, press ,.

Entering Cash Inflows and Outflows
The calculator treats cash received (inflows) as a positive value and cash
invested (outflows) as a negative value.
• You must enter cash inflows as positive values and cash outflows as
negative values.
• The calculator displays computed inflows as positive values and
computed outflows as negative values.

Generating an Amortization Schedule
The Amortization worksheet uses TVM values to compute an
amortization schedule either manually or automatically.

Generating an Amortization Schedule Manually
1. Press & . The current P1 value appears.
2. To specify the first in a range of payments, key in a value for P1 and
press !.
3. Press #. The current P2 value appears.
4. To specify the last payment in the range, key in a value for P2 and
press !.
5. Press # to display each of the automatically computed values:
• BAL— the remaining balance after payment P2
• PRN— the principal
• INT— the interest paid over the specified range


6. Press & .
— or —
If INT is displayed, press # to display P1 again.
7. To generate the amortization schedule, repeat steps 2 through 5 for
each range of payments.

Generating an Amortization Schedule Automatically
After entering the initial values for P1 and P2, you can compute an
amortization schedule automatically.
1. Press & .
— or —
If INT is displayed, press # to display the current P1 value.
2. Press %. Both P1 and P2 update automatically to represent the
next range of payments.
The calculator computes the next range of payments using the same
number of periods used with the previous range of payments. For
example, if the previous range was 1 through 12 (12 payments),
pressing % updates the range to 13 through 24 (12 payments).
3. Press # to display P2.
• If you press % with P1 displayed, a new value for P2 will be
displayed automatically. (You can still enter a new value for P2.)
• If you did not press % with P1 displayed, you can press %
with P2 displayed to enter values for both P1 and P2 in the next
range of payments.
4. Press # to display each of the automatically computed values for
BAL, PRN, and INT in the next range of payments.
5. Repeat steps 1 through 4 until the schedule is complete.

Example: Computing Basic Loan Interest
If you make a monthly payment of $425.84 on a 30-year mortgage for
$75,000, what is the interest rate on your mortgage?

To Press Display
Set payments per year to 12. & [ 12 ! P/Y= 12.00

Return to standard-calculator & U 0.00
mode.
Enter number of payments 30 & Z , N= 360.00
using the payment multiplier.


To Press Display
Enter loan amount. 75000 . PV= 75,000.00õ

Enter payment amount. 425.84 S / PMT= -425.84

Compute interest rate. %- I/Y= 5.50

Answer: The interest rate is 5.5% per year.

Examples: Computing Basic Loan Payments
These examples show you how to compute basic loan payments on a
$75,000 mortgage at 5.5% for 30 years.
Note: After you complete the first example, you should not have to re-
enter the values for loan amount and interest rate. The calculator saves
the values you enter for later use.

Computing Monthly Payments
To Press Display

mode.
using payment multiplier.
Enter interest rate. 5.5 - I/Y= 5.50

Enter loan amount. 75000 . PV= 75,000.00õ

Compute payment. %/ PMT= -425.84

Answer: The monthly payments are $425.84.

Computing Quarterly Payments
Note: The calculator automatically sets the number of compounding
periods (C/Y) to equal the number of payment periods (P/Y).

To Press Display
Set payments per year to 4. &[ 4 ! P/Y= 4.00

Return to standard-calculator &U 0.00
mode.


To Press Display
Compute payment. %/ PMT= -1,279.82

Answer: The quarterly payments are $1,279.82.

Examples: Computing Value in Savings
These examples show you how to compute the future and present values
of a savings account paying 0.5% compounded at the end of each year
with a 20-year time frame.

Computing Future Value
Example: If you open the account with $5,000, how much will you have
after 20 years?

To Press Display
Set all variables to defaults. &} RST 0.00
!
Enter number of payments. 20 , N= 20.00

Enter interest rate. .5 - I/Y= 0.50

Enter beginning balance. 5000 S . PV= -5,000.00

Compute future value. %0 FV= 5,524.48

Answer: The account will be worth $5,524.48 after 20 years.

Computing Present Value
Example: How much money must you deposit to have $10,000 in 20
years?

To Press Display
Enter final balance. 10000 0 FV= 10,000.00

Compute present value. %. PV= -9,050.63

Answer: You must deposit $9,050.63.


Example: Computing Present Value in Annuities
The Furros Company purchased equipment providing an annual savings
of $20,000 over 10 years. Assuming an annual discount rate of 10%, what
is the present value of the savings using an ordinary annuity and an
annuity due?

Cost Savings for a Present-Value Ordinary Annuity

Cost Savings for a Present-Value Annuity Due in a Leasing
Agreement

To Press Display
Set all variables to defaults. &}! RST 0.00


Enter interest rate per 10 - I/Y= 10.00
payment period.
Enter payment. 20000 S / PMT= -20,000.00


To Press Display
Compute present value %. PV= 122,891.34
(ordinary annuity).
Set beginning-of-period & ]& V BGN
payments.
Return to calculator mode. &U 0.00
Compute present value %. PV= 135,180.48
(annuity due).

Answer: The present value of the savings is $122,891.34 with an ordinary
annuity and $135,180.48 with an annuity due.

Example: Computing Perpetual Annuities
To replace bricks in their highway system, the Land of Oz has issued
perpetual bonds paying $110 per $1000 bond. What price should you pay
for the bonds to earn 15% annually?

To Press Display
Calculate the present value for a 110 6 15 2 N 733.33
perpetual ordinary annuity.
Calculate the present value for a H 110 N 843.33
perpetual annuity due.

Answer: You should pay $733.33 for a perpetual ordinary annuity and
$843.33 for a perpetual annuity due.
A perpetual annuity can be an ordinary annuity or an annuity due
consisting of equal payments continuing indefinitely (for example, a
preferred stock yielding a constant dollar dividend).

Perpetual ordinary annuity


Perpetual annuity due

Because the term (1 + I/Y / 100) -N in the present value annuity equations
approaches zero as N increases, you can use these equations to solve for
the present value of a perpetual annuity:
• Perpetual ordinary annuity

PMT -
PV = ---------------------------
( I/Y ) ÷ 100
• Perpetual annuity due

PMT -
PV = PMT + ---------------------------
( I/Y ) ⁄ 100 )

Example: Computing Present Value of Variable
Cash Flows
The ABC Company purchased a machine that will save these end-of-year
amounts:

Year 1 2 3 4
Amount $5000 $7000 $8000 $10000


Given a 10% discount rate, does the present value of the cash flows
exceed the original cost of $23,000?

To Press Display

Set all variables to defaults. &} RST 0.00
!
Enter interest rate per cash flow 10 - I/Y= 10.00
period.
Enter 1st cash flow. 5000 S 0 FV= -5,000.00

Enter 1st cash flow period. 1, N= 1.00

Compute present value of 1st cash % . PV= 4,545.45
flow.
Store in M1. D1 4,545.45

Enter 2nd cash flow. 7000 S 0 FV= -7,000.00

Enter 2nd cash flow period. 2, N= 2.00

Compute present value of 2nd %. PV= 5,785.12
cash flow.
Sum to memory. DH 1 5,785.12

Enter 3rd cash flow. 8000 S 0 FV= -8,000.00

Enter period number. 3, N= 3.00

Compute present value of 3rd %. PV= 6,010.52
cash flow.

Enter 4th cash flow. 10000 S 0 FV= -10,000.00

Enter period number. 4, N= 4.00


To Press Display

Compute present value of 4th %. PV= 6,830.13
cash flow.

Recall total present value. J1 23,171.23

Subtract original cost. B 23000 N 171.23

Answer: The present value of the cash flows is $23,171.23, which exceeds
the machine’s cost by $171.23. This is a profitable investment.
Note: Although variable cash flow payments are not equal (unlike
annuity payments), you can solve for the present value by treating the
cash flows as a series of compound interest payments.
The present value of variable cash flows is the value of cash flows
occurring at the end of each payment period discounted back to the
beginning of the first cash flow period (time zero).

Example: Computing Present Value of a Lease
With Residual Value
The Peach Bright Company wants to purchase a machine currently leased
from your company. You offer to sell it for the present value of the lease
discounted at an annual interest rate of 22% compounded monthly. The
machine has a residual value of $6500 with 46 monthly payments of
$1200 remaining on the lease. If the payments are due at the beginning
of each month, how much should you charge for the machine?


The total value of the machine is the present value of the residual value
plus the present value of the lease payments.

To Press Display

Set beginning-of-period &] &V BGN
payments.
mode.

Calculate and enter periodic 22 6 12 N - I/Y= 1.83
interest rate.
Enter residual value of asset. 6500 S 0 FV= -6,500.00

Compute residual present value. % . PV= 2,818.22

Enter lease payment amount. 1200 S / PMT= -1,200.00

Compute present value of lease %. PV= 40,573.18
payments.

Answer: Peach Bright should pay your company $40,573.18 for the
machine.

Example: Computing Other Monthly Payments
If you finance the purchase of a new desk and chair for $525 at 20% APR
compounded monthly for two years, how much is the monthly payment?

To Press Display



To Press Display
mode
Enter number of payments using 2 & Z , N= 24.00
payment multiplier.
Enter interest rate. 20 - I/Y= 20.00

Enter loan amount. 525 . PV= 525.00


Answer: Your monthly payment is $26.72.

Example: Saving With Monthly Deposits
Note: Accounts with payments made at the beginning of the period are
referred to as annuity due accounts. Interest begins accumulating earlier
and produces slightly higher yields.
You invest $200 at the beginning of each month in a retirement plan.
What will the account balance be at the end of 20 years, if the fund earns
an annual interest of 7.5 % compounded monthly, assuming beginning-
of-period payments?

To Press Display


Set beginning-of-period &]&V BGN
payments.
mode.


To Press Display

Enter amount of payment. 200 S / PMT= -200.00

Compute future value. %0 FV= 111,438.31

Answer: Depositing $200 at the beginning of each month for 20 years
results in a future amount of $111,438.31.

Example: Computing Amount to Borrow and
Down Payment
You consider buying a car for $15,100. The finance company charges
7.5% APR compounded monthly on a 48-month loan. If you can afford a
monthly payment of $325, how much can you borrow? How much do
you need for a down payment?

To Press Display
Set all variables to defaults. & } ! RST 0.00

Set payments per year to 12. & [ 12 P/Y= 12.00
!
mode
Enter number of payments using 4 &Z, N= 48.00
payment multiplier.

Enter payment. 325 S / PMT= -325.00


To Press Display
Compute loan amount. %. PV= 13,441.47

Compute down payment H 15,100 S N -1,658.53

Answer: You can borrow $13,441.47 with a down payment of $1,658.53.

Example: Computing Regular Deposits for a
Specified Future Amount
You plan to open a savings account and deposit the same amount of
money at the beginning of each month. In 10 years, you want to have
$25,000 in the account.
How much should you deposit if the annual interest rate is 0.5% with
quarterly compounding?
Note: Because C/Y (compounding periods per year) is automatically set
to equal P/Y (payments per year), you must change the C/Y value.

To Press Display



Set compounding periods to 4. #4! C/Y= 4.00

Set beginning-of-period &] &V BGN
payments.
mode.
Enter number of deposits using 10 & Z , N= 120.00
payment multiplier.
Enter interest rate. .5 - I/Y= 0.50

Enter future value. 25,000 0 FV= 25,000.00

Compute deposit amount. %/ PMT= -203.13

Answer: You must make monthly deposits of $203.13.


Example: Computing Payments and Generating an
Amortization Schedule
This example shows you how to use the TVM and Amortization
worksheets to calculate the monthly payments on a 30-year loan and
generate an amortization schedule for the first three years of the loan.

Computing Mortgage Payments
Calculate the monthly payment with a loan amount of $120,000 and
6.125% APR.

To Press Display


mode.

Enter loan amount. 120000 . PV= 120,000.00

Compute payment. %/ PMT= -729.13*

Answer: The computed monthly payment, or outflow, is $729.13.

