HP (Hewlett Packard) 20B User Manual

HP 20b Business Consultant  
Financial Calculator Manual  
HP part number: F2219-90201  
First edition: August 2008  
Contents  
Contents  
Legal Notices  
Revision History..................................................................................................................2  
HP 20b Business Consultant Keyboard  
Keyboard Map Legend .......................................................................................................6  
1
Basic Features  
Welcome to the HP 20b Financial Calculator .....................................................................7  
Turning the Calculator On and Off......................................................................................7  
Selecting a Language.........................................................................................................7  
Adjusting the Display Contrast............................................................................................7  
Cursor.................................................................................................................................7  
Two Line Display ................................................................................................................8  
The Mode Menu: Setting Preferences................................................................................8  
Changing the Calculation Mode........................................................................................10  
Key Presses and the Secondary Function : Key..........................................................11  
Annunciators.....................................................................................................................11  
The I Key ..................................................................................................................12  
The = Key......................................................................................................................12  
Using the I and = Keys..........................................................................................12  
Editing and Clearing Entries .............................................................................................13  
The On/CE O Key ..........................................................................................................13  
The Reset :x Menu ....................................................................................................13  
Notes about Special Menus..............................................................................................13  
Memory and the Memory Menu........................................................................................13  
Accessing Menus and Menu Maps...................................................................................14  
2
Mathematical Calculations  
Mathematical Functions....................................................................................................16  
Number Entry and Display................................................................................................16  
Chain Mode ......................................................................................................................17  
Algebraic Mode.................................................................................................................17  
Reverse Polish Notation (RPN) Mode ..............................................................................18  
The RPN Stack.................................................................................................................18  
Last Number .....................................................................................................................19  
One-Number Functions and the Math Menu ....................................................................22  
The Math :s Menu.....................................................................................................23  
The Probability Sub-menu ................................................................................................25  
3
Contents  
Two-Number Functions ....................................................................................................26  
Storing and Recalling Numbers........................................................................................27  
Recall Arithmetic...............................................................................................................28  
Storing and Recalling with Time Value of Money (TVM) Keys .........................................28  
Recalling a Menu Item Value in a Menu...........................................................................28  
Rounding Numbers...........................................................................................................28  
Percentages......................................................................................................................28  
3
Time Value of Money  
Time Value of Money (TVM) Keys....................................................................................30  
Calculating Payments on a Loan ................................................................................32  
Amortization......................................................................................................................33  
Creating an Amortization Schedule ............................................................................34  
Interest Conversion Menu.................................................................................................35  
Using the Interest Conversion Menu...........................................................................35  
Canadian Mortgages: TVM Canada .................................................................................36  
Canadian Mortgage Example .....................................................................................38  
4
Cash Flows  
Cash Flow Example..........................................................................................................40  
Analyzing Cash Flows.................................................................................................42  
Editing Cash Flows .....................................................................................................44  
Sample Cash Flow Diagrams ...........................................................................................45  
5
6
7
8
9
Bonds  
The Bond Menu ................................................................................................................46  
Bond Calculation Example..........................................................................................47  
Date Calculation  
The Date Calculation Menu ..............................................................................................49  
Date Calculation Example...........................................................................................49  
Break-even  
The Break-even Menu ......................................................................................................51  
Break-even Example...................................................................................................51  
Business Problems  
The Percent Calculation Menu .........................................................................................53  
Percent Calculation Examples ....................................................................................54  
Depreciation  
The Depreciation Menu ....................................................................................................56  
Depreciation Example.................................................................................................58  
10 Statistical Operations  
The Data and Stats Menus...............................................................................................61  
4
Statistics Example.......................................................................................................63  
11 Errors  
Error Messages and Calculator Status.............................................................................65  
12 Warranty, Regulatory, and Contact Information  
Replacing the Batteries.....................................................................................................67  
HP Limited Hardware Warranty and Customer Care........................................................67  
Customer Care .................................................................................................................68  
Product Regulatory & Environment Information ...............................................................71  
Index  
5
HP 20b Business Consultant Keyboard  
Keyboard Map Legend  
No.  
Feature  
Chapter(s)  
No.  
16  
Feature  
Chapter(s)  
1
2
Time Value of Money keys  
3
4
Annunciator display area  
1
Cash Flows, IRR, and NPV  
menus  
15  
Amortization and Depreciation  
menus  
3,8  
3
Data and Statistics menus  
9
14  
% key and Percent  
Calculation menu  
2,6  
4
5
6
Input key  
1
1
1
13  
12  
11  
Store and Recall  
Break-even menu  
2
6
1
Memory menu  
Up/Insert and Down/Delete  
keys  
Backspace key and Reset  
menu  
7
8
Secondary function key  
1
1
10  
9
Math Menu  
2
2
On/Off and clear entry key  
Mathematical function keys  
6
1 Basic Features  
Welcome to the HP 20b Financial Calculator  
This manual is designed to familiarize you with the many features of your new 20b Financial Calculator. It includes menu  
maps, example problems and solutions with key presses, screen shots, and examples of cash flow diagrams. There are also  
sections which list the error messages and explain how RPN works. Refer to the section titled, Contents for quick access to  
various topics. If you need more information about your calculator, or about calculator operation and features, please refer to  
Turning the Calculator On and Off  
To turn on your calculator, press O. To turn it off, press :a.  
Turning the calculator off does not erase any data. The calculator automatically turns itself off after approximately five minutes  
to conserve energy. If you see the low battery symbol () in the display, replace the batteries. See Chapter 12, Warranty,  
Regulatory, and Contact Information for instructions on replacing the batteries.  
Selecting a Language  
English is the default language for messages displayed on the screen. To select a language other than English:  
1. Press :u to access the Mode menu. FIX displays on the top line of the screen.  
2. Press < repeatedly until English displays on the screen.  
3. Press Iuntil the desired language is displayed. The displayed language is the active setting.  
4. Press O to return to the default calculator screen.  
For more information on accessing menus and changing calculator settings, refer to the sections below titled, The Mode  
Menu: Setting Preferences, and Accessing Menus and Menu Maps.  
Adjusting the Display Contrast  
To adjust the contrast of the display, press and hold O while pressing the + or •  
keys slightly increases or decreases the contrast of the display.  
keys. Each press of the + or  
Cursor  
When you enter a number, the cursor (_) blinks in the display and indicates you are in number entry mode.  
7
Basic Features  
Two Line Display  
There are two lines in the display screen as shown in Figure 1.  
Figure 1 Display Screen  
The top line of the screen displays operation status, operator symbols, annunciators, and abbreviations of the registers,  
variables, and menu names. Throughout this manual, this line is referred to as the top line. In Figure 1, SIN is on the top line.  
The bottom line displays numbers you have entered, or results. Throughout this manual, this line is referred to as the bottom  
line.  
When no operations have been entered and no operations are pending, the bottom line of the screen displays 0.00. This state  
of the calculator is referred to as the default calculator screen.  
The Mode Menu: Setting Preferences  
The Mode menu allows you to customize the calculator. To access the Mode menu, press :u. Press < or >  
repeatedly to scroll through the menu starting with FIX=2 (the number of digits displayed to the right of the decimal point).  
Once an item is displayed, press I to cycle through the other options for that setting. To exit the Mode menu, press  
O. Table 1-1 lists the items in the Mode menu.  
8
Basic Features  
Table 1-1 Mode Menu Settings  
Setting (top line)  
FIX= 2  
Description  
Display precision (number of digits displayed to the right of the decimal point).  
Default is 2.  
Key in the number of digits you want and press I, or press  
you want is displayed.  
=
until the number of digits  
The display precision can be any number from 0-11. If you specify -1, the calculator displays  
numbers with the most appropriate number of digits after the decimal point.  
If you find you need to change the FIX setting often, use the following shortcut:  
1
2
Press  
Press  
:
:
and release it. Check that the secondary function indicator is displayed.  
again, and, without releasing it, press a key, through that corresponds  
0
9
to the desired FIX setting. FIX settings for 10 and 11 are not available using this shortcut. If you  
press  
.
instead of a numbered key, FIX=-1 is selected.  
Degree or Radian  
Angular mode in degrees or radians for trigonometric functions.  
Default is Degree.  
Pressing  
I
toggles between these options.  
