User`s guide

Time Value of Money Calculations
69
Example: An Individual Retirement Account
You opened an individual retirement account on April 14, 1995, with a deposit of 2,000.
80.00 is deducted from your paycheck and you are paid twice a month. The account pays
6.3% annual interest compounded semimonthly. How much will be in the account on
April 14, 2010?
Figure 12 Cash flow diagram (Calculate FV)
Set to End mode. Press \¯ if BEGIN annunciator is displayed.
Table 6-9 Calculating the balance after six years
Keys Display Description
SÙ
6.00 Sets n to 6 years.
É
3,035.28 Calculates the amount you can
withdraw after six years.
Table 6-10 Calculating the balance amount
Keys Display Description
GY\Í
24.00 Sets number of periods per year.
G:::yÏ
-2,000.00 Stores initial deposit.
g:yÌ
-80.00 Stores regular semimonthly
deposits.