Generating an Amortization Schedule
Generate an amortization schedule for the first three years of the loan. If
the first payment is in April, the first year has nine payment periods.
(Following years have 12 payment periods each.)

To Press Display
Select the Amortization worksheet. & P1= 0

Set beginning period to 1. 1! P1= 1.00

Set ending period to 9. #9 ! P2= 9.00

Display 1st year amortization data. # BAL= 118,928.63*
# PRN= -1071.37*
INT= -5,490.80*
#
Change beginning period to 10. # 10 ! P1= 10.00

Change ending period to 21. # 21 ! P2= 21.00


To Press Display
Display 2nd year amortization data. # BAL= 117,421.60*
# PRN= _-1,507.03*
# INT=
-7,242.53*

Move to P1 and press % to enter #% P1= 22.00
next range of payments.
Display P2. # P2= 33.00

Display 3rd year amortization data. # BAL= 115,819.62*
# PRN= -1601.98*
# INT=
-7,147.58*

Example: Computing Payment, Interest, and Loan
Balance After a Specified Payment
A group of sellers considers financing the sale price of a property for
$82,000 at 7% annual interest, amortized over a 30-year term with a
balloon payment due after five years. They want to know:
• Amount of the monthly payment
• Amount of interest they will receive
• Remaining balance at the end of the term (balloon payment)

Computing the Monthly Payment
To Press Display

mode.
Enter interest rate. 7- I/Y= 7.00

Enter loan amount. 82000 . PV= 82,000.00



Generating an Amortization Schedule for Interest and
Balloon Payment
To Press Display
Select Amortization worksheet. & P1= 1.00
Enter end period (five years). # 5 &Z ! P2= 60.00

View balance due after five # BAL= 77,187.72
years (balloon payment).
View interest paid after five ## INT= -27,920.72
years.

If the sellers financed the sale, they would receive:
• Monthly payment: $545.55 for five years
• Interest: $27,790.72 over the five years
• Balloon payment: $77,187.72


3
Cash Flow Worksheet

Use the Cash Flow worksheet to solve problems with
unequal cash flows.
To solve problems with equal cash flows, use the TVM
worksheet. (See “Time-Value-of-Money and Amortization
Worksheets” on page 21.)
• To access the Cash Flow worksheet and initial cash
flow value (CFo), press '.
• To access the cash flow amount and frequency
variables (Cnn/Fnn), press # or ".
• To access the discount rate variable (I), press (.

• To compute net present value (NPV), press # or " and
% for each variable.

• To compute the internal rate of return (IRR), press ).
•

Cash Flow Worksheet Variables
Variable Key Display Variable
Type**
Initial cash flow ' CFo Enter-only

Amount of n th cash flow # Cnn* Enter-only

Frequency of n th cash flow # Fnn* Enter-only

Discount rate ( I Enter-only
Net present value #% NPV Compute-only
Internal rate of return )% IRR Compute-only

* nn represents the cash flow (C01–C24) or frequency (F01–F24)
number.

Cash Flow Worksheet 41

** This guidebook categorizes variables by the method of entry. (See
“Types of Worksheet Variables” on page 17.)

Resetting Variables
• To reset CFo, Cnn, and Fnn to default values, press ' and then
& z.
• To reset NPV to the default value, press ( and then & z.
• To reset IRR to the default value, press ) and then & z.
• To reset all calculator variables and formats to default values,
including all Cash Flow worksheet variables, press & } !.

Entering Cash Flows
• You must enter an initial cash flow (CFo). The calculator accepts up
to 24 additional cash flows (C01–C24). Each cash flow can have a
unique value.
• Enter positive values for cash inflows (cash received) and negative
values for cash outflows (cash paid out). To enter a negative value,
key in a number and press S.

Inserting and Deleting Cash Flows
The calculator displays INS or DEL to confirm that you can press & X
or & W to insert or delete cash flows.

Uneven and Grouped Cash Flows
Uneven Cash Flows
The Cash Flow worksheet analyzes unequal cash flows over equal time
periods. Cash-flow values can include both inflows (cash received) and
outflows (cash paid out).

All cash-flow problems start with an initial cash flow labeled CFo. CFo is
always a known, entered value.

42 Cash Flow Worksheet

Grouped Cash Flows
Cash-flow problems can contain cash flows with unique values as well as
consecutive cash flows of equal value.
Although you must enter unequal cash flows separately, you can enter
groups of consecutive, equal cash flows simultaneously using the Fnn
variable.

Entering Cash Flows
Cash flows consist of an initial cash flow (CFo) and up to 24 additional
cash flows (C01-C24), each of which can have a unique value. You must
enter the number of occurrences (up to 9,999), or frequency (F), for each
additional cash flow (C01-C24).
• The calculator displays positive values for inflows (cash received) and
negative values for outflows (cash paid out).
• To clear the Cash Flow worksheet, press & z.
To enter cash flows:
1. Press '. The initial cash-flow value (CFo) appears.
2. Key in a value for CFo and press !.
3. To select an additional cash-flow variable, press #. The C01 value
appears.
4. To change C01, key in a value and press !.
5. To select the cash-flow frequency variable (F01), press #. The F01
value appears.
6. To change F01, key in a value and press !.
7. To select an additional cash-flow variable, press #. The C02 value
appears.
8. Repeat steps 4 through 7 for all remaining cash flows and
frequencies.
9. To review entries, press # or ".

Deleting Cash Flows
When you delete a cash flow, the calculator decreases the number of
subsequent cash flows automatically.


The DEL indicator confirms that you can delete a cash flow.
1. Press # or " until the cash flow you want to delete appears.
2. Press & W. The cash flow you specified and its frequency is
deleted.

Inserting Cash Flows
When you insert a cash flow, the calculator increases the number of the
following cash flows, up to the maximum of 24.

Note: The INS indicator confirms that you can insert a cash flow.
1. Press # or " to select the cash flow where you want to insert the
new one. For example, to insert a new second cash flow, select C02.
2. Press & X.
3. Key in the new cash flow and press !. The new cash flow is
entered at C02.

Computing Cash Flows
The calculator solves for these cash-flow values:
• Net present value (NPV) is the total present value of all cash flows,
including inflows (cash received) and outflows (cash paid out). A
positive NPV value indicates a profitable investment.


• Internal rate of return (IRR) is the interest rate at which the net
present value of the cash flows is equal to 0.

Computing NPV
1. Press ( to display the current discount rate (I).
2. Key in a value and press !.
3. Press # to display the current net present value (NPV).
4. To compute the net present value for the series of cash flows
entered, press %.

Computing IRR
1. Press ). The IRR variable and current value are displayed (based on
the current cash-flow values).
2. To compute the internal rate of return, press %. The calculator
displays the IRR value.
When solving for IRR, the calculator performs a series of complex,
iterative calculations that can take seconds or even minutes to complete.
The number of possible IRR solutions depends on the number of sign
changes in your cash-flow sequence.
• When a sequence of cash flows has no sign changes, no IRR solution
exists. The calculator displays Error 5.

• When a sequence of cash flows has only one sign change, only one
IRR solution exists, which the calculator displays.

• When a sequence of cash flows has two or more sign changes:
– At least one solution exists.
– As many solutions can exist as there are sign changes.


When more than one solution exists, the calculator displays the one
closest to zero. Because the displayed solution has no financial
meaning, you should use caution in making investment decisions
based on an IRR computed for a cash-flow stream with more than
one sign change.
The time line reflects a sequence of cash flows with three sign
changes, indicating that one, two, or three IRR solutions can exist.

• When solving complex cash-flow problems, the calculator might not
find IRR, even if a solution exists. In this case, the calculator displays
Error 7 (iteration limit exceeded).

Example: Solving for Unequal Cash Flows
These examples show you how to enter and edit unequal cash-flow data
to calculate:
• Net present value (NPV)
• Internal rate of return (IRR)
A company pays $7,000 for a new machine, plans a 20% annual return on
the investment, and expects these annual cash flows over the next six
years:

Year Cash Flow Number Cash Flow Estimate
Purchase CFo -$7,000
1 C01 3,000
2–5 C02 5,000 each year
6 C03 4,000

As the time line shows, the cash flows are a combination of equal and
unequal values. As an outflow, the initial cash flow (CFo) appears as a
negative value.


Entering Cash-Flow Data
To Press Display

Select Cash Flow worksheet. ' CFo= 0.00

Enter initial cash flow. 7000 S ! CFo= -7,000.00

Enter cash flow for first year. # 3000 ! C01= 3,000.00
# F01= 1.00

Enter cash flows for years # 5000 ! C02= 5,000.00
two through five. #4! F02= 4.00

Enter cash flow for sixth year. # 4000 ! C03= 4,000.00
# F03= 1.00

Editing Cash-Flow Data
After entering the cash-flow data, you learn that the $4,000 cash-flow
value should occur in the second year instead of the sixth. To edit, delete
the $4,000 value for year 6 and insert it for year 2.

To Press Display
Move to third cash flow. " C03= 4,000.00

Delete third cash flow. &W C03= 0.00

Move to second cash flow. "" C02= 5,000.00

Insert new second cash flow. & X 4000 ! C02= 4,000.00
# F02= 1.00

Move to next cash flow to # C03= 5,000.00
verify data. # F03= 4.00


Computing NPV
Use an interest rate per period (I) of 20%.

To Press Display
Access interest rate variable ( I= 0.00

Enter interest rate per period. 20 ! I= 20.00

Compute net present value. #% NPV= 7,266.44

Answers: NPV is $7,266.44.

Computing IRR
To Press Display
Access IRR. ) IRR= 0.00

Compute internal rate of return. #% IRR= 52.71

Answer: IRR is 52.71%.

Example: Value of a Lease with Uneven Payments
A lease with an uneven payment schedule usually accommodates
seasonal or other anticipated fluctuations in the lessee’s cash position.
A 36-month lease has the following payment schedule and beginning-of-
period payments.

Number of Months Payment Amount
4 $0
8 $5000
3 $0
9 $6000
2 $0
10 $7000

If the required earnings rate is 10% per 12-month period with monthly
compounding:
• What is the present value of these lease payments?


• What even payment amount at the beginning of each month would
result in the same present value?
Because the cash flows are uneven, use the Cash Flow worksheet to
determine the net present value of the lease.

Computing NPV
The cash flows for the first four months are stated as a group of four $0
cash flows. Because the lease specifies beginning-of-period payments,
you must treat the first cash flow in this group as the initial investment
(CFo) and enter the remaining three cash flows on the cash flow screens
(C01 and F01).
Note: The BGN/END setting in the TVM worksheet does not affect the
Cash Flow worksheet.

To Press Display


Select Cash Flow worksheet. ' CFo= 0.00

Enter first group of cash flows. # C01= 0.00
#3! F01= 3.00

Enter second group of cash # 5000 S ! C02= -5000.00
flows. #8! F02= 8.00

Enter third group of cash # C03= 0.00
flows. #3! F03= 3.00

Enter fourth group of cash # 6000 S ! C04= -6000.00
flows. #9! F04= 9.00

Enter fifth group of cash flows. # C05= 0.00
#2! F05= 2.00

Enter sixth group of cash flows. # 7000 S ! C06= -7000.00
# 10 ! F06= 10.00

Select NPV. ( I= 0.00


To Press Display

Enter monthly earnings rate. 10 6 12 ! I= 0.83

Compute NPV. #% NPV= -138,088.44


4
Bond Worksheet

The Bond worksheet lets you compute bond price, yield to
maturity or call, and accrued interest.
You can also use the date functions to price bonds
purchased on dates other than the coupon anniversary.
• To access the Bond worksheet, press & l.
• To access bond variables, press " or #.
• To change the options for day-count methods (ACT
and 360) and coupons per year (2/Y and 1/Y), press &
V once for each option.