Date:  
Format for dates. December 3, 2010 is entered as 12.032010 in mm.ddyyyy format, or 3.122010 in  
dd.mmyyyy format. Note the (.) in both formats separating the first and second groups.  
mm.ddyyyy or  
dd.mmyyyy  
Default is mm.ddyyyy format.  
Pressing  
I
toggles between these options.  
Note that when a date is displayed, a number between 1 and 7 also displays at the right of the  
screen. This number indicates the day of the week corresponding to that date. Monday is 1, and  
Sunday is 7.  
Note: in 360-day calendar mode (Cal.360), days of the week are displayed only if the date is valid.  
1.23 or 1,23  
Selects point or comma as decimal separator.  
Default is decimal point, 1.23  
Pressing  
I
toggles between these options.  
1000.00, 1,000.00,  
1000,00 or 1.000,00  
Selects thousands separator.  
Default is none, 1000.00  
Pressing  
I
toggles between these options.  
Note: the 1000.00 and 1,000.00 options are only available if the decimal separator is set for point  
(.); 1000,00 and 1.000,00 are available only if the decimal separator is set for comma (,).  
Chain, Algebraic, or  
RPN  
Calculation mode. For more information, refer to Chapter 2, Mathematical Calculations.  
Pressing  
I
cycles through these options.  
9
Basic Features  
Table 1-1 Mode Menu Settings  
Setting (top line)  
Description  
English, Français,  
Deutch, or Español  
Language setting for the messages displayed on the screen.  
Default is English.  
Pressing  
I
cycles through these options.  
Actual or  
Cal.360  
Calendar options for bonds and date calculations.  
Default is Actual.  
Pressing  
I
toggles between these options.  
Annual or Semiannual Bond type.  
Default is Annual.  
Pressing  
I
toggles between these options.  
TVM Standard or TVM Activate or deactivate the compounding per year (C/YR) option in time value of money (TVM)  
Canada  
calculations. This option is primarily used for Canadian mortgage calculations. For more  
information, refer to the section titled, Canadian Mortgages: TVM Canada in Chapter 3.  
Pressing  
I
toggles between these options.  
Changing the Calculation Mode  
After viewing the default settings, suppose you want to change the calculation mode from Chain to RPN. See Table 1-2.  
Table 1-2 Changing the Calculation Mode  
Keys  
Display  
Description  
Opens the Mode menu, starting with first setting  
option, FIX, the number of digits displayed to the right  
of the decimal point.  
:u  
Scrolls to the current setting for the calculation mode,  
Chain.  
<<<<  
<
(Press five times)  
Selects RPN as the active setting. Note the small  
RPN annunciator to the right.  
II  
(Press two times)  
Exits the Mode menu and returns you to the default  
calculator screen.  
O
10  
Basic Features  
Key Presses and the Secondary Function : Key  
To execute the function associated with a key, press and release the desired key. Most of the 20b's keys have two functions:  
the primary function and the secondary function. The primary function is printed on the top of the key. The secondary function  
is printed on the bevel of the key. See Figure 2.  
Primary  
Function  
R
Secondary  
(shifted) Function  
Figure 2 Primary and Secondary Key Functions  
To activate the secondary function of a key, press and release : followed by the key with the desired secondary function  
printed on the bevel. Unlike the shift key on a typewriter or computer keyboard, it is not necessary to press and hold :  
while pressing another key.  
When : is active, the down arrow annunciator appears on screen, indicating that the next key pressed will execute the  
secondary function of the key. To cancel an accidental press of :, simply press : a second time.  
In this manual, commands using the secondary key functions are represented by the secondary function key symbol, :,  
followed by the key with the secondary function. For example, to execute sine, press :p. Note how the SIN portion of  
the key is highlighted, while the 7 is grayed out. This highlighting focuses on the function of the key that will be activated in a  
given command, and it is used throughout the manual to make the examples easier to follow. Key commands for example  
problems are provided throughout the text and in tables. Key symbols are placed in the order they are to be pressed, from left  
to right.  
Annunciators  
Annunciators are symbols that appear in the display as messages, or after certain keys or key combinations have been  
pressed. Annunciators are special symbols indicating a specific status in the calculator. Figure 3 illustrates the annunciator  
symbols in the display.  
11  
Basic Features  
Figure 3 Annunciator Symbols in the Screen Display  
The I Key  
The I key is used to input values for variables and execute menu items.  
The I key is also used in Reverse Polish Notation (RPN) mode to enter a number on the stack or duplicate it.  
The = Key  
The = key is used at the end of a mathematical operation to calculate the final result. For example, 1+2=  
returns a final result of 3.  
The = key, when pressed outside of a mathematical operation, also allows you to request a calculation for the value of an  
item. This request only applies to items that can be calculated.  
Using the I and = Keys  
Suppose you wanted to calculate the effective interest rate for a 12% nominal interest rate with 12 payments per year in the  
Interest Conversion (IConv) menu. To open the IConv menu, press :&. Nom %= displays on the top line, and the  
current value assigned to the nominal interest rate is displayed on the bottom line. With this screen displayed, press  
12I to input a new value for the nominal rate. Press < followed by = to calculate the value for the  
effective rate. See Figure 4.  
Figure 4  
12  
Basic Features  
When an item for which the = key is valid displays, the small annunciator (=) is displayed on the top line at the right of the  
screen. Do not confuse this small annunciator (=) with the larger annunciator (=) found to the right of a variable.  
When an item for which the I key is valid displays, the INPUT annunciator is displayed on the top line at the right of  
the screen.  
Editing and Clearing Entries  
The On/CE O Key  
Pressing O one time cancels current number entries, mathematical operations, or a menu selection, in that order.  
Pressing O repeatedly when performing multiple operations cancels one operation at a time, from the latest to the earliest.  
The Reset :x Menu  
The Reset menu allows you to reset some, or all, of the menu items, variables, and registers to their default values.  
To open the Reset menu, press :x. TVM displays on the top line. Press < or > repeatedly to scroll to a  
specific item. To validate a choice and reset the selected items, press I. Press O to cancel. If you select the  
command to reset the cash flow (Cash Flow ), statistics (Stats ), or all values (All ) items, you will be prompted to confirm your  
choice. At the Del. All?, Del. Data?, and Del. CF? prompts, press I again to confirm the reset, or O to cancel.  
While working within a specific menu, pressing :x takes you directly to the item of the Reset menu that allows you to  
reset that specific menu. For example, if you are working in the Bond menu and you wish to reset all your entries in the Bond  
menu, with any item of the Bond menu displayed, press :x. Bond displays on screen. At this prompt, pressing  
I resets the Bond menu and returns you to the last item you were working with in the Bond menu.  
Notes about Special Menus  
The Mode, Memory, Math and Reset menus are special menus; if you were working in a menu prior to entering one of these  
special menus, pressing O to exit them returns you to your previous menu,. This feature allows you to work in two or more  
menus simultaneously without having to exit a menu.  
Memory and the Memory Menu  
The Memory menu contains the following items: memories 1-9 (Mem 1-9 ) and 0 (Mem 0 ), Cash Flow, Statistics (Stats), and  
Memory. To enter the menu, press :t. Press < or > repeatedly to scroll through the items starting with  
memory 1 (Mem 1 ).  
When a memory item is displayed, you can enter a new number and modify the value of the memory by pressing I.  
13  
Basic Features  
For more information about storing and recalling numbers, refer to the section titled, Storing and Recalling Numbers in  
Chapter 2.  
The Cash Flow and Statistics menus share the same memory and are limited to a combined total of 50 memory slots. The  
number displayed with Memory refers to the number of remaining memory slots. When the cash flow or statistics items are  
displayed, a number also appears on the bottom line. This number indicates the number of memory slots used by the menu.  
Pressing I with this number displayed resets the memory of the displayed menu item and erases all entered data.  
Since entering data in these menus can represent a significant amount of work, you will be asked to confirm your choice. At  
the Del.Data? or Del.CF? prompts, press I to confirm, or O to cancel.  
Accessing Menus and Menu Maps  
Many of the calculator's functions are located within menus. To access a menu, press the key, or secondary-function-key-  
combination, for the menu in which you wish to work. To exit a menu, press O.  
For example, to access the Break-even menu, press :!. Once opened, you can scroll through the items in the menu  
by pressing <or> repeatedly. When you arrive at the last item in a menu, pressing < returns you to the first item.  
Similarly, pressing > one time on the first menu item scrolls to the last item in the menu.  
Most items consist of two parts: a name and an associated number. For example, the Fixed item in the Break-even menu  
(Figure 7) displays as shown in Figure 5.  
Figure 5  
The large (=) annunciator shows that the value assigned to Fixed is 120,000. If you perform a calculation with this item  
displayed by pressing 1+2= for example, Fixed is still selected as the current item, but the large (=)  
annunciator is now turned off, indicating the 3 is not the value assigned to Fixed (see Figure 6).  
Figure 6  
At this point, to return to the display of the Fixed menu item shown in Figure 5, press O.  
Some menus have sub-menus. If an item represents a sub-menu, pressing I with that menu item displayed opens the  
sub-menu.  
14  
Basic Features  
In this manual, diagrams called Menu Maps are included at the beginning of each section to assist you with navigating  
through the menus used for that section. For an example of a menu map, see Figure 7.  
Figure 7 The Menu Map for the Break-even Menu  
There are four types of menu items:  
1. Read/write. Read/write menu items, such as Fixed in the Break-even menu shown above, are easily recognizable,  
because when they are selected, both the INPUT and small (=) annunciators are lit. When lit, these annunciators  
indicate that entering a number and pressing I will store the entered number in the displayed menu item.  
Pressing = (outside of a mathematical operation) calculates the value for that item based on available data.  
2. Read-only. Read-only items such as Internal Rate of Return (IRR% ) in the IRR menu are display-only; they are  
calculated values computed internally by the calculator.  
3. Write-only. Write-only items, such as investment interest rate (Inv. I% ) in the Net Present Value (NPV) menu, are  
similar to read/write items in that the INPUT annunciator is lit when these items are selected, indicating that entering a  
number and pressing I stores that number in that menu item. However, the = key does not calculate a  
value for that item.  
4. Special items. Special items, such as the Degree/Radian option in the Mode menu, the items of the Reset menu, and  
the items of the Percent Calculation (%calc ) menu perform an action when I is pressed. Depending on the  
menu, this action can be the selection of a sub-menu (%calc menu), changing a mode or setting (Mode menu), or  
erasing data (Reset menu).  
15  
2 Mathematical Calculations  
Mathematical Functions  
Mathematical functions are located:  
On keys, such as, +-*/, etc.  
On shifted, or secondary functions, such as, :p  
In the Math menu, :s  
Number Entry and Display  
Numbers are entered by pressing:  
Numbered keys, 0-9  
The decimal point .  
The } key  
The :w keys  
To correct a number entry, press the backspace key, {. Each press of { erases the last digit or symbol you entered.  
To enter a number in the display, press the number digits successively. A number can have up to 12 digits.  
To change the sign of a number from positive to negative, press }.  
Use scientific notation to enter very large and very small numbers. For example, to enter the number 1.2310127 in scientific  
notation, first enter the mantissa (1.23 ) and then press :w and enter the number (127 ) representing the exponent.  
The exponent must have a value between -499 and +499.  
Figure 1 Scientific Notation in FIX=2 Mode  
16  
Mathematical Calculations  
Chain Mode  
Calculations in Chain mode are interpreted in the order in which they are entered. For example, entering the following  
numbers and operations as written from left to right 1+2*3= returns 9. See Figure 2.  
Figure 2 Calculation in Chain Mode  
Note: if you press an operator key, +-*/, after =, the calculation is continued using the currently  
displayed value.  
In Chain mode, if you wish to override the left to right order of entry, use parentheses () to prioritize operations.  
For example, to calculate 1  
23
, you may enter the problem as written from left to right, with parentheses to prioritize the  
multiplication operation. See Table 2-1 below.  
Table 2-1 Simple Arithmetic Calculations in Chain Mode  
Keys  
Display  
Description  
Sets operational priority, inputs numbers, and  
multiplies 2 and 3.  
1+  
(2*3)  
Adds 1 to 6 and returns 7.00 on the bottom line as  
the final result.  
=
Algebraic Mode  
To set the calculator in Algebraic mode, refer to the section titled, The Mode Menu: Setting Preferences in Chapter 1.  
In Algebraic mode, multiplication and division have a higher priority than addition and subtraction. For example, in Algebraic  
mode, pressing 1+2*3= returns a result of 7.00. In Chain mode, the same key presses return a result  
of 9.00.  
In Algebraic mode, operations between two numbers have the following priority:  
x
Highest priority: the power function (y )  
Second priority: combinations and permutations  
Third priority: multiplication and division  
Lowest priority: addition and subtraction  
17  
Mathematical Calculations  
2
For example, key in 1+ 2 x 5 nPr2 in Algebraic mode by pressing:  
1+2*5:b2:m=. The result is 241.  
Note: the calculator is limited to 12 pending operations. An operation is pending when it is waiting for the input of a number or  
the result of an operation of higher priority.  
Reverse Polish Notation (RPN) Mode  
To set the calculator in RPN mode, refer to the section titled, The Mode Menu: Setting Preferences in Chapter 1. In RPN  
mode, numbers are entered first, separated by pressing I or =, followed by an operation key.  
Note: pressing I or = is optional after entering a number, if the next key pressed is an operation.  
Each time you press an operation or function key in RPN, the answer is calculated immediately and displayed. For example,  
suppose you wanted to add two numbers in RPN, 1 and 2. Press 1I2+. The result, 3.00, is calculated  
and displayed immediately on the bottom line along with the (+) symbol on the top line.  
Note: in RPN mode, when you are in a menu for which I or = are valid, pressing these keys enters the number,  
but it also performs the action associated with the key for the menu item, which is generally saving the number in the variable  
or calculating the item's value.  
The RPN Stack  
RPN works by placing numbers in storage registers called the stack. The RPN stack has four levels numbered 1-4. The levels  
are stacked on top of one another. See Figure 3.  
Stack Level 4  
Stack Level 3  
Stack Level 2  
Stack Level 1  
-15  
12  
41  
23  
Figure 3 The RPN Stack  
In Figure 3, the stack contains four numbers, 23, 41, 12, and -15. Each level (1-4) contains one number. When a number is  
typed and entered into the stack by pressing I, this new number is "pushed" into level one of the stack, and each  
number already in the stack moves up one level. The number in Level 4, -15, is pushed out and is lost.  
18  
Mathematical Calculations  
When an operation is performed on the stack, addition (+) for instance, the calculator "pops" or moves the two numbers  
from the bottom levels (Levels 1 and 2) out of the stack, performs the operation, and "pushes" the results back into the stack.  
With the numbers entered into the stack as shown in Figure 3, pressing + changes the stack as shown in Figure 4. Note  
that when the numbers are "popped" out to add 23 and 41, Level 4 of the stack remains unchanged.  
-15  
-15  
12  
64  
Figure 4 The RPN Stack of Figure 3 after the Addition Operation  
Last Number  
Each time you perform a mathematical operation, the content of Level 1 of the stack is saved. Pressing :d recalls that  
number. This functionality can be used to undo an erroneous key press, or if you want to reuse a number, such as 56.123 in  
the expression:  
1.23 56.123  
56.123  
See Table 2-2 for an example using the last number function.  
Table 2-2 Last Number  
Keys  
Display  
Description  
Sets FIX= to 3.000  
:u3I  
Selects RPN as the operating mode.  
Inputs 1.23 and 56.123  
<<<<<  
II  
O1c23  
I56c1  
23  
19  
Mathematical Calculations  
Table 2-2 Last Number  
Keys  
Display  
Description  
Adds 1.23 and 56.123, then divides the sum by the  
last number, 56.123. Returns results in the selected  
display format.  
+:d/  
For more complex problems requiring two or more operations, you do not need to enter parentheses to set operational priority.  
Key in numbers and operations inside the parentheses first, followed by those outside of the parentheses. If a problem has  
more than one set of parentheses, start by working with the operations and numbers in the innermost parentheses and work  
out. For example, calculate:  
3 4  
5 6  
One way to calculate this problem is to key in the numbers and operations within the parentheses first, followed by the  
operation outside of the parentheses. See Table 2-3.  