Note: Pressing # or " to navigate through the Bond worksheet before
you enter values causes an error (Error 6). To clear the error, press P.
(See “Error Messages” on page 94.)

Bond Worksheet 51

Bond Worksheet Variables
Variable Key Display Variable Type
Settlement date &l SDT Enter only
Annual coupon rate in percent # CPN Enter only
Redemption date # RDT Enter only
Redemption value (percentage of # RV Enter only
par value)
Actual/actual day-count method # ACT Setting
30/360 day-count method &V 360 Setting
Two coupons per year # 2/Y Setting
One coupon per year &V 1/Y Setting
Yield to redemption # YLD Enter/compute
Dollar price # PRI Enter/compute
Accrued interest # AI Auto-compute

Resetting Bond Worksheet Variables
• To reset the Bond worksheet variables to default values, press &
z while in the Bond worksheet.

SDT 12-31-1990 ACT/360 ACT

CPN 0 2/Y, 1/Y 2/Y

RDT 12-31-1990 YLD 0

RV 100 PRI 0

including the Bond worksheet variables, press & } !.

Entering Dates
• Use the following convention to key in dates: mm.ddyy or dd.mmyy.
After keying in the date, press !.
Note: You can display dates in either US or European format. (See
“Setting Calculator Formats ” on page 4.)
• You can enter dates from January 1, 1950 through December 31,
2049.

52 Bond Worksheet

• The calculator assumes that the redemption date (RDT) coincides
with a coupon date:
– To compute to maturity, enter the maturity date for RDT.
– To compute to call, enter the call date for RDT.

Entering CPN
CPN represents the annual coupon rate as a percentage of the bond par
value rather than the dollar amount of the coupon payment.

Entering RV
The redemption value (RV) is a percentage of the bond par value:
• For to maturity analysis, enter 100 for RV.
• For to call analysis, enter the call price for RV.

Setting the Day-Count Method
1. To display the day-count method, press # until ACT or 360 appears.
2. To change the day-count method, press & V.

Setting the Coupon Frequency
1. To display the coupon frequency, press # until 1/Y or 2/Y appears.
2. To change the coupon frequency, press & V.

Bond Worksheet 53

Bond Worksheet Terminology
Term Definition
Call Date A callable bond can be retired by the issuing agency
before the maturity date. The call date for such a
bond is printed in the bond contract.
Coupon The periodic payment made to the owner of the
Payment bond as interest.
Coupon Rate The annual interest rate printed on the bond.
Dollar Price Price of the security expressed in terms of dollars per
$100 of par value.
Par (Face) Value The value printed on the bond.
Premium Bond A bond that sells for an amount greater than the par
value.
Discount Bond A bond selling for less than the par value.
Redemption The date on which the issuing agency retires the
Date bond. This date can be the date of maturity or, for a
callable bond, the call date.
Redemption The amount paid to the owner of a bond when
Value retired. If the bond is redeemed at the maturity
date, the redemption value is the par value printed
on the bond. If the bond is redeemed at a call date,
the redemption value is the bond’s par value plus
any call premium. The calculator treats the
redemption value in terms of dollars per $100 of par
value.
Settlement Date The date on which a bond is exchanged for funds.
Yield to The rate of return earned from payments of
Maturity principal and interest, with interest compounded
semiannually at the stated yield rate. The yield to
maturity takes into account the amount of premium
or discount, if any, and the time value of the
investment.

Entering Bond Data and Computing Results
To compute values for price (PRI) or yield (YLD) and accrued interest (AI),
first enter the four known values for settlement date (SDT), coupon rate
(CPN), redemption date (RDT), and redemption value (RV).

54 Bond Worksheet

If necessary, change the day-count method (ACT or 360) and coupon-
frequency (2/Y or 1/Y). The Bond worksheet stores all values and settings
until you clear the worksheet or change the values and settings.
Note: Dates are not changed when you clear a worksheet.

Entering Known Bond Values
1. Press & l. The current SDT value appears.
2. To clear the worksheet, press & z.
3. If necessary, key in a new SDT value and press !.
4. Repeat step 3 for CPN, RDT, and RV, pressing # once for each
variable.
Note: To enter dates, use this convention: mm.ddyy (US) or dd.mmyy
(European).

Setting the Bond Day-Count Method and Coupon
Frequency
1. To display the day-count method, press # until ACT or 360 appears.
2. To change the day-count method, press & V.
3. To display the coupon frequency, press # until 2/Y or 1/Y appears.
4. To change the coupon frequency, press & V.

Computing the Bond Price (PRI)
1. Press # until YLD appears.
2. Key in a value for YLD and press !.
3. Press # to display PRI, and then press %. The calculator displays the
computed PRI value.

Computing the Bond Yield (YLD)
1. Press # until PRI appears.
2. Key in a value for PRI and press !.
3. Press # to display YLD, and then press %. The calculator displays
the computed YLD value.

Computing Accrued Interest (AI)
To compute accrued interest, press # until the AI variable appears. The
calculator automatically computes AI in terms of dollars per $100 of par
value.

Bond Worksheet 55

Example: Computing Bond Price and Accrued
Interest
You consider buying a semiannual corporate bond maturing on
December 31, 2007 and settling on June 12, 2006. The bond is based on
the 30/360 day-count method with a coupon rate of 7%, redeemable at
100% of par value. For an 8% yield to maturity, compute the bond’s price
and accrued interest, accrued interest, and modified duration.

Computing Bond Price and Accrued Interest
To Press Display
Select Bond worksheet. &l SDT = 12-31-1990

Enter settlement date. 6.1206 ! SDT = 6-12-2006

Enter coupon rate. #7! CPN = 7.00

Enter redemption date. # 12.3107 ! RDT = 12-31-2007

Leave redemption value as is. # RV = 100.00

Select 30/360 day-count #&V 360
method.
Leave two coupon payments # 2/Y
per year.
Enter yield. #8! YLD = 8.00

Compute price #% PRI = 98.56

View modified duration # DUR = 1.44

Answer: The bond price is $98.56 per 100. The accrued interest is $3.15
per 100.

56 Bond Worksheet

5
Depreciation Worksheet

The Depreciation worksheet lets you generate a
depreciation schedule using your choice of depreciation
methods.
• To access the Depreciation worksheet, press & p.
• To change depreciation methods, press & V until
the desired method appears.
• To access other depreciation variables, press # or ".
Note: To easily scroll up or down through a range of
variables, press and hold # or ".

Depreciation Worksheet Variables
Variable Key Display Variable Type**

Straight-line method &p SL Setting
Sum-of-the-years’-digits &V SYD Setting
method
Declining-balance method &V DB Setting/Enter
Declining-balance method &V DBX Setting/Enter
with crossover to SL method
French straight-line method* &V SLF Setting
French declining balance &V DBF Setting/Enter
method*
Life of the asset in years # LIF Enter only
Starting month # M01 Enter only
Starting date for French # DT1 Enter only
straight-line method**
Cost of the asset # CST Enter only
Salvage value of the asset # SAL Enter only

Depreciation Worksheet 57

Variable Key Display Variable Type**

Year to compute # YR Enter only
Depreciation for the year # DEP Auto-compute
Remaining book value at the # RBV Auto-compute
end of the year
Remaining depreciable value # RDV Auto-compute

* SLF and DBF are available only if you select the European format for
dates or separators in numbers. (See “Setting Calculator Formats ”
on page 4.)
** This guidebook categorizes variables by their method of entry. (See

Resetting the Depreciation Worksheet Variables
including the Depreciation worksheet variables, press & }
!.

Depreciation SL M01 1
method
DB 200 YR 1
DBX 200 CST 0
LIF 1 SAL 0

• To clear only the LIF, YR, CST, and SAL Depreciation worksheet
variables and reset default values without affecting the depreciation
method or other calculator variables and formats, press & z
while in the Depreciation worksheet.

Computing Values for DEP, RBV, and RDV
• The calculator computes one year at a time and rounds the results to
the number of decimal places set. (See “Setting Calculator Formats ”
on page 4.)
• The calculator computes values for DEP, RBV, and RDV automatically
when you press # to display each variable.

58 Depreciation Worksheet

Entering Values for DB and DBX
If you choose either the declining balance (DB) or declining balance with
crossover to SL (DBX) depreciation method, remember to enter a value
representing the percent of declining balance for the DB or DBX
variable.
Note: The declining balance you enter must be a positive number.

Entering Values for LIF
• If SL or SLF is selected, the LIF value must be a positive real number.
• If SYD, DB, DBX, or DBF is selected, the LIF value must be a positive
integer.

Entering Values for M01
The value you enter for the starting month (M01) has two parts:
• The integer portion represents the month in which the asset is
placed into service.
• The decimal portion represents the fraction of the initial month in
which the asset begins to depreciate.
For example, to specify that the asset will begin to depreciate in the
middle of the first month, enter 1.5. To specify that the asset will begin
to depreciate a quarter of the way through the fourth month, enter 4.25.

Working with YR
• When computing depreciation, the value you enter for the year-to-
compute (YR) variable must be a positive integer.
• If the remaining depreciable value (RDV) variable is displayed, you
can press # to return to the year to compute (YR) variable. To
represent the next depreciation year, press % to increment the
value for YR by one.
• To compute a depreciation schedule, repeatedly return to the year to
compute (YR) variable, press % to increment the value for YR, and
compute values for DEP, RBV, and RDV. The schedule is complete
when RDV equals zero.

Entering Data and Computing Results
Because the Depreciation worksheet stores values and settings until you
either change them or clear the worksheet, you should not have to
perform every step each time you work a problem.
Note: Dates are not changed when you clear a worksheet.


Selecting a Depreciation Method
1. To access the Depreciation worksheet, press & p. The current
depreciation method is displayed.
3. Press & V until you display the depreciation method you want
(SL, SLF, SYD, DB, DBX, or DBF).
Note: If you select DB or DBX, you must either key in a value or
accept the default of 200.

Entering Depreciation Data
1. To display LIF, press #.
2. Key in a value for LIF and press !.
3. Repeat steps 1 and 2 for M01, DT1 (if SLF), CST, SAL, and YR.
Note: To select SLF or DBF, you must set either the European date or
European separator format first. (See “Setting Calculator Formats ” on
page 4.)

Computing Results for DEP, RBV, and RDV
After entering the data, press # once for each of the DEP, RBV, and RDV
variables to display the computed values.
Note: The _indicator confirms that the displayed value is computed.

Generating a Depreciation Schedule
To generate a depreciation schedule and compute values for other years:
1. To display YR, press #.
2. To increment the value by one, press %.
3. To compute new values for DEP, RBV, and RDV, press # for each
variable.

60 Depreciation Worksheet

Example: Computing Straight-Line Depreciation
In mid-March, a company begins depreciation of a commercial building
with a 31½ year life and no salvage value. The building cost $1,000,000.
Use the straight-line depreciation method to compute the depreciation
expense, remaining book value, and remaining depreciable value for the
first two years.

To Press Display
Access Depreciation &p SL
worksheet.
Enter life in years. # 31.5 ! LIF = 31.50

Enter starting month. # 3.5 ! M01 = 3.50

Enter cost. # 1000000 ! CST = 1,000,000.00

Leave salvage value as is. # SAL = 0.00

Leave year as is. # YR = 1.00

Display depreciation # DEP = 25,132.28*
amount, remaining book # RBV = 974,867.72*
value, and remaining # RDV = 974,867.72*
depreciable value.
View second year. # YR = 1.00
% YR = 2.00

Display second year # DEP = 31,746.03*
depreciation data. # RBV = 943,121.69*
# RDV = 943,121.69*

Answer: For the first year, the depreciation amount is $25,132.28, the
remaining book value is $974,867.72, and the remaining depreciable
value is $974,867.72.
For the second year, the depreciation amount is $31,746.03, the
remaining book value is $943,121.69, and the remaining depreciable
value is $943,121.69.