Table 2-3 Simple Arithmetic Calculations in RPN Mode  
Keys  
Display  
Description  
RPN Stack  
Inputs the numbers and the  
operation in the first set of  
parentheses. Intermediate  
results are displayed. Note  
the (+) and (RPN)  
3I4+  
Previous Value  
Previous Value  
Previous Value  
7
annunciators.  
Inputs the numbers and the  
operation in the second set of  
parentheses. Intermediate  
results are displayed. Note  
the (+) annunciator.  
5I6+  
20  
Mathematical Calculations  
Table 2-3 Simple Arithmetic Calculations in RPN Mode  
Keys  
Display  
Description  
RPN Stack  
Finishes the operation and  
displays the results.  
*
Pressing I or = when you are not entering a number duplicates the number on Level 1. That is, the number on  
Level 1 is pushed on the stack, making Levels 1 and 2 equal. In the example above, pressing I after * duplicates  
77 on the stack, making Levels 1 and 2 equal. See Figure 5.  
Previous Value  
Previous Value  
77  
77  
Figure 5 Duplicating a Number on the Stack  
In RPN, the parentheses keys () manipulate the stack. Pressing ( performs a roll down of the stack. A roll down  
causes the stack to roll towards the bottom of the stack, during which the number in Level 2 moves down to Level 1, the  
number in Level 3 moves down to Level 2, the number in Level 4 moves down to Level 3, and the number in Level 1 moves  
up to Level 4. The ( key has a small down arrow on it as a reminder of the roll down feature. With the numbers entered  
into the stack shown in the left column in Figure 6, pressing ( performs the roll down of the stack shown in the right  
column.  
21  
Mathematical Calculations  
Figure 6 The RPN Stack and the Roll Down Operation  
Pressing ) performs a swap. A swap operation exchanges the numbers on Levels 1 and 2 of the stack. The ) key has  
a small symbol on it as a reminder of the swap feature. With the numbers entered into the stack shown in the left column in  
Figure 7, pressing ) performs a swap to the stack as shown in the right column.  
Figure 7 The RPN Stack and the Swap Operation  
Note: when no menu is selected, the < key performs the same function as the ( key. The > key performs the  
inverse operation called, roll up.  
One-Number Functions and the Math Menu  
The key presses for the one-number mathematical functions listed in Table 2-4 below apply to all modes, Chain, Algebraic,  
and RPN. To execute one-number functions, with a number displayed, press the key or key combination corresponding to the  
operation you wish to execute. The result is displayed on the bottom line.  
22  
Mathematical Calculations  
For example, to calculate  
, press 6:n. The result of 2.45 is calculated immediately and displayed on the  
6
bottom line. The square root symbol (  
) appears on the top line.  
Note: before doing any trigonometric calculations in the Math menu, check whether the angle mode is set for degrees  
(Degrees) or radians (Radians). You will need to change the setting if the active mode is not what your problem requires. For  
more information on the Mode menu and calculator settings, refer to the section titled, The Mode Menu: Setting Preferences  
in Chapter 1.  
Table 2-4 lists one-number functions along with their corresponding keys.  
Table 2-4 Shifted Function Mathematical Operations  
Keys  
Description  
Calculates sine.  
:p  
:q  
:r  
:k  
:l  
:m  
:n  
:f  
:g  
Calculates cosine.  
Calculates tangent.  
Calculates natural log.  
Calculates natural exponent to the power of x.  
Calculates square of x.  
Calculates square root.  
Executes the Random function. Returns a random number in the range 0 < x <1.  
Calculates factorial of x (where -253 < x 253). The Gamma function is used to calculate x! for  
non-integers or negative numbers.  
Calculates y to the x power.  
Calculates the reciprocal.  
:h  
:i  
:d  
In Chain or Algebraic mode, recalls the result of the last operation. In RPN mode, returns the  
content of the Last Number variable.  
Rounds x internally to the number specified by the display format.  
:e  
The Math :s Menu  
There are additional functions available in the Math menu. To open the Math menu, press :s. See Figure 8 for the  
menu map of the Math menu.  
23  
Mathematical Calculations  
Figure 8 The Menu Map for the Math Menu  
Press < to scroll through the menu items, starting with Trigonometry. The Trigonometry, Hyperbolic, and Probability items  
have sub-menus. Press I with these items displayed to access the functions within the sub menus.  
Press O to cancel the Math menu and return to current work. Press :s to return to the top of the Math menu.  
-1  
For an example using the math menu to calculate Sin (0.5), see Table 2-5.  
24  
Mathematical Calculations  
Table 2-5 Math Menu Example  
Keys  
Display  
Description  
Enters 0.5 and opens the Math menu starting with  
Trigonometry.  
.5I  
:s  
-1  
Selects the Trigonometry sub-menu and scrolls to Sin  
.
I<  
-1  
Note the value for Sin is calculated immediately and  
displayed.  
Validates the result.  
I or =  
In the Math menu, PI does not perform calculations; it enters PI for calculations. You may start an operation, use the Math  
menu to execute a function, and continue calculating with your original operation without losing your work.  
The Probability Sub-menu  
Lower Tail Normal Distribution (LTND) calculates the probability for a normally distributed, random variable to be less than the  
input.  
-1  
Inverse Lower Tail Normal Distribution (LTND ) is the inverse function for LTND; it calculates the value (V) for which the  
2
probability of a normally distributed, random variable to be less than V is the given input. Student, Inverse Student, Chi ,  
2
2
Inverse Chi , F-Distribution and Inverse F-Distribution perform similar operations for Student, Chi , and F-Distributions.  
2
Student, Chi , and F-Distribution and their inverse operations are special cases, as they require more than one number as  
2
input. Student and Chi require (N), the number of degrees of freedom, and F-Distribution requires (N1) and (N2), two degrees  
of freedom.  
2
To perform Student and Chi operations or their inverse:  
1. Enter the number of degree(s) of freedom by typing the number and pressing I or =.  
2. Type the number for which you want to calculate the probability, or, for the inverse, the probability for which  
you want the number.  
3. Navigate to the appropriate function in the Probability sub-menu of the Math menu.  
To perform F-Distribution operations or their inverse:  
1. Enter the two degrees of freedom by typing each number followed by I or =.  
25  
Mathematical Calculations  
2. Type the number for which you want to calculate the probability, or, for the inverse, the probability for which  
you want the number.  
3. Navigate to the appropriate function in the Probability sub-menu of the Math menu.  
Table 2-6 Probability Example  
Keys  
Display  
Description  
Enters 10 degrees of freedom and the number for which  
probability is to be calculated. Opens the Math menu.  
10I  
8I  
:s  
2
Selects the Probability menu item and scrolls to Chi .  
<<I  
<<<<  
Validates the result.  
I
or  
=
Table 2-7 Inverse Probability Example  
Keys  
Display  
Description  
Enters 10 degrees of freedom and the probability. Opens  
the Math menu.  
10I  
0.37  
12I  
:s  
2-1  
Selects the Probability menu item. Scrolls to Chi  
.
<<I  
<<<<  
<
Validates the result.  
I
or  
=
Two-Number Functions  
Apart from +-*/, the three additional two-number functions accessible on the keyboard are:  
x
Y
26  
Mathematical Calculations  
nCr  
nPr  
x
Y is the power function, nCr stands for the number of combinations of n items taken r at a time, and nPr stands for the  
number of permutations of n items taken r at a time.  
n!  
Combination=  
r!  
n r  
!  
n!  
n r  
Permutation=  
!  
Perform calculations with these functions in the same way you would perform calculations with +-/ and *,  
3
but press : to access the secondary function key. For example, to calculate 15 :  
1. Press 15.  
2. Press :h.  
3. Press 3=. The results are shown Figure 9.  
Figure 9  
In RPN mode, key in the numbers first, followed by I, then press the function key. For example, for the power function  
example above, in RPN press: 15I3:h.  
Storing and Recalling Numbers  
The calculator has ten memories available for use during calculations. These memories are numbered from 1-9 and 0. To  
store a number in a memory, press :$, followed by the key representing the memory number. To recall a number  
stored in a memory, press L followed by the key representing the memory number. You can use the store and recall  
functions for these memories any time a number is displayed, or when you wish to enter a number.  
For example, to store 15 in memory 1, press 15:$1.  
To recall the number in memory 1, press L1.  