6
Statistics Worksheet

The Statistics worksheet performs analysis on one-and
two-variable data with four regression analysis models.
• To enter statistical data, press & j.
• To choose a statistics calculation method and compute
the results, press & k.
• To access statistics variables, press # or ".

Statistics Worksheet Variables
Current X value & j Xnn* Enter-only
Current Y value # Ynn* Enter-only
Standard linear regression & k LIN Setting
Logarithmic regression & V Ln Setting
Exponential regression EXP Setting
Power regression PWR Setting
One-variable statistics 1-V Setting

Statistics Worksheet 63

Number of observations # (as n Auto-compute
Mean (average) of X values needed) v Auto-compute
Sample standard deviation of X Sx Auto-compute
Population standard deviation of X sx Auto-compute
Mean (average) of Y values y** Auto-compute
Sample standard deviation of Y Sy** Auto-compute
Population standard deviation of Y sy** Auto-compute
Linear regression y-intercept a** Auto-compute
Linear regression slope b** Auto-compute
Correlation coefficient r** Auto-compute
Predicted X value X'** Enter/compute
Predicted Y value Y'** Enter/compute
Sum of X values GX Auto-compute
Sum of X squared values GX2 Auto-compute
Sum of Y values GY** Auto-compute
Sum of Y squared values Auto-compute
GY2**
Sum of XY products Auto-compute
GXY**

* nn represents the number of the current X or Y value.
** Not displayed for one-variable statistics.
*** This guidebook categorizes calculator variables by their method of

Resetting Statistics Worksheet Variables
• To clear all X and Y values as well as all values in the statistics portion
of the worksheet without affecting the statistics calculation method,
press & z while in the data-entry portion of the worksheet
(& j).
• To reset the statistics calculation method to LIN and clear all values
except X and Y, press & z while in the calculation method
and computation portion of the worksheet (& k).
• To reset the statistics calculation method to LIN and clear all values,
including X and Y, press & } !.

Entering Data Points
• You can enter up to 50 (x,y) data points.
• If you press # or " to move through the portion of the worksheet
that displays results without entering data points, the calculator will
display an error.

64 Statistics Worksheet

• When you enter data for one-variable statistics, Xnn represents the
value and Ynn specifies the number of occurrences (frequency).
• When you enter a value for Xnn, the value for Ynn defaults to 1.

Analyzing One-Variable Statistics
To analyze one-variable statistics, select 1-V. Only values for n, v, Sx, sX,
GX, and GX2 are computed and displayed for one-variable statistics.

Analyzing Two-Variable Statistics
You can choose from among these four regression-analysis methods:
• LIN
• Ln
• EXP
• PWR

Computing Values Automatically
Except for the predicted X' and Y' values, the calculator computes and
displays values for statistics variables automatically when you access
them.

Using X' and Y' for Regression Predictions
To use the X' and Y' variables for regression predictions, you either can
enter a value for X' to compute Y' or enter a value for Y' to compute X'.

Regression Models
For two-variable data, the Statistics worksheet uses four regression
models for curve fitting and forecasting.

Model Formula Restrictions
LIN Y=a+bX None
Ln Y = a + b ln(X) All X values > zero
EXP Y = a bx All Y values > zero
PWR Y=a Xb All X and Y values > zero

The calculator interprets the X value as the independent variable and the
Y value as the dependent variable.
The calculator computes the statistical results using these transformed
values:
• LIN uses X and Y.


• Ln uses ln(X) and Y.
• EXP uses X and ln(Y).
• PWR uses ln(X) and ln(Y).
The calculator determines the values for a and b that create the line or
curve that best fits the data.

Correlation Coefficient
The calculator also determines r, the correlation coefficient, which
measures the goodness of fit of the equation with the data. Generally:
• The closer r is to 1 or -1, the better the fit.
• The closer r is to zero, the worse the fit.

Entering Statistical Data
Because the Statistics worksheet lets you enter and display up to 50 data
points, and then stores the values until you clear the worksheet or
change the values, you probably will not have to perform every step for
each Statistics calculation.
1. To select the data-entry portion of the Statistics worksheet, press &
j. X01 is displayed along with any previous value.
3. Key in a value for X01 and press !.
• For one-variable data, X01 is the first data point.
• For two-variable data, X01 is the first X value.
4. To display the Y01 variable, press #.
5. Key in a value for Y01 and press !.
• For one-variable data, you can enter the number of times the X
value occurs (frequency).
The default value is 1.
• For two-variable data, enter the first Y value.
6. To display the next X variable, press #.
7. Repeat steps 3 through 5 until you enter all of the data points.
Note: To easily scroll up or down through a range of variables, press and
hold # or ".

66 Statistics Worksheet

Computing Statistical Results
Selecting a Statistics Calculation Method
1. Press & k to select the statistical calculation portion of the
Statistics worksheet.
2. The last selected statistics calculation method is displayed (LIN, Ln,
EXP, PWR, or 1-V).
3. Press & V repeatedly until the statistics calculation method you
want is displayed.
4. If you are analyzing one-variable data, select 1-V.
5. Press # to begin computing results.

Computing Results
To compute results based on the current data set, press # repeatedly
after you have selected the statistics calculation method.
The calculator computes and displays the results of the statistical
calculations (except for X' and Y') automatically when you access them.
For one-variable statistics, the calculator computes and displays only the
values for n, v, Sx, sX, GX, and GX2.

Computing Y'
1. To select the Statistics worksheet, press & k.
2. Press " or # until X' is displayed.
3. Key in a value for X' and press !.
4. Press # to display the Y' variable.
5. Press % to compute a predicted Y' value.

Computing X'
1. To select the Statistics worksheet, press & k.
2. Press " or # until Y' is displayed.
3. Key in a value for Y' and press !.
4. Press " to display the X' variable.
5. Press % to compute an X' value.


7
Other Worksheets
The calculator also includes these worksheets:
• Percent Change/Compound Interest worksheet
(& q)
• Interest Conversion worksheet (& v)
• Date worksheet (& u)
• Profit Margin worksheet (& w)
• Breakeven worksheet (& r)
• Memory worksheet (& {)

Percent Change/Compound Interest Worksheet
Use the Percent Change/Compound Interest worksheet to
solve percent change, compound interest, and cost-sell-
markup problems.
• To access the Percent Change/Compound Interest
worksheet, press & q.
• To access the Percent Change/Compound Interest
variables, press # or ".

Percent Change/Compound Interest Worksheet Variables
Old value/Cost &q OLD Enter/compute
New value/Selling price # NEW Enter/compute
Percent change/Percent # %CH Enter/compute
markup
Number of periods # #PD Enter/compute

Note: This guidebook categorizes variables by their method of entry.
(See “Types of Worksheet Variables” on page 17.)

Other Worksheets 69

Resetting the Percent Change/Compound Interest
Worksheet Variables
• To reset the Percent Change/Compound Interest variables to default
values, press & z while in the Percent Change/Compound
Interest worksheet.

OLD 0 %CH 0
NEW 0 #PD 1

• To reset default values for all calculator variables and formats, press
& } !.

Entering Values
• For percent-change calculations, enter values for any two of the
three variables (OLD, NEW, and %CH) and compute a value for the
unknown variable (leave #PD=1). A positive percent change
represents a percentage increase; a negative percent change
represents a percentage decrease.
• For compound-interest calculations, enter values for the three
known variables and compute a value for the unknown fourth
variable.
– OLD= present value
– NEW= future value
– %CH= interest rate per period
– #PD= number of periods
• For cost-sell-markup calculations, enter values for two of the three
variables (OLD, NEW, and %CH) and compute a value for the
unknown.
– OLD = cost
– NEW= selling price
– %CH= percent markup
– #PD= 1

Computing Values
1. To select the Percent Change/Compound Interest worksheet, press
& q. The current value for OLD is displayed.

70 Other Worksheets

3. To enter values for the known variables, press # or " until the
variable you want is displayed, then key in a value, and press !.
(Do not enter a value for the variable you wish to solve.)
• Percent Change — Enter values for two of these three
variables: OLD, NEW, and %CH. Leave #PD set to 1.
• Compound Interest — Enter values for three of these four
variables: OLD, NEW, %CH, and #PD.
• Cost-Sell-Markup — Enter values for two of these three
variables: OLD, NEW, and %CH. Leave #PD set to 1.
4. To compute a value for the unknown variable, press # or " until the
variable you want is displayed and press %. The calculator displays
the value.

Example: Computing Percent Change
First, determine the percentage change from a forecast amount of $658
to an actual amount of $700. Second, determine what the new amount
would be if it were 7% below the original forecast.

To Press Display
Select Percent Change/Compound &q OLD= 0
Interest worksheet.
Enter original forecast amount. 658 ! OLD= 658.00

Enter actual amount. # 700 ! NEW= 700.00

Compute percent change. #% %CH= 6.38

Enter -7 as percent change. 7 S! %CH= -7.00

Compute new actual amount. "% NEW= 611.94

Answer: $700 represents a 6.38% increase over the original forecast of
$658. A decrease of 7% would result in a new actual amount of $611.94.

Example: Computing Compound Interest
You purchased stock in 1995 for $500. Five years later, you sell the stock
for $750. What was the annual growth rate?

To Press Display
Select Percent Change/Compound & q OLD= 0
Interest worksheet.
Enter stock purchase price. 500 ! OLD= 500.00

Enter stock selling price. # 750 ! NEW= 750.00

Other Worksheets 71

To Press Display
Enter number of years. ## 5 ! #PD= 5.00

Compute annual growth rate. "% %CH= 8.45

Answer: The annual growth rate is 8.45%.

Example: Computing Cost-Sell-Markup
The original cost of an item is $100; the selling price is $125. Find the
markup.

To Press Display
Select Percent Change/Compound &q OLD= 0
Interest worksheet.
Clear worksheet variables. &z OLD= 0.00

Enter original cost. 100 ! OLD= 100.00

Enter selling price. # 125 ! NEW= 125.00

Compute percent markup. #% %CH= 25.00

Answer: The markup is 25%.

Interest Conversion Worksheet
The Interest Conversion worksheet converts interest rates
between nominal rate (or annual percentage rate) and
annual effective rate.
• To access the Interest Conversion worksheet, press &
v.
• To select interest conversion variables, press # or ".

Nominal rate &v NOM Enter/compute
Annual effective rate # EFF Enter/compute
Compounding periods per year # C/Y Enter-only

Note: The calculator categorizes variables by their method of entry. (See

72 Other Worksheets

Comparing the Nominal Interest Rate of Investments
Comparing the nominal interest rate (annual percentage rate) of
investments is misleading when the investments have the same nominal
rate but different numbers of compounding periods per year.
To make a more valid comparison, convert the nominal interest rate
(NOM) to the annual effective interest rate (EFF) for each investment.
• The nominal interest rate (NOM) is the interest rate per
compounding period multiplied by the number of compounding
periods per year.
• The annual effective interest rate (EFF) is the compound annual
interest rate that you actually earn for the period of time stated.

Resetting Variables
including the Interest Conversion worksheet variables, press &
} !.

Variable Default
NOM 0
EFF 0
C/Y 1

• To clear the NOM and EFF variables and reset default values without
affecting C/Y, press & z in the Interest Conversion
worksheet.

Converting Variables
You can convert a nominal rate to an annual effective rate or vice versa.

Entering Values for Nom and EFF
Enter a value for NOM or EFF as an annual rate.

Converting Interest Rates
1. To access the Interest Conversion worksheet, press & v. The
current NOM value appears.
3. Enter a value for the known interest rate (either NOM or EFF).
4. To enter a value for a known variable, press # or " until NOM or
EFF is displayed, key in a value, and press !.
5. Press # to display C/Y. If necessary, change the value and press !.

Other Worksheets 73

6. To compute a value for the unknown variable (interest rate), press #
or " until NOM or EFF is displayed, and then press %. The
calculator displays the computed value.
Example: A bank offers a certificate that pays a nominal interest rate of
15% with quarterly compounding. What is the annual effective interest
rate?