You can also perform operations to numbers stored in memories. For example, press 5:$2 to store 5 in  
memory 2. To add 12 to the value of memory 2, press 12:$+2. Later on, during a calculation, you can  
27  
Mathematical Calculations  
press L2 to recall memory 2. Note how the new current value stored in memory 2 is 17, (5 +12). +-* and  
/ are valid mathematical operations for memories.  
To view the stored values in memories 1-9 and 0, press :t, followed by < or > repeatedly to scroll  
through each memory starting with memory 1 (Mem 1 ). Note that in the Memory menu, you can change the value of any  
memory by selecting the memory and typing a number followed by the t key.  
Recall Arithmetic  
In RPN, typing 12L+2 adds the value of memory 2 to the first level of the stack, but it will not modify the  
stored value of memory 2. This is useful, as it "saves" one stack level. You can also use -* and / after L.  
To perform the same operation in Algebraic and Chain modes, press 12+L2=.  
Storing and Recalling with Time Value of Money (TVM) Keys  
To store the current number in the Time Value of Money (TVM) variables, press :$ followed by the desired TVM key.  
To recall the stored value of a TVM variable, press L followed by the key of the desired TVM variable. Note: pressing L  
does not calculate the variable; it recalls the current value.  
Recalling a Menu Item Value in a Menu  
In a menu, you can recall the current value of a menu item. For example, open the Interest Conversion menu (IConv) by  
pressing :&. With Nom.% displayed, pressing 2*L= recalls the nominal rate. This feature is useful  
when you need to insert the contents of a menu item into an algebraic operation.  
Rounding Numbers  
All calculations are performed internally with 15-digit precision and are rounded to 12 digits when returning the results. In  
certain instances, calculations are performed internally with greater than 15-digit precision.  
When displayed, a number is further rounded to the number of digits after the decimal point set by the FIX item in the Mode  
menu. The default setting is two digits to the right of the decimal point. For more information, refer to the section titled, The  
Mode Menu: Setting Preferences in Chapter 1.  
Note: the FIX setting only affects the display; it does not affect the actual numbers.  
Percentages  
In Algebraic or Chain modes, pressing % divides a number by 100. For example, pressing 25% returns 0.25.  
28  
Mathematical Calculations  
To find a percentage of a given number, enter the number and multiply it by the desired percentage, followed by =. For  
example, to find 25% of 200, press 200*25%= to return a result of 50.  
To add or subtract a percentage of a number, enter the first number, followed by + or - and the percentage followed  
by %. Finish your calculation with =. For example, to add 10% to 50, press 50+10%= to  
return a result of 55.  
In RPN mode, the % key calculates x % of the number on Level 2 of the stack, when x is the number on Level 1 of the  
stack. It does not modify the number on Level 2 of the stack, and thus allows you to perform addition or subtraction after  
pressing % to add or subtract x % from the number.  
For example, 200I25%returns 50, but 200 is still on Level 2 of the stack, and pressing -  
returns 150, or 200-25%.  
29  
3 Time Value of Money  
The examples in the following sections are calculated with the Mode menu preferences in their default settings, unless  
otherwise noted. For more information about basic features and setting preferences, see Chapter 1, Basic Features.  
Time Value of Money (TVM) Keys  
Cash flow diagrams are useful tools for analyzing financial situations, as they help you identify the TVM functions needed to  
resolve your problem.  
A cash flow diagram is a drawing with a set of vertical arrows arranged on a horizontal line. The horizontal line represents the  
period of time from the beginning of the financing to the end. The vertical arrows represent the money or cash flows at certain  
times throughout the period. The arrows' length is proportional to the cash flow amount each arrow represents; a longer arrow  
indicates a larger amount, a shorter arrow, a smaller amount. Each arrow's position on the line represents the time at which  
the cash flow occurs. The orientation of the arrow, up or down, represents the "direction" of the cash flow: up for money  
received, down for money paid out. See Figure 1.  
30  
Time Value of Money  
Figure 1 Cash Flow Diagram Example with Corresponding TVM Keys  
The TVM functions of the calculator can solve problems with at least one cash flow, and problems in which all the cash flows,  
except the first and last, are of the same value. To solve other types of cash flows, refer to the section below titled, Canadian  
Mortgages: TVM Canada, or Chapter 4, Cash Flows.  
Figure 1 illustrates a cash flow diagram and how the data in the diagram corresponds to the TVM keys. For a complete list of  
keys used for TVM problems, along with their descriptions, see Table 3-1.  
31  
Time Value of Money  
To save values for the TVM variables, enter the desired number, followed by the corresponding TVM key. To calculate an  
unknown value, enter all known values and press the key of the item you want solved.  
Table 3-1 TVM Keys  
Keys  
N
^
Y
V
Description  
Stores or calculates the number of payments or compounding periods.  
Multiplies a value by the number of payments per year and stores as N.  
Stores or calculates the nominal, annual interest rate.  
Stores or calculates the present value (PV). To a lender or borrower, PV is the amount of a loan;  
to an investor, PV is the initial investment. PV always occurs at the beginning of the first period.  
Stores or calculates the amount of each periodic payment.  
M
[
F
Stores the number of payments or compounding periods per year.  
Stores or calculates the future value (FV), a final cash flow. FV always occurs at the end of the  
last compounding period.  
Sets Begin mode (Beg). Payments occur at the beginning of each compounding period.  
Sets End mode (End). Payments occur at the end of each compounding period.  
?
]
Calculating Payments on a Loan  
You borrow 140,000.00 for 30 years (360 months) at 6.5% annual interest, compounded monthly. What is your monthly  
payment to the lender? Note: at the end of the 30 years, you expect to have a zero balance (FV=0).  
Table 3-2 TVM Example  
Keys  
Display  
Description  
Inputs 12 as the number of payments per year, or  
compounding periods per year.  
12:[  
Inputs 360 as the number of payments over 30 years.  
360  
N
Inputs 6.5% as the nominal interest rate percentage per year.  
6.5  
Y
Inputs the present value of the loan at the time of the first  
payment. This value is positive (+); it is money you receive.  
1400  
00V  
Inputs 0 as the future value of the loan (the remaining  
balance).  
0F  
32  
Time Value of Money  
Table 3-2 TVM Example  
Keys  
Display  
Description  
Returns the monthly payment. This result is negative (-); it is  
money you pay out.  
M
To reset the TVM variables to their default values, with any TVM variable displayed press :x. Press < or >  
repeatedly until TVM displays. Press I to reset the TVM values, or press O to cancel.  
Amortization  
Refer to Figure 2 for a menu map of the Amortization menu (Amort). Table 3-3 lists the keys and variables of the Amortization  
menu. To open the menu, press A. The Amortization menu calculations are based on values stored in the following TVM  
registers: N, Y, V, M and [.  
To enter values for the TVM variables, enter a number followed by the corresponding key.  
For an amortization example, see Table 3-4.  
Figure 2 The Menu Map for the Amortization Menu  
Table 3-3 Amortization Menu Items  
Menu Item/Key  
Description  
Opens the Amortization menu.  
A
Nb Period  
Start  
Number of periods to group together in the amortization calculation. The default value is  
the number of payments per year defined by the  
[
key.  
Period on which to start amortization. Default is 1. If you want to amortize for the second  
year with 12 payments per year, enter 13 (the second year starts at the 13th payment  
with 12 payments per year).  
Balance  
Principal  
Interest  
The loan balance at the end of the assigned amortized period.  
Amount of the loan payment applied to the principal at the end of the amortized period.  
Amount of the loan payment applied to the interest at the end of the amortized period.  
33  
Time Value of Money  
Enter the values for the TVM keys for the example below. Press A followed by < or > to view the amortization  
schedule.  
Creating an Amortization Schedule  
You borrow 140,000.00 for 360 months at 10% interest. Create an amortization schedule for the loan. How much interest  
did you pay for the first year? What is the balance of your loan after the first year? See Table 3-4. The example below is  
shown with RPN as the active operating mode.  
Table 3-4 Amortization Example  
Keys  
Display  
Description  
Inputs 12 as the number of payments per year.  
12:  
[
Inputs 360 (30 times 12 payments per year) as the number of  
payments for the 30-year loan.  
30:  
^
Inputs 10 as the interest rate percentage per year.  
10Y  
Inputs the value of the loan at the time of the first payment.  
1400  
00V  
Inputs 0 as the future value of the loan (zero balance).  
Calculates the monthly payment.  
0F  
M
Displays the number of periods to group together in the  
amortization schedule. Default is the current value of P/YR.  
A
Displays the first period of the group of periods to amortize.  
<
<
<
<
Displays the current balance remaining after the first year.  
Displays the current amount of the principal applied towards  
the loan for the first year.  
Displays the amount of interest paid on the loan for the first  
year. The amount of your payments applied towards interest  
for the first year is about 14,000.00.  
Displays the first payment in the next period to amortize (the  
second year). Note that the calculator automatically updates  
Start to the next group of periods to amortize.  
<
34  
Time Value of Money  
To reset the menu items to their default values, with any item of the Amortization menu displayed press :x. With TVM  
displayed, press I. At the TVM Reset prompt, press I to reset, or O to cancel.  
Interest Conversion Menu  
Figure 3 The Menu Map for the Interest Conversion Menu  
To open the Interest Conversion menu (IConv) press :&.  
Table 3-5 Interest Conversion Menu Items  
Item  
Description  
Nom.%  
Nominal interest rate: the stated annual interest rate  
compounded as represented by P/YR, such as 18%  
compounded monthly (P/YR=12 ).  
Eff.%  
C/YR  
Effective annual interest rate taking compounding into  
account.  
Compounding periods per year. Default is 12.  
Using the Interest Conversion Menu  
Find the effective rate of a 36.5% nominal rate compounded daily. See Table 3-6. See Figure 3 for help with navigating  
through the menu.  
Table 3-6 Interest Rate Conversion Example  
Keys  
Display  
Description  
Opens the IConv menu, starting with the current value of the  
nominal percentage rate.  
:&  
Inputs 36.5 as the nominal percentage rate.  
36.  
5I  
Scrolls to compounding periods per year, C/YR. Default value  
is 12.  
>
35  
Table 3-6 Interest Rate Conversion Example  
Keys  
Display  
Description  
365  
I
Inputs 365 as the value for the number of compounding  
periods per year.  
Scrolls to the variable for the effective rate and calculates it. A  
36.5% nominal rate compounded daily equals an effective  
rate of 44.03%.  
>=  
Note: C/YR is the same number as P/YR in TVM calculations, since most interest calculations are based on the same number  
of payments and compounding periods per year, and interest rate conversions are commonly linked to a subsequent TVM  
calculation. This feature is provided for your convenience, but this means modifying one number also modifies the other. If  
your TVM problem requires different values for P/YR and C/YR, refer to the section below titled, Canadian Mortgages: TVM  
Canada.  
The IConv menu permits you to solve for C/YR, but the result is not always a positive integer. TVM calculations, however,  
require C/YR to be an integer larger than zero. If you attempt to perform a TVM calculation without a valid value for C/YR or  
P/YR, an invalid P/YR error (ER: Invalid P/YR) will occur.  
If you set C/YR to 0, the resulting interest conversions are calculated assuming a continuous compounding. As stated above,  
0 is not a valid value for P/YR or C/YR when used in TVM calculations, and you will have to reset it to a valid value before  
performing TVM calculations.  
To reset the menu items to their default values, with any item of the Interest Conversion menu displayed press :x.  
With IConv displayed, press I to reset, or O to cancel. To exit the menu, press O once again.  
Canadian Mortgages: TVM Canada  
Figure 4 The Menu Map for the P/YR Menu  
In Canada, interest rates for mortgages are, by law, given as a nominal interest rate, compounded twice yearly. This means  
that the compounding period for the per-period interest rate calculation differs from the compounding period used to calculate  
the nominal rate.  
By default, the HP 20b performs calculations assuming that the number of compounding periods always equals the number of  
payments per year. You can, however, enable the TVM Canada option in the Mode menu, which enables you to select the  
number of compounding periods per year. For more information, refer to Chapter 1, Basic Features.  
36  
Time Value of Money  
With TVM Canada enabled in the Mode menu, the following TVM features change:  
1. The P/YR key,:[, now opens a menu with two items, P/YR and C/YR, in which you can specify the  
number of payments and compounding periods per year. Press < or > to scroll through the menu. See  
Figure 4.  
2. To change the value of an item, with the item displayed, enter the number desired followed by I.  
3. In the Interest Conversion menu, the C/YR item has the same value as the C/YR item in the P/YR menu, and  
C/YR and no longer affects P/YR.  
4. Note, however, if you now change the value of P/YR, the calculator automatically sets C/YR so it equals your  
new value assigned to P/YR. This means that if you modify P/YR, you also need to modify C/YR, if P/YR and  
C/YR are different values in your TVM problem.  
37  
Time Value of Money  
Canadian Mortgage Example  
Calculate the monthly payment for a 25-year (N=300) Canadian mortgage valued at 350,000.00, if the nominal interest rate is  
6.0%, compounded twice yearly (C/YR=2) with 12 payments per year (P/YR).  
Table 3-7 Canadian Mortgage Example  
Keys  
Display  
Description  
Opens the Mode menu, starting with the current FIX value  
(number of digits to the right of the decimal point).  
:u  
Scrolls to TVM mode and sets mode to TVM Canada.  
>I  
O
Returns to default calculator screen.  
:[12  
I<2  
I
Opens P/YR menu. Inputs 12 for P/YR and 2 for C/YR.  
Exits menu and inputs values for N, I/YR, and PV.  
O300N  
6Y350  
00V  
M
Calculates the monthly payment as required by the example.  
To reset the menu, press :x. With TVM displayed, press I. At the TVM Reset prompt, press I to  
reset, or O to cancel. To exit the menu, press O once again. With the menu set to its default settings, P/YR and C/YR  
are both set to 12 payments/compounding periods per year.  
38  
4 Cash Flows  
Figure 1 Cash Flow Diagram  
In the calculator, a cash flow list is a set of numbered pairs, CF(n) and #CF(n), where n is the index of the cash flow list. Each  
pair represents one or more cash flows in a cash flow diagram. As with TVM problems, it helps to sketch a cash flow diagram  
as a first step in solving cash flow problems. For some examples of cash flow diagrams, see Figure 3 at the end of this  
chapter.  
CF(n) represents the monetary value of the cash flow; #CF(n) represents the number of consecutive occurrences of that cash  
flow. By default, #CF(n) is equal to 1, as most cash flows occur only once. However, in cases where a cash flow is repeated  
multiple times, using #CF(n) instead of entering the cash flow value multiple times saves calculation time and memory space  
in the calculator.  
To enter a cash flow list, press C to open the cash flow menu.  
For each cash flow item, first enter the monetary value followed by I, then enter the number of occurrences followed  
by I.  
If a cash flow occurs once, you do not need to type 1I. Simply press I or < as 1 is the default.  
39  
Cash Flows  
To erase a cash flow list, with any cash flow displayed press :x. The number of cash flows in the list is displayed on  
the bottom line, along with Cash Flow=. At this prompt, press I. You will be asked to confirm your choice. Either press  
I to confirm the reset, or O to cancel.  
Table 4-1 lists the keys used for cash flow problems. For a cash flow example, see Table 4-2.  
Table 4-1 Cash Flow Keys  
Key  
Description  
Opens the cash flow list.  
C
Inputs new values for variables in the cash flow list, the Net  
Present Value (NPV) menu, and the Internal Rate of Return (IRR)  
menu.  
I
Scrolls up and down.  
><  
o
Inserts cash flows into a cash flow list.  
Removes cash flows from a cash flow list.  
j
Opens the Internal Rate of Return (IRR) and Net Present Value  
(NPV) menus.  
RP  
Cash Flow Example  
After an initial investment of 80,000.00, cash flow (0), you expect returns over the next five years as follows:  
Cash Flow  
Number  
Cash Flow Amount  
Occurrences  
1
2
3
4
5
6
5,000.00  
4,500.00  
0.00  
1
1
1
1
5
1
4,000.00  
5,000.00  
115,000.00  
Given this information, calculate the total of the cash flows and the internal rate of return (IRR) of the investment.  
Calculate net present value (NPV) and net future value (NFV), assuming an annual investment interest rate of 10.5%. See  
Figure 1 for the cash flow diagram and Table 4-2 for how to enter the cash flows. The example is shown with RPN as the  
active operating mode.  