To Press Display
Select Interest Conversion &v NOM= 0
worksheet.
Enter nominal interest rate. 15 ! NOM= 15.00

Enter number of compounding ##4 ! C/Y= 4.00
periods per year.
Compute annual effective "% EFF= 15.87
interest rate.

Answer: A nominal interest rate of 15% compounded quarterly is
equivalent to an annual effective interest rate of 15.87%.

Date Worksheet
Use the Date worksheet to find the number of days
between two dates. You can also compute a date and day
of the week based on a starting date and a specified
number of days.
• To access the Date worksheet, press & u.
• To access the date variables, press # or ".
• To select the day-count method (ACT and 360), press
& V once for each option.

Date Worksheet Variables
Date 1 &u DT1 Enter/compute
Date 2 # DT2 Enter/compute
Days between dates # DBD Enter/compute
Actual/actual day-count method # ACT* Setting
30/360 day-count method # 360* Setting

74 Other Worksheets

Note: The calculator categorizes variables by their method of entry. (See

Resetting the Date Worksheet Variables
• To reset default values for all calculator variables and formats,
including the Date worksheet variables, press & } !.

DT1 12-31-1990 DBD 0
DT2 12-31-1990 Day-count ACT
method

• To clear Date worksheet variables and reset default values without
affecting the day-count method, press & z while in the Date
worksheet.

Entering Dates
• The calculator assumes that DT1 is earlier than DT2.
• Enter dates for DT1 and DT2 in the selected US or European date
format.
• When you compute a date for DT1 or DT2, the calculator displays a
three-letter abbreviation for the day of the week (for example,
WED).

Selecting the Day-Count Method Affects Calculations
• When you select ACT as the day-count method, the calculator uses
the actual number of days in each month and each year, including
adjustments for leap years.
• When you select 360 as the day-count method, the calculator
assumes 30 days per month (360 days per year). You can compute
DBD using this day-count method, but not DT1 or DT2.

Computing Dates
1. To select the Date worksheet, press & u. The DT1 value is
displayed.
3. Enter values for two of the three variables: DT1, DT2, and DBD.
Note: Do not enter a value for the variable you wish to solve for.
4. To enter a value for a variable, press # or " to display the variable.
5. Key in a value and press !.

Other Worksheets 75

6. To change the day-count method setting, press # until ACT or 360 is
displayed.
7. To compute a value for the unknown variable, press # or " to
display the variable, and then press %. The calculator displays the
computed value.

Example: Computing Days between Dates
A loan made on September 4, 2003 defers the first payment until
November 1, 2003. How many days does the loan accrue interest before
the first payment?

To Press Display
Select Date worksheet. &u DT1= 12-31-1990

Enter first date. 9.0403 ! DT1= 9-04-2003

Enter second date. # 11.0103 ! DT2= 11-01-2003

Select actual/actual day-count # # ACT
method.
Compute days between dates. " % DBD= 58.00

Answer: Because there are 58 days between the two dates, the loan
accrues interest for 58 days before the first payment.

Profit Margin Worksheet
The Profit Margin worksheet computes cost, selling price,
and gross profit margin.
Note: To perform markup calculations, use the Percent
Change/Compound Interest worksheet. (See “Percent
Change/Compound Interest Worksheet” on page 69.)
• To access the Profit Margin worksheet, press &
w.
• To access profit margin variables, press " or #.
• Enter values for the two known variables, and then
compute a value for the unknown variable.

Profit Margin Worksheet Variables
Cost &w CST Enter/compute

76 Other Worksheets

Selling price # SEL Enter/compute
Profit margin # MAR Enter/compute

Note: This guidebook categorizes calculator variables by their method of

Gross Profit Margin and Markup
The terms margin and markup often are used interchangeably, but each
has a distinct meaning.
• Gross profit margin is the difference between selling price and cost,
expressed as a percentage of the selling price.
• Markup is the difference between selling price and cost, expressed as
a percentage of the cost.

Clearing Profit Margin Worksheet Variables
• To clear the Profit Margin worksheet variables and reset default
values, press & z. All Profit Margin worksheet variables
default to zero.
• To reset default values for all calculator variables and formats,
including the Profit Margin worksheet variables, press & }
!.

Computing Profit Margin
1. To select the Profit Margin worksheet, press & w. The CST value
appears.
2. To enter a value for one of the two known variables, press # or " to
select a variable, then key in a value and press !.
3. Repeat step 2 for the second known variable.
4. To compute a value for the unknown variable, press # or " to select
the variable and press %. The calculator displays the computed
value.

Example: Computing Profit Margin
The selling price of an item is $125. The gross profit margin is 20%. Find
the original cost.

To Press Display
Select Profit Margin worksheet. &w CST= 0.00

Enter selling price. # 125 ! SEL= 125.00

Other Worksheets 77

To Press Display
Enter profit margin. # 20 ! MAR= 20.00

Compute cost. ""% CST= 100.00

Answer: The original cost is $100.

Breakeven Worksheet
The Breakeven worksheet computes the breakeven point
and sales level needed to earn a given profit by analyzing
relationships between fixed costs, variable costs per unit,
quantity, price, and profit.
You operate at a loss until you reach the breakeven
quantity (that is, total costs = total revenues).
• To access the Breakeven worksheet, press & r.
• To access breakeven variables, press " or #.
• Enter known values for the four known variables, then
compute a value for the fifth, unknown variable.

Note: To solve for quantity (Q), enter a value of zero for profit (PFT).

Breakeven Worksheet Variables
Fixed cost & r FC Enter/compute
Variable cost per unit # VC Enter/compute
Unit price # P Enter/compute
Profit # PFT Enter/compute
Quantity # Q Enter/compute


Resetting the Breakeven Worksheet Variables
• To reset default values for all Breakeven worksheet variables, press
& z. All Breakeven worksheet variables default to zero.
• To clear all calculator variables and formats and reset default values,
including the Breakeven worksheet variables, press & } !.

78 Other Worksheets

Computing Breakeven
1. To access the Breakeven worksheet, press & r. The FC variable
appears.
2. Press # or " to select a known variable, key in the value, and press
!.
3. Repeat step 3 for each of the remaining known variables.
4. To compute a value for the unknown variable, press # or " until the
variable is displayed, and then press %. The calculator displays the
computed value.

Example: Computing Breakeven Quantity
A canoe company sells paddles for $20 each. The unit variable cost is $15,
and the fixed costs are $3,000. How many paddles must be sold to break
even?

To Press Display
Access Breakeven worksheet. &r FC= 0

Enter fixed costs. 3000 ! FC= 3,000.00

Enter variable cost per unit. # 15 ! VC= 15.00

Enter price. # 20 ! P= 20.00

Leave profit as is. # PFT= 0.00
Compute quantity. #% Q= 600.00

Answer: 600 paddles must be sold to break even.

Other Worksheets 79

Memory Worksheet
The Memory worksheet lets you compare and recall stored
values by accessing the calculator’s 10 memories. All
memory variables are enter-only. (See “Types of Worksheet
Variables” on page 17.)
• To access the Memory worksheet, press & {.
• To access memory variables, press " or #.
Note: You can access memories individually using D,
J, and the digit keys. (See “Memory Operations” on
page 12.)

Memory Worksheet Variables
Variables Key Display Variable Type
Memory 0 &{ M0 Enter-only
Memory 1 # M1 Enter-only


Clearing the Memory Worksheet Variables
To clear all 10 memories at once, press & z in the Memory
worksheet.

Using the Memory Worksheet
1. To select the Memory worksheet, press & {. M0 apears.
2. Perform any of the following operations:
• To clear all 10 memories at once, press & z.

80 Other Worksheets

• To view the contents of the memories, press # or " once for
each memory.
• To store a value, select a memory (M0-M9), key in a value, and
press !.
• Memory arithmetic. (See “Memory Arithmetic” on page 12.)

Examples: Using the Memory Worksheet
To Press Display
Access Memory worksheet &{ M0= 0

Select M4. #### M4= 0

Clear M4. 0! M4= 0.00

Store 95. 95! M4= 95.00

Add 65. H6 5 ! M4= 160.00

Subtract 30. B3 0 ! M4= 130.00

Multiply by 95. <95! M4= 12,350.00

Divide by 65. 66 5 ! M4= 190.00

Raise to 2nd power. ;2 ! M4= 36,100.00

Other Worksheets 81

A
Appendix — Reference Information
This appendix includes supplemental information to help you use your
BA II PLUSé calculator:
• Formulas
• Error conditions
• Accuracy information
• IRR (internal-rate-of-return) calculations
• Algebraic operating system (AOS™)
• Battery information
• In case of difficulty
• TI product service and warranty information

Formulas
This section lists formulas used internally by the calculator.

Time Value of Money

( y × ln ( x + 1 ) )
i = [e ] –1
where: PMT ƒÄ0
y =C/Y P P/Y
x =(.01 Q I/Y) P C/Y
C/Y =compounding periods per year
P/Y =payment periods per year
I/Y =interest rate per year
(1 ÷ N)
i = ( – FV ÷ PV ) –1
where: PMT =0
The iteration used to compute i:
–N
1 – (1 + i) –N
0 = PV + PMT × G i ----------------------------- + FV × ( 1 + i )
-
i

Appendix — Reference Information 83

( y × ln ( x + 1 ) )
I/Y = 100 × C ⁄ Y × [ e – 1]
where: x = i
y =P/Y P C/Y

Gi = 1 + i Q k

where: k =0 for end-of-period payments
k =1 for beginning-of-period payments

PMT × G i – FV × i
ln ⎛ ----------------------------------------------⎞
⎝ PMT × G i + PV × i⎠
N = ---------------------------------------------------------
-
ln ( 1 + i )
where: i ƒ0
N = L(PV + FV) P PMT
where: i =0

–i PV + FV
PMT = ---- × PV + ---------------------------
-
N
-
Gi (1 + i) – 1
where: i ƒ0
PMT = L(PV + FV) P N
where: i =0

PMT × G 1 PMT × G
PV = -----------------------i – FV × ------------------ – -----------------------i
-
N
- -
i (1 + i) i

where: i ƒ0
PV = L(FV + PMT Q N)
where: i =0

84 Appendix — Reference Information

PMT × G PMT × G
FV = -----------------------i – ( 1 + i ) × ⎛ PV + -----------------------i⎞
N
- -
i ⎝ i ⎠

where: i ƒ0
FV = L(PV + PMT Q N)
where: i =0

Amortization

If computing bal(), pmt2 = npmt
Let bal(0) = RND(PV)
Iterate from m = 1 to pmt2

⎧ I m = RND [ RND12 ( – i × bal ( m – 1 ) ) ]
⎨
⎩ bal ( m ) = bal ( m – 1 ) – I m + RND ( PMT )
then: bal( ) =bal(pmt2)
GPrn( ) =bal(pmt2) N bal(pmt1)
GInt( ) =(pmt2 N pmt1 +1) Q RND(PMT) N GPrn( )
where: RND =round the display to the number of decimal
places selected
RND12 =round to 12 decimal places
Balance, principal, and interest are dependent on the values of PMT, PV,
I/Y, and pmt1 and pmt2.

Cash Flow

N -n
-S – 1 (1 – (1 + i) j)
∑ CFj ( 1 + i )
j
NPV = CF 0 + ----------------------------------
i
j=1

⎧ j
where: S j = ⎨ ∑
⎪ ni j≥1
⎪i = 1
⎩ 0 j = 0


Net present value depends on the values of the initial cash flow (CF0),
subsequent cash flows (CFj), frequency of each cash flow (nj), and the
specified interest rate (i).