40  
Cash Flows  
Table 4-2 Cash Flow Example  
Keys  
Display  
Description  
Opens the cash flow list.  
C
Inputs -80000 as the monetary value of the initial  
cash flow. Note: the sign of the cash outflow is  
negative.  
8000  
0}I  
Accepts 1 as the number of occurrences for CF(0).  
Displays the current monetary value of CF(1).  
I
Inputs 5000 as the monetary value of CF(1).  
Displays the current value,1, for the number of times  
CF(1) occurs.  
5000I  
Accepts 1 as the number of occurrences for CF(1).  
Displays the current monetary value of CF(2).  
I
Inputs 4500 as the monetary value of CF(2).  
Displays the current value, 1, for the number of times  
CF(2) occurs.  
4500I  
Accepts 1 as the number of occurrences for CF(2).  
Displays the current monetary value of CF(3).  
I
I
Accepts 0 as the monetary value of CF(3). Displays  
the current value, 1, for the number of times CF(3)  
occurs.  
Accepts 1 as the number of occurrences for CF(3).  
Displays the current monetary value of CF(4).  
I
Inputs 4000 as the monetary value of CF(4).  
Displays the current value, 1, for the number of times  
CF(4) occurs.  
4000I  
Accepts 1 as the number of occurrences for CF(4).  
Displays the current monetary value of CF(5).  
I
Inputs 5000 as the monetary value of CF(5).  
Displays the current value, 1, for the number of times  
CF(5) occurs.  
5000I  
Inputs 5 for the number of occurrences for CF(5).  
Displays the current monetary value of CF(6).  
5I  
41  
Cash Flows  
Table 4-2 Cash Flow Example  
Keys  
Display  
Description  
Inputs 115000 as the monetary value of CF(6).  
Displays the current value, 1, for the number of times  
CF(6) occurs.  
115000  
I
Accepts 1 as the number of occurrences for CF(6).  
I
Analyzing Cash Flows  
The various functions used to analyze cash flows are located in the NPV P and IRR R menus. If you press R or P  
before entering cash flows, you will be redirected to the cash flow menu to enter values into the cash flow list. The menu maps  
for the IRR and NPV menus are shown in Figure 2. Table 4-3 describes the items within these menus.  
Figure 2 The Menu Map for the NPV and IRR Menus  
42  
Cash Flows  
Table 4-3 NPV and IRR Menu Items  
Item  
Description  
Inv. I%  
Investment or discount rate. Enter the investment rate or discount rate for the cash  
flow followed by  
I
.
Net PV  
Net FV  
Net US  
Net present value. Shows the value of the cash flows at the time of the initial cash  
flow, discounting the future cash flows by the value set for Inv. I%.  
Net future value. Shows the value of the cash flows at the time of the last cash flow,  
discounting the earlier cash flows by the value set for Inv. I%.  
Net uniform series. Shows the per-period payment of a regular, periodic cash flow of  
equivalent present value to the cash flow list.  
Payback  
Payback. Shows the number of periods for the investment to return value.  
Discounted Payback  
Discounted Payback. Shows the number of periods required for the investment to  
return value if the cash flows are discounted using the value set in Inv. I%.  
Total  
The sum of all the cash flows, equivalent to NPV if Inv. I% is 0.  
The number of cash flows per year. The default is 1.  
#CF/Yr  
IRR%  
Internal rate of return. This is the discount rate for the cash flow that returns a Net  
Present Value of 0.  
See Table 4-4 for an example of the NPV and IRR functions using the cash flow example in Table 4-2.  
Table 4-4 NPV and IRR Example  
Keys  
Display  
Description  
Opens the NPV menu.  
P
Inputs 10.5 for investment rate.  
10.  
5I  
Displays the NPV of the cash flow with the given Inv. I%.  
Displays the NFV of the cash flow with the given Inv. I%.  
<
<
<
Displays the Net US of the cash flow with the given interest  
rate.  
43  
Cash Flows  
Table 4-4 NPV and IRR Example  
Keys  
Display  
Description  
<
Displays the number of periods required for the cash flow to  
repay the investment.  
<<  
R
Scrolls to the total value of the cash flow.  
Displays the IRR for the cash flow.  
Editing Cash Flows  
In the cash flow list, you can view and modify the current monetary value of a specific cash flow, or cash flows. Press < or  
> repeatedly to scroll through the list. To modify the displayed entry, type a new number and press I. For  
example, to change the current monetary value of the cash flow three, CF(3), in the example in Table 4-2 from 0 to 200, with  
CF(3)= displayed, press 200 followed by I.  
You can also modify the number of occurrences of a cash flow in the same manner with #CF(n) displayed. Pressing  
:j with a cash flow displayed erases the displayed cash flow. Pressing :o inserts a cash flow into the list  
before the displayed cash flow.  
44  
Cash Flows  
Sample Cash Flow Diagrams  
Figure 3 Sample Cash Flow Diagrams  
45  
5 Bonds  
DWN  
DWN  
DWN  
DWN  
DWN  
DWN  
Set.Date  
Yield%  
Mat.Date  
Price  
CPN%  
Call  
B
DWN  
Annual/  
Semi-  
annual  
Actual/  
Cal.360  
DWN  
DWN Accrued  
Figure 1 The Menu Map for the Bond Menu  
The Bond Menu  
Before you enter the Bond menu, be sure to verify the date format is set appropriately for your problem. The default setting is  
mm.ddyyyy, but it can be set for dd.mmyyyy. Bond day counts (360/365) and annual or semiannual coupon payment  
schedules may be set from either the Mode menu or the Bond menu. For more information on setting the preferences in the  
Mode menu, see the section titled, The Mode Menu: Setting Preferences in Chapter 1.  
To open the Bond menu, press B.  
Press < or > repeatedly to scroll through the items shown in Figure 1.  
To change the value of the displayed item, key in a number or a date and press I. Once you have entered all known  
data, press < or > repeatedly to scroll to an unknown item, and press = to calculate it.  
Table 5-1 lists the items in the Bond menu.  
Table 5-1 Bond Menu Items  
Variable  
Description  
Settlement Date  
Maturity Date  
Settlement date. Displays the current settlement date. Note: input only.  
Maturity date or call date. The call date must coincide with a coupon date.  
Displays the current maturity. Note: input only.  
CPN%  
Coupon rate stored as an annual %. Note: input only.  
46  
Bonds  
Table 5-1 Bond Menu Items  
Variable  
Call  
Description  
Call value. Default is set for a call price per 100.00 face value. A bond at maturity  
has a call value of 100% of its face value. Note: input only.  
Yield%  
Price  
Yield% to maturity or yield% to call date for given price. Note: input/output.  
Price per 100.00 face value for a given yield. Note: input/output.  
Accrued  
Interest accrued from the last coupon or payment date until the settlement date for  
a given yield. Note: this item is Read-only.  
Actual/Cal.360  
Actual (365-day calendar) or Cal.360 (30-day month/360-day year calendar).  
Press  
I
to toggle between these options.  
Annual/Semiannual  
Bond coupon (payment) frequency. Press  
options.  
I
to toggle between these  
Bond Calculation Example  
What price should you pay on April 28, 2010 for a 6.75% U.S. Treasury bond maturing on June 4, 2020, if you want a  
yield of 4.75%? Assume the bond is calculated on a semiannual coupon payment on an actual/actual basis. See Table 5-  
2. The example below is shown with RPN as the active operating mode.  
Table 5-2 Bond Calculation Example  
Key  
Display  
Description  
Opens the Bond menu.  
B
Scrolls to bond coupon (payment) frequency.  
>
Selects semiannual coupon payment, as required by the  
example.  
I
Inputs April 28, 2010 for the settlement date (mm.ddyyyy  
format).  
<4.28  
2010  
I
Inputs June 4, 2020 for the maturity date.  
Inputs 6.75% for the value for CPN%.  
<6.04  
2020  
I
<6.75  
I
47  
Bonds  
Table 5-2 Bond Calculation Example  
Key  
Display  
Description  
Displays current call value. Default is 100. Note: if Call  
requires another value, key in the number followed by  
<
I
.
Inputs 4.75% for Yield%.  
<4.75  
I
Calculates the current value for Price.  
Stores 115.89 in memory 1.  