IRR = 100 × i, where i satisfies npv() = 0
Internal rate of return depends on the values of the initial cash flow
(CF0) and the subsequent cash flows (CFj).

i = I/Y ÷ 100


Bonds1

Price (given yield) with one coupon period or less to redemption:

100 × R
RV + ------------------
M A 100 × R
PRI = -------------------------------------- – -- × ------------------
- -
DSR ---- ⎞
⎛ ---------- × Y- E M
1+ -
⎝ E M ⎠
where: PRI =dollar price per $100 par value
RV =redemption value of the security per $100 par value (RV =
100 except in those cases where call or put features must be
considered)
R =annual interest rate (as a decimal; CPN _ 100)
M =number of coupon periods per year standard for the
particular security involved (set to 1 or 2 in Bond worksheet)
DSR =number of days from settlement date to redemption date
(maturity date, call date, put date, etc.)
E =number of days in coupon period in which the settlement
date falls
Y =annual yield (as a decimal) on investment with security held
to redemption (YLD P 100)
A =number of days from beginning of coupon period to
settlement date (accrued days)
Note: The first term computes present value of the redemption amount,
including interest, based on the yield for the invested period. The second
term computes the accrued interest agreed to be paid to the seller.

Yield (given price) with one coupon period or less to redemption:

⎛ -------- + ----⎞ – ⎛ PRI + ⎛ A × ----⎞ ⎞
RV R
- - ---------
- --
-
R
-
⎝ 100 M⎠ ⎝ 100 ⎝ E M⎠ ⎠ M×E
Y = -------------------------------------------------------------------------- × --------------
-
DSR
--------- + ⎛ -- × ----⎞
PRI A R
- - -
100 ⎝ E M⎠

1. Source for bond formulas (except duration): Lynch, John J., Jr., and Jan H. Mayle.
Standard Securities Calculation Methods. New York: Securities Industry Association,
1986.


Price (given yield) with more than one coupon period to redemption:

RV
------------------------------------------
- R
DSC N
100 × ---- -
Y ⎞ N – 1 + ----------- -
PRI = ⎛ 1 + ----⎠
M
∑
- E
⎝ + ------------------------------------------
-
M DSC
K – 1 + -----------
-
K = 1⎛ E
1 + ----⎞
Y
-
R A
– 100 × ---- × --
- - ⎝ M⎠
M E
where: N =number of coupons payable between settlement date and
redemption date (maturity date, call date, put date, etc.). (If this
number contains a fraction, raise it to the next whole number;
for example, 2.4 = 3)
DSC =number of days from settlement date to next coupon date
K =summation counter
Note: The first term computes present value of the redemption amount,
not including interest. The second term computes the present values for
all future coupon payments. The third term computes the accrued
interest agreed to be paid to the seller.

Yield (given price) with more than one coupon period to redemption:
Yield is found through an iterative search process using the “Price with
more than one coupon period to redemption” formula.

Accrued interest for securities with standard coupons or interest at
maturity:

R A
AI = PAR × ---- × --
- -
M E
where: AI =accrued interest
PAR =par value (principal amount to be paid at maturity)

Depreciation

RDV = CST N SAL N accumulated depreciation
Values for DEP, RDV, CST, and SAL are rounded to the number of
decimals you choose to be displayed.
In the following formulas, FSTYR = (13 N MO1) P 12.


Straight-line depreciation

CST – SAL
--------------------------
-
LIF
CST – SAL
First year: -------------------------- × FSTYR
-
LIF
Last year or more: DEP = RDV


Sum-of-the-years’-digits depreciation

LIF + 2 – YR – FSTYR ) × ( CST – SAL )
-----------------------------------------------------------------------------------------------------
-
( ( LIF × ( LIF + 1 ) ) ÷ 2 )
LIF × ( CST – SAL )
First year: ----------------------------------------------------------- × FSTYR
-
( ( LIF × ( LIF + 1 ) ) ÷ 2 )
Last year or more: DEP = RDV

Declining-balance depreciation

RBV × DB%
------------------------------
-
LIF × 100
where: RBV is for YR - 1

CST × DB%
First year: ------------------------------ × FSTYR
-
LIF × 100
CST × DB%
Unless ------------------------------ > RDV ; then use RDV Q FSTYR
-
LIF × 100
If DEP > RDV, use DEP = RDV
If computing last year, DEP = RDV

Statistics

Note: Formulas apply to both x and y.
Standard deviation with n weighting (s x):

1⁄2
∑
2
⎛ x⎞
⎝ ⎠
∑ x 2 – -------------------
n
-
----------------------------------------
-
n


Standard deviation with n-1 weighting (s x):

1⁄2
∑
2
⎛ x⎞
⎝ ⎠
∑ x 2 – -------------------
n
-
----------------------------------------
-
n–1

(∑ x )
Mean: x = --------------
-
n

Regressions

Formulas apply to all regression models using transformed data.

n ( ∑ xy ) – ( ∑ y ) ( ∑ x )
b = --------------------------------------------------------
-
n ( ∑ x2 ) – ( ∑ x )
2

(∑ y – b∑ x)
a = --------------------------------
-
n
bδ x
r = -------
-
δy

Interest Rate Conversions

EFF = 100 × ( e C ⁄ Y × In ( x ÷ 1 ) – 1 )
where: x =.01 Q NOM P CˆY

NOM = 100 × C ⁄ Y × ( e 1 ÷ C ⁄ Y × In ( x + 1 ) – 1 )
where: x =.01 Q EFF

Percent Change

#PD
NEW = OLD ⎛ 1 + -------------⎞
%CH
-
⎝ 100 ⎠


where: OLD =old value
NEW =new value
%CH =percent change
#PD =number of periods

Profit Margin

Selling Price – Cost
Gross Profit Margin = ----------------------------------------------- × 100
Selling Price

Breakeven

PFT = P Q N (FC + VC Q)
where: PFT =profit
P =price
FC =fixed cost
VC =variable cost
Q =quantity

Days between Dates

With the Date worksheet, you can enter or compute a date within the
range January 1, 1950, through December 31, 2049.

Actual/actual day-count method

Note: The method assumes the actual number of days per month and
per year.
DBD (days between dates) = number of days II - number of days I
Number of Days I= (Y1 - YB) Q 365
+ (number of days MB to M1)
+ DT1

( Y1 – YB )
+ ------------------------
4
Number of Days II=(Y2 - YB) Q 365
+ (number of days MB to M2)
+ DT2

( Y2 – YB )
+ ------------------------
4


where: M1 =month of first date
DT1 =day of first date
Y1 =year of first date
M2 =month of second date
DT2 =day of second date
Y2 =year of second date
MB =base month (January)
DB =base day (1)
YB =base year (first year after leap year)

30/360 day-count method2

Note: The method assumes 30 days per month and 360 days per year.

DBD = ( Y2 – Y1 ) × 360 + ( M2 + M1 ) × 30 + ( DT2 – DT1 )
where: M1 =month of first date
DT1 =day of first date
Y1 =year of first date
M2 =month of second date
DT2 =day of second date
Y2 =year of second date
Note: If DT1 is 31, change DT1 to 30. If DT2 is 31 and DT1 is 30 or 31,
change DT2 to 30; otherwise, leave it at 31.

2. Source for 30/360 day-count method formula: Lynch, John J., Jr., and Jan H. Mayle.
Standard Securities Calculation Methods. New York: Securities Industry Association,
1986


Error Messages
Note: To clear an error message, press P.

Error Possible Causes
Error 1 • A result is outside the calculator range
Overflow (± 9.9999999999999E99).
• Tried to divide by zero (can occur internally).
• Tried to compute 1/x when x is zero.
• Statistics worksheet: a calculation included X or Y
values that are all the same.
Error 2 • Tried to compute x! when x is not an integer 0-69.
Invalid • Tried to compute LN of x when x is not > 0.
argument
• Tried to compute y x when y < 0 and x is not an
integer or the inverse of an integer.
• Tried to compute x when x < 0.
• Amortization worksheet: tried to compute BAL,
PRN, and INT when P2 < P1.
• Depreciation worksheet: a calculation included
SAL > CST.
Error 3 • More than 15 active levels of parentheses were
Too many tried in a calculation.
pending • A calculation tried to use more than 8 pending
operations operations.
Error 4 • Amortization worksheet: the value entered for P1
Out of range or P2 is outside the range 1-9,999.
• TVM worksheet: the P/Y or C/Y value  0.
• Cash Flow worksheet: the Fnn value is outside the
range 0.5-9,999.
• Bond worksheet: the RV, CPN, or PRI value _0.
• Date worksheet: the computed date is outside the
range January 1, 1950 through December 31, 2049.
• Depreciation worksheet: the value entered for:
declining balance percent  0; LIF  0; YR _ 0; CST <
0; SAL < 0; or M01 1  M01  13.
• Interest Conversion worksheet: the C/Y value  0.
• The DEC value is outside the range 0-9.


Error Possible Causes
Error 5 • TVM worksheet: the calculator computed I/Y when
No solution FV, (N Q PMT), and PV all have the same sign.
exists (Make sure cash inflows are positive and outflows
are negative.)
• TVM, Cash Flow, and Bond worksheets: the LN
(logarithm) input is not > 0 during calculations.
• Cash Flow worksheet: the calculator computed IRR
without at least one sign change in the cash-flow
list.
Error 6 • Bond and Date worksheets: a date is invalid (for
Invalid date example, January 32) or in the wrong format (for
example, MM.DDYYYY instead of MM.DDYY.
• Bond worksheet: the calculator attempted a
calculation with a redemption date earlier than or
the same as the settlement date.
Error 7 • TVM worksheet: the calculator computed I/Y for a
Iteration limit very complex problem involving many iterations.
exceeded • Cash Flow worksheet: the calculator computed IRR
for a complex problem with multiple sign changes.
• Bond worksheet: the calculator computed YLD for
a very complex problem.
Error 8 • TVM worksheet: $ was pressed to stop the
Canceled evaluation of I/Y.
iterative • Amortization worksheet: $ was pressed to
calculation stop the evaluation of BAL or INT.
• Cash Flow worksheet: $ was pressed to stop
the evaluation of IRR.
• Bond worksheet: $ was pressed to stop the
evaluation of YLD.
• Depreciation worksheet: $ was pressed to stop
the evaluation of DEP or RDV.

Accuracy Information
The calculator stores results internally as 13-digit numbers but displays
them rounded to 10 digits or fewer, depending on the decimal format.
The internal digits, or guard digits, increase the calculator’s accuracy.
Additional calculations use the internal value, not the value displayed.


Rounding
If a calculation produces a result with 11-digits or more, the calculator
uses the internal guard digits to determine how to display the result. If
the eleventh digit of the result is 5 or greater, the calculator rounds the
result to the next larger value for display.
For example, consider this problem.
1P3Q3=?
Internally, the calculator solves the problem in two steps, as shown
below.
1. 1 P 3 = 0.3333333333333
2. 0.3333333333333 Q 3 = 0.9999999999999
The calculator rounds the result and displays it as 1. This rounding
enables the calculator to display the most accurate result.
Although most calculations are accurate to within ±1 in the last displayed
digit, higher-order mathematical functions use iterative calculations, in
which inaccuracies can accumulate in the guard digits. In most cases, the
cumulative error from these calculations is maintained beyond the 10-
digit display so that no inaccuracy is shown.

AOS™ (Algebraic Operating System) Calculations
When you select the AOS calculation method, the calculator uses the
standard rules of algebraic hierarchy to determine the order in which it
performs operations.

Algebraic Hierarchy
The table shows the order in which the calculator performs operations
using the AOS calculation method.

Priority Operations
1 (highest) x2, x!, 1/x, %, ‡x, LN, e2, HYP, INV, SIN, COS, TAN
2 nCr, nPr

3 Yx

4 Q, P
5 +, -

6 )

7 (lowest) =


Battery Information
Replacing the Battery
Replace the battery with a new CR2032 lithium battery.
Caution: Risk of explosion if replaced by an incorrect type. Replace only
with the same or equivalent type recommended by Texas Instruments.
Dispose of used batteries according to local regulations.
Note: The calculator cannot retain data when the battery is removed or
discharged. Replacing the battery has the same effect as resetting the
calculator.
1. Turn off the calculator and turn it over with the back facing you.
2. Using a small Phillips screwdriver, remove the four screws from the
back cover.
3. Carefully pry off the back cover.
4. Using a small Phillips screwdriver, remove the screws from the metal
battery cover and lift the cover off the battery.
5. Tip the calculator slightly to remove the battery.
Caution: Avoid contact with other calculator components.
6. Install the new battery with the positive sign (+) sign down (not
showing).
7. Replace the battery cover and the screws that hold it in place.
8. Align the screw holes in the back cover with those in the calculator,
then snap the back cover onto the calculator. Replace the screws.
Caution: Risk of explosion if replaced by an incorrect type. Replace only
with the same or equivalent type recommended by Texas Instruments.
Dispose of used batteries according to local regulations.

Battery Precautions
• Do not leave battery within the reach of children.
• Do not mix new and used batteries.
• Do not mix rechargeable and non-rechargeable batteries.
• Install battery according to polarity (+ and - ) diagrams.
• Do not place non-rechargeable batteries in a battery recharger.
• Properly dispose of used batteries immediately.
• Do not incinerate or dismantle batteries.
• Seek Medical Advice immediately if a cell or battery has been
swallowed. (In the USA, contact the National Poison Control Center
collect at 202-625-3333.) Used only for small button cell batteries.


Battery Disposal
• Do not mutilate, or dispose of batteries in fire.
• The batteries can burst or explode, releasing hazardous chemicals.
• Discard used batteries according to local regulations.

In Case of Difficulty
Use this list of possible solutions to difficulties you might encounter with
the calculator to determine if you can correct a problem before having to
return it for service.

Difficulty Solution
The calculator computes Check the settings of the current
wrong answers. worksheet to make sure they are
correct for the problem you are
working; for example, in the TVM
worksheet, check END and BGN and be
sure the unused variable is set to zero.
The display is blank; digits do Select the worksheet again. Be sure the
not appear. battery is properly installed and
replace, if necessary.
The calculator does not display Be sure you have selected the correct
the correct worksheet worksheet.
variables.
The calculator does not display Press & | to check or adjust the
the correct number of decimal setting for number of decimal places
places. displayed.
The calculator does not display Press & | # # to check or adjust
the correct date format. the setting for date format.
The calculator does not display Press & | # # # to check or
the correct separator format. adjust the setting for separator format.
The calculator does not display Press & | # # # # to check or
the correct result in a math adjust the setting for calculation
calculation. method.
An error occurs. (See “Error Messages” on page 94.)

If you experience difficulties other than those listed above, press &
} ! to clear the calculator, and then repeat your calculations.
Note: You can also perform a hard reset using the reset hole in back of
the calculator. (See “Resetting the Calculator” on page 6.)


Texas Instruments Support and Service
For general information
Home Page: education.ti.com
Knowledge Base
and e-mail
inquiries: education.ti.com/support
Phone: (800) TI-CARES / (800) 842-2737
For U.S., Canada, Mexico, Puerto Rico, and
Virgin Islands only
International education.ti.com/support
Information: (Click the International Information link.)

For technical support
Knowledge Base
and support by
e-mail: education.ti.com/support
Phone
(not toll-free): (972) 917-8324

For Product (hardware) Service
Customers in the U.S., Canada, Mexico, Puerto Rico and Virgin
Islands: Always contact Texas Instruments Customer Support before
returning a product for service.
All other customers: Refer to the leaflet enclosed with this product
(hardware) or contact your local Texas Instruments retailer/distributor.


Texas Instruments (TI) Warranty Information
Customers in the U.S. and Canada Only

One-Year Limited Warranty for Commercial Electronic Product

This Texas Instruments ("TI") electronic product warranty extends only
to the original purchaser and user of the product.
Warranty Duration. This TI electronic product is warranted to the
original purchaser for a period of one (1) year from the original purchase
date.
Warranty Coverage. This TI electronic product is warranted against
defective materials and construction. THIS WARRANTY IS VOID IF THE
PRODUCT HAS BEEN DAMAGED BY ACCIDENT OR UNREASONABLE USE,
NEGLECT, IMPROPER SERVICE, OR OTHER CAUSES NOT ARISING OUT
OF DEFECTS IN MATERIALS OR CONSTRUCTION.
Warranty Disclaimers. ANY IMPLIED WARRANTIES ARISING OUT
OF THIS SALE, INCLUDING BUT NOT LIMITED TO THE IMPLIED WAR-
RANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE, ARE LIMITED IN DURATION TO THE ABOVE ONE-YEAR
PERIOD. TEXAS INSTRUMENTS SHALL NOT BE LIABLE FOR LOSS OF
USE OF THE PRODUCT OR OTHER INCIDENTAL OR CONSEQUENTIAL
COSTS, EXPENSES, OR DAMAGES INCURRED BY THE CONSUMER
OR ANY OTHER USER.
Some states/provinces do not allow the exclusion or limitation of implied
warranties or consequential damages, so the above limitations or exclu-
sions may not apply to you.
Legal Remedies. This warranty gives you specific legal rights, and you
may also have other rights that vary from state to state or province to
province.
Warranty Performance. During the above one (1) year warranty period,
your defective product will be either repaired or replaced with a recondi-
tioned model of an equivalent quality (at TI's option) when the product is
returned, postage prepaid, to Texas Instruments Service Facility. The
warranty of the repaired or replacement unit will continue for the war-
ranty of the original unit or six (6) months, whichever is longer. Other
than the postage requirement, no charge will be made for such repair
and/or replacement. TI strongly recommends that you insure the product
for value prior to mailing.
Software. Software is licensed, not sold. TI and its licensors do not
warrant that the software will be free from errors or meet your specific
requirements. All software is provided "AS IS."
Copyright. The software and any documentation supplied with this
product are protected by copyright.

Australia & New Zealand Customers only

One-Year Limited Warranty for Commercial Electronic Product


This Texas Instruments electronic product warranty extends only to
the original purchaser and user of the product.
Warranty Duration. This Texas Instruments electronic product is
warranted to the original purchaser for a period of one (1) year from
the original purchase date.
Warranty Coverage. This Texas Instruments electronic product is
warranted against defective materials and construction. This war-
ranty is void if the product has been damaged by accident or unrea-
sonable use, neglect, improper service, or other causes not arising
out of defects in materials or construction.
Warranty Disclaimers. Any implied warranties arising out of
this sale, including but not limited to the implied warranties of
merchantability and fitness for a particular purpose, are limited
in duration to the above one-year period. Texas Instruments
shall not be liable for loss of use of the product or other inci-
dental or consequential costs, expenses, or damages incurred
by the consumer or any other user.
Except as expressly provided in the One-Year Limited Warranty
for this product, Texas Instruments does not promise that facil-
ities for the repair of this product or parts for the repair of this
product will be available.
Some jurisdictions do not allow the exclusion or limitation of implied
warranties or consequential damages, so the above limitations or
exclusions may not apply to you.
Legal Remedies. This warranty gives you specific legal rights, and
you may also have other rights that vary from jurisdiction to jurisdic-
tion.
Warranty Performance. During the above one (1) year warranty
period, your defective product will be either repaired or replaced with
a new or reconditioned model of an equivalent quality (at TI's option)
when the product is returned to the original point of purchase. The
repaired or replacement unit will continue for the warranty of the
original unit or six (6) months, whichever is longer. Other than your
cost to return the product, no charge will be made for such repair
and/or replacement. TI strongly recommends that you insure the
product for value if you mail it.
Software. Software is licensed, not sold. TI and its licensors do not
warrant that the software will be free from errors or meet your spe-
cific requirements. All software is provided "AS IS."
Copyright. The software and any documentation supplied with this
product are protected by copyright.

All Other Customers
For information about the length and terms of the warranty, refer to
your package and/or to the warranty statement enclosed with this
product, or contact your local Texas Instruments retailer/distributor.


Index
Symbols Actual/actual day-count method
(ACT) 52, 53, 55
#PD (number of periods) 70, 71, 72
Addition 8
#PD (number of periods, Percent
AI (accrued interest) 52, 55, 56
Change/Compound Interest
Algebraic Operating System (AOS™)
worksheet) 70
calculations 4, 5, 96
%CH (percent change) 70, 71, 72
Amortization
(- (negative) indicator 3
formulas 85
(#$ indicator 3
schedule 21, 25, 26, 38
(1 (value entered) indicator 3
worksheet 21
(GX (sum of X) 63, 65
Amount of nth cash flow (Cnn) 41
(GX² (sum of X²) 63, 65
Angle units format 5
(GXY (sum of XY products) 63
Annual coupon rate, percent (CPN)
(GY (sum of Y) 63
52, 54, 55
(GY² (sum of Y²) 63
Annual effective rate (EFF) 73, 74
(sx (population standard deviation of
annual interest rate 54, 73, 87
X) 63, 65
Annuities 21
(sy (population standard deviation of
due 24, 29, 30
Y) 63
ordinary 24, 29, 30
(v (mean of X) 63, 65
perpetual 30
(w (mean of X) 63
ANS (Last Answer) feature 14
* (value computed) indicator 3
AOS™ (Algebraic Operating System)
= (value assigned) indicator 3
calculations 5, 96
APD™ (Automatic Power Down™)
Numerics feature 1, 2
1/Y (one coupon per year) 52, 53, 55 Arccosine 9
1-V (one-variable statistics ) 63, 65 Arcsine 9
2/Y (two coupons per year) 52, 53, 55 Arctangent 9
2nd (second) Automatic Power Down™ (APD™)
functions 2 feature 1, 2
indicator 3
30/360 day-count method (360) 52, B
53, 55, 75
b (slope) 63
360 (30/360 day-count method) 52,
Backspace key 7
53, 55, 75
BAL (balance) 22, 24
Balance (BAL) 22, 24
A Battery 97
a (y-intercept) 63 precautions 97
Accrued interest (AI) 52, 55, 56 replacing 97
Accuracy 95 Beginning-of-period (BGN)
ACT (actual/actual day-count indicator 3
method) 52, 53, 55, 75 payments 22, 24
Actual/actual (ACT) day-count BGN (beginning-of-period)
method 75 indicator 3

Index 103

payments 22, 24 Cost (CST) 57, 60, 77
Bond Cost-Sell-Markup 71, 72
accrued interest (AI) 52 Coupon payment 54
price (PRI) 56 CPN (annual coupon rate, percent)
terminology 54 52, 53, 54, 55
worksheet 51–56 CST (cost) 57, 60, 77
Breakeven worksheet 78–79 Curve fitting 65
customer support and service 99
C
C/Y (compounding periods per year) D
22, 24, 74 Data points 66
Calculation method 4, 5 Date 1 and 2 (DT1, DT2) 57, 76
Call date 54 Date worksheet 74
Cash Flow 41 Dates
Cash Flow worksheet 41–50 30/360 day-count method (360)
Cash flows 75
computing 44 actual/actual (ACT) day-count
deleting 42, 43 method 75
editing 47 date 1 and 2 (DT1, DT2) 76
entering 42, 43 days between dates (DBD) 76
formulas 85 entering 75
grouped 43 Days between dates (DBD) 76
inserting 44 DB (declining balance) 57, 59, 60, 90
uneven 42 DBD (days between dates) 76
CFo (initial cash flow) 41 DBF (French declining balance) 57,
Chain (Chn) calculation 4, 5, 8 59, 60
Chn (chain) calculation 4, 5, 8 DBX (declining balance with
Clearing crossover) 57, 59, 60
calculations 6 DEC (decimal format) 4
calculator 6 Decimal format (DEC) 4
characters 6 Declining balance (DB) 57, 59, 60, 90
entry errors 6 Declining balance with crossover
error messages 6 (DBX) 57, 59, 60
errors 6 DEG (degrees) 4, 5
memory 6, 12 Degree angle units 5
worksheets 6 Degrees (DEG) 4, 5
Cnn (amount of nth cash flow) 41 DEL (delete) indicator 3
Combinations 8, 10 Delete (DEL) indicator 3
Compound interest 54, 69, 71, 73 DEP (depreciation) 57, 58, 60
Compounding periods per year (C/Y) Depreciation (DEP) 57, 58, 60
22, 24, 74 Depreciation worksheet 57–61
COMPUTE indicator 3 Difficulty 98
Constant Memory™ feature 2 Discount bond 54
Constants 13 Discount rate (I) 41
contact information 99 Discounted payback (DPB) 41
Correcting entry errors 7 Display indicators 3
Correlation coefficient (r) 63, 66 Division 8