<=  
:$1  
<
Displays the current value for accrued interest.  
Returns the result for total price (value of price + value  
of accrued interest). The net price you should pay for the  
bond is 118.58.  
+L1=  
To reset the menu items to their default values, with any item of the Bond menu displayed press :x. With Bond  
displayed, press I to reset the menu, or O to cancel. Press O again to exit the menu.  
48  
6 Date Calculation  
Figure 1 The Menu Map for the Date Calculation Menu  
The Date Calculation Menu  
The Date Calculation menu is used to calculate the number of days between two dates, or a second date given a number of  
days from an initial, or final date. To open the Date Calculation menu, press :@. Press < or > repeatedly to  
scroll through the items shown in Figure 1. Before you enter dates, verify the date is set in the format required for your  
problem. Date and calendar formats may be set in the Mode menu. For more information on setting the preferences in the  
Mode Menu, see the section titled, The Mode Menu: Setting Preferences in Chapter 1.  
To change the value of a displayed item, key in a number or a date and press I. Once you have entered all known  
data, press < or > repeatedly to scroll to the unknown item and press = to calculate it.  
Date Calculation Example  
How many days remain in the 2010 fiscal year if today's date is June 4, 2010? Assume the fiscal year ends on October  
31st, and you wish to calculate the actual number of days (Actual).  
Table 6-1 Date Calculation Example  
Key  
Display  
Description  
Opens the Date Calculation menu. Note: 2 in the right of  
the display represents the day of the week. 2 represents  
Tuesday.  
:@  
Inputs the starting date in the selected format.  
6.04  
2010  
I
49  
Date Calculation  
Table 6-1 Date Calculation Example  
Key  
Display  
Description  
Inputs the ending date in the selected format.  
<10.3  
12010  
I
Calculates the number of actual days between the  
starting and ending dates.  
<=  
To reset the menu items to their default values, with any item of the Date menu displayed press :x. With Date  
displayed, press I to reset the menu, or O to cancel. Press O again to exit the menu.  
50  
7 Break-even  
Figure 1 The Menu Map for the Break-even Menu  
The Break-even Menu  
To open the Break-even menu, press :!. To change the value of the displayed item, key in a number and press  
I. Once you have entered all known data, press < or > repeatedly to scroll to the unknown item and press  
= to calculate it.  
The break-even function allows you to study problems involving a profit, when a quantity of items, with a cost to manufacture  
and a fixed price to develop and market, is sold at a given price. See Figure 1.  
Break-even Example  
The sale price of an item is 300.00, the cost is 250.00, and the fixed cost is 150,000.00. How many units would have to be  
sold to make a profit of 10,000.00?  
Table 7-1 Break-even Example  
Keys  
Display  
Description  
Opens the Break-even menu starting with the current  
value for fixed costs.  
:!  
Inputs 150,000.00 for fixed cost.  
Inputs 250.00 for variable cost per unit.  
Inputs 300.00 for price.  
1500  
00I  
<250  
I
<300  
I
Inputs 10,000.00 for profit.  
<1000  
00I  
51  
Break-even  
Table 7-1 Break-even Example  
Keys  
Display  
Description  
Calculates the current value for the unknown item. 3200  
units would have to be sold to return a profit of  
10,000.00.  
<=  
To reset the menu items to their default values, with any item of the Break-even menu displayed press :x. With  
BrkEven displayed, press I to reset the menu, or O to cancel. Press O again to exit the menu.  
52  
8 Business Problems  
Figure 1 The Menu Map for the Percent Calculation (%calc) Menu  
The Percent Calculation Menu  
Press :# to open the menu. There are four items in this menu: markup as a percentage of cost (Mkup. %C ), markup  
as a percentage of price (Mkup. %P ), part as a percentage of total (Part%Tot. ), and percent change (%Change ). These  
items allow you to access sub-menus. Press < or > repeatedly to scroll to the desired sub-menu, then press I  
to open it. See Figure 1.  
To change the value of a displayed item, key in a number and press I. Once you have entered all known data, press  
< or > repeatedly to scroll to the unknown item and press = to calculate it.  
To return to the percent calculation menu, from anywhere within the menu or sub-menus, press :#.  
To exit the menu, press O  
53  
Business Problems  
Note: for business problems, margin is based on price; markup is based on cost. The examples below are shown with RPN as  
the active operating mode.  
Percent Calculation Examples  
See Tables 8-1 through 8-4 for examples of calculations in the %calc menu.  
1. Find the markup on an item if the cost price is $15.00 and the selling price is $22.00. See Table 8-1.  
Table 8-1 Markup Example  
Keys  
Display  
Description  
Opens the %calc menu.  
:#  
Opens the Mkup.%C sub-menu.  
Inputs 15 for Cost.  
I
15I  
<22I  
<=  
Inputs 22 for Price.  
Calculates the value of Mkup.%C for the given data.  
2. Find the percent change between 20 and 35 with no compounding.  
Table 8-2 Percent Change Example  
Keys  
Display  
Description  
Opens the %calc menu.  
:#  
Scrolls to %Change.  
Opens the %Change sub-menu.  
Inputs 20 for Old.  
<<<  
I
20I  
<35I  
<=  
Inputs 35 for New.  
Calculates the current value of %Change for the given  
data.  
54  
Business Problems  
Note: although the example in Table 8-2 calls for no compounding, you may specify the number of compounding periods used  
in calculations with the Nb Period item in the %Change sub-menu. Nb Period is the number of compounding periods used in  
calculations between the old value and new value. The default is 1, but to change the setting, key in a number with Nb Period  
displayed, followed by I.  
After calculating the example above with no compounding, say, for example, you wish to calculate the percent change over  
six compounding periods:  
Table 8-3 Percent Change Example with Compounding  
Keys  
Display  
Description  
The current value of %Change for the given data.  
Inputs 6 for the number of compounding periods.  
<6I  
>=  
Calculates the percent change between the old value  
and the new value over six compounding periods.  
3. What is 30% of 80?  
Table 8-4 Part % of Total Example  
Keys  
Display  
Description  
Opens the %calc menu.  
:#  
Scrolls to the Part %Total menu item.  
Opens the Part as %Total sub-menu.  
Inputs 80 for Total.  
<<  
I
80I  
<30I  
<=  
Inputs 30 for Part.  
Calculates the value of Part%Total for the given data.  
To reset the menu items to their default values, with any item of the %calc menu displayed press :x. Press > or  
< to scroll until %Calc displays and press Ito reset the menu, or O to cancel. Press O to exit the menu.  
55  
9 Depreciation  
Figure 1 The Menu Map for the Depreciation Menu  
The Depreciation Menu  
Press :\ to open the Depreciation menu. To select a depreciation method, press I repeatedly. See Figure 1.  
Input the values required for the calculation:  
Asset life  
Starting date or month of the deprecation  
Cost and salvage values  
Declining balance factor (DecBal and DBXover only)  
The first year for which you want to view the depreciation schedule  
Scroll through the items of the sub-menu for the selected depreciation method by pressing < or > repeatedly. To  
change the value of the displayed item, key in a number and press I. For the Start item, enter either a number or an  
actual date, depending on the type of depreciation selected. Press < repeatedly to view the depreciation schedule.  
56  
Depreciation  
Note: pressing < on the last item of a sub-menu returns you to the Year item, not to the top of the sub-menu (see Figure  
1). By scrolling through all the items of a sub-menu, you incrementally advance the Year item. This allows you to see the  
depreciation schedule for the next year without additional entries.  
Brief descriptions of the methods used to calculate depreciation are provided in Table 9-1. Table 9-2 describes the items  
found in the depreciation sub-menus. For an example calculating depreciation using the straight-line method, see Table 9-3.  
Table 9-1 Depreciation Methods  
Depreciation Method  
Description  
Sline  
Straight line is a method of calculating depreciation presuming an asset loses a certain  
percentage of its value annually at an amount evenly distributed throughout its useful life.  
SOYD  
Sum-of-the-years' digits is an accelerated depreciation method.  
In SOYD, the depreciation in year Y is (Life-Y+1)/SOY/100% of the asset, where SOY is  
the sum-of-the-years for the asset, or, for an asset with a 5-year life, 5+4+3+2+1=15.  
DecBal  
Declining balance is an accelerated depreciation method that presumes an asset will  
lose the