104 Index

Dollar price (PRI) 52, 54, 55 other monthly payments 34
DPB (discounted payback) 41 percent change 71
DT1 (starting date) 60 perpetual annuities 30
DT1, DT2 (date 1 and 2) 57, 76 present value (annuities) 29
DUR (modified duration) 52 present value (lease with
residual value) 33
E present value (savings) 28
present value (variable cash
EFF (annual effective rate) 73, 74
flow) 33
END (end-of-period)
profit margin 77
payments 22, 24
regular deposits for specific
Ending payment (P2) 22, 24
goals 37
End-of-period (END)
remaining balance (balloon
payments 22, 24
payment) 40
ENTER indicator 3
residual value 33
Error
saving for future 35
clearing 94
straight-line depreciation 61
messages 94
EXP (exponential regression) 63, 65
Examples
Exponential regression (EXP) 63, 65
accrued interest 56
amortization schedule 38
amount to borrow 36 F
annuities 30 Face value 54
balloon payment 40 Factorial 10
bond price 56 FC (fixed cost) 78, 79
compound interest 71 FCC statement ii
computing basic loan payments Fixed cost (FC) 78, 79
27 Floating-decimal format 4
constants 13 Fnn (frequency of nth cash flow) 41
converting interest 74 Forecasting 65
correcting an entry error 7 Formats
cost-sell-markup 72 angle units 4, 5
days between dates 76 calculation method 5
down payment 36 decimal places 4
editing cash flow data 47 number separators 4
entering cash flow data 47 setting 4
future value (savings) 28 Formulas
interest received 40 30/360 day-count method 93
internal rate of return 48 accrued interest 88
last answer 14 actual/actual day-count method
lease with uneven payments 48 92
memory 12 amortization 85
Memory worksheet 81 bond price (more than one
modified duration 56 coupon period to
monthly payments 40 redemption) 88
monthly savings deposits 35 bond price (one coupon period
mortgage payments 38 or less to redemption) 87
net present value 47, 48, 49

Index 105

bond yield (more than one I/Y (interest rate per year) 22, 24
coupon period to Inflows 21, 23, 25
redemption) 88 Initial cash flow (CFo) 41
bond yield (one coupon period INS (insert) indicator 3
or less to redemption) 87 Insert (IND) indicator 3
bonds 87 INT (interest paid) 22, 24
breakeven 92 Interest Conversion worksheet 72
cash flow 85 Interest paid (INT) 22, 24
days between dates 92 Interest rate per year (I/Y) 22, 24
depreciation 88 Internal rate of return (IRR) 41, 45
depreciation, declining-balance INV (inverse) indicator 3
90 Inverse (INV) indicator 3
depreciation, straight-line 89 IRR (internal rate of return) 41, 45
depreciation, sum-of-the-years’-
digits 90 L
interest-rate conversions 91
Last Answer (ANS) feature 14
internal rate of return 86
Leases 21
net present value 85
LIF (life of the asset) 57, 59, 60
percent change 91
Life of the asset (LIF) 57, 59, 60
profit margin 92
LIN (linear regression) 63, 65
regressions 91
Linear regression (LIN) 63, 65
statistics 90
Ln (logarithmic regression) 63, 65
time-value-of-money 83
Loans 21, 24
French declining balance (DBF) 57,
Logarithmic regression (Ln) 63, 65
59, 60
French straight line (SLF) 57, 59, 60
Frequency 44 M
cash flow 86 M01 (starting month) 57, 59, 60
coupon 53, 55 M0–M9 (memory) 12, 80
one-variable data 66 MAR (profit margin) 77
Y value 63, 65 Math operations 8
Frequency of nth cash flow (Fnn) 41 Mean of X (v) 63, 65
Frequency of X value (Ynn) 65 Mean of Y (v) 63
Future value (FV) 22, 23, 24 Memory
FV (future value) 22, 23, 24 arithmetic 12
clearing 12
G examples 12
recalling from 12
Grouped cash flows 43
storing to 12
Memory worksheet 80–81
H MOD (modified internal rate of
Hard reset 6 return) 41
HYP (hyperbolic) indicator 3 Modified duration (DUR) 52
Hyperbolic (HYP) indicator 3 Modified internal rate of return
(MOD) 41
I Mortgages 21
Multiplication 8
I (discount rate) 41

106 Index

N Percent change (%CH) 70, 71, 72
Percent Change/Compound Interest
n (number of observations) 63, 65
worksheet 69
N (number of periods) 24
Percent discount 8
N (number of periods, TVM
Percent ratio 8
worksheet) 22
Permutations 8, 10
Negative (–) indicator 3
PFT (profit) 78, 79
Net future value (NFV) 41
PMT (payment) 22, 23, 24
Net present value (NPV) 41, 44
Population standard deviation of X
NEW (new value) 70, 71, 72
((x) 63, 65
New value (NEW) 70, 71, 72
Population standard deviation of Y
NFV (net future value) 41
((y) 63
NOM (nominal rate) 74
Power regression (PWR) 63, 65
Nominal rate (NOM) 73, 74
Predicted X value (X') 63, 65, 67
NPV (net present value) 41, 44
Predicted Y value (Y') 63, 65, 67
Number of observations (n) 63, 65
Premium bond 54
Number of periods (#PD) 70, 71, 72
Present value (PV) 22, 23, 24
Number of periods (#PD), Percent
PRI (bond price) 56
Change/Compound Interest
PRI (dollar price) 52, 54, 55
worksheet 70
Principal paid (PRN) 22, 24
Number of periods (N) 24
PRN (principal paid) 22, 24
Number of periods (N), TVM
Procedures
worksheet 22
computing accrued interest 55
Number separators format 4
computing basic loan interest 26
computing bond price 55
O computing bond yield 55
OLD (old value) 70, 71, 72 computing breakeven 79
Old value (OLD) 70, 71, 72 computing breakeven quantity
One coupon per year (1/Y) 52, 53, 55 79
One-variable statistics (1-V) 63, 65 computing compound interest
Outflows 21, 25 70
Overview of calculator operation 1– computing cost-sell-markup 70
19 computing dates 75
computing internal rate of
P return 45
P (unit price) 78, 79 computing net present value 45
P/Y (payments per year) 22, 24, 25 computing percent change 70
P1 (starting payment) 22, 24 computing profit margin 77
P2 (ending payment) 22, 24 computing statistical results 67
Par value 54 computing X’ 67
Parentheses 8, 10 computing Y’ 67
Payback (PB) 41 constants for various operations
Payment (PMT) 22, 23, 24 13
Payments per year (P/Y) 22, 24, 25 converting interest 73
PB (payback) 41 deleting cash flows 43
Percent 8 entering bond data 55
Percent add-on 8 entering cash flows 43
entering data points 66

Index 107

entering depreciation data 60 Remaining depreciable value (RDV)
generating a depreciation 57, 58, 60
schedule 60 Resetting
generating amortization amortization variables 23
schedules 25, 26 bond variables 52
inserting cash flows 44 breakeven variables 78
selecting a depreciation method cash flow variables 42
60 date variables 75
selecting a statistics calculation depreciation variables 58
method 67 interest conversion variables 73
selecting bond settings 55 percent change/compound
using the memory worksheet 80 interest variables 70
Profit (PFT) 78, 79 statistics variables 64
Profit margin (MAR) 77 TVM variables 23
Profit Margin worksheet 76–78 Resetting calculator 6
PV (present value) 22, 23, 24 hard reset 6
PWR (power regression) 63, 65 pressing keys 6
RI (reinvestment rate) 41
Q Rounding 10, 96
RV (redemption value) 52, 53, 54, 55
Q (quantity) 78, 79
Quantity (Q) 78, 79
S
R SAL (salvage value) 57, 60
Salvage value (SAL) 57, 60
r (correlation coefficient) 63, 66
Sample standard deviation of X (Sx)
RAD (radians) 5
63, 65
RAD (radians) indicator 3
Sample standard deviation of Y (Sy)
Radians (RAD) 5
63
Radians (RAD) indicator 3
Savings 21
Random numbers 10
Scientific notation 11
RBV (remaining book value) 57, 58,
SDT (settlement date) 52, 54, 55
60
Second (2nd)
RDT (redemption date) 52, 53, 54, 55
functions 2
RDV (remaining depreciable value)
indicator 3
57, 58, 60
Quit 2
Reading the display 2
SEL (selling price) 77
Recalling from memory 12
Selling price (SEL) 77
Redemption date (RDT) 52, 53, 54, 55
service and support 99
Redemption value (RV) 52, 53, 54
SET (setting) indicator 3
Regression models
Setting (SET) indicator 3
exponential 65
Settlement date (SDT) 52, 54, 55
linear 65
SL (straight line) 57, 59, 60
logarithmic 65
SLF (French straight line) 57, 59, 60
power 65
Slope (b) 63
Reinvestment rate (RI) 41
Square 8
Remaining book value (RBV) 57, 58,
Square root 8
60
Starting date (DT1) 60

108 Index

Starting month (M01) 57, 59, 60 Value entered (1) indicator 3
Starting payment (P1) 22, 24 Variable cost per unit (VC) 78, 79
Statistical data 66 VC (variable cost per unit) 78, 79
Statistics worksheet 63–67
Storing to memory 12 W
Straight line (SL) 57, 59, 60
warranty 100
Subtraction 8
What-if calculations 15
Sum of the years’ digits (SYD) 57, 59,
Worksheets
60
Amortization 21
Sum of X (GX) 63, 65
Bond 51
Sum of X² (GX²) 63, 65
Breakeven 78
Sum of XY products (GXY) 63
Cash Flow 41
Sum of Y (GY) 63
Date 74
Sum of Y² (GY²) 63
Depreciation 57
support and service 99
display indicators 19
Sx (sample standard deviation of X)
Interest Conversion 72
63, 65
Memory 80
Sy (sample standard deviation of Y)
Percent Change/Compound
63
Interest 69
SYD (sum of the years’ digits) 57, 59,
Profit Margin 76
60
prompted 18
TVM (Time-Value-of-Money) 15,
T 16, 18, 21
Time-Value-of-Money (TVM) variables 15, 16, 17, 18
worksheet 15, 16, 18, 21
Time-Value-of-Money and X
Amortization worksheets ??–40
X value (Xnn) 63, 65
Turning calculator off 1
X' (predicted X value) 63, 65, 67
Turning calculator on 1
Xnn (X value) 63, 65
TVM (Time-Value-of-Money)
xP/Y key (multiply payments per
worksheet 15, 16, 18, 21
year) 25
Two coupons per year (2/Y) 52, 53, 55
Two-variable statistics 65, 67
Y
U Y' (predicted Y value) 63, 65
Year to compute (YR) 57, 59, 60
Uneven cash flows 42
Yield to maturity 54
Unit price (P) 78, 79
Yield to redemption (YLD) 52, 55
Universal power 8
Y-intercept (a) 63
YLD (yield to redemption) 52, 55
V Ynn (frequency of X value) 63, 65
Value assigned (=) indicator 3 YR (year to compute) 57, 59, 60
Value computed (*) indicator 3

Index 109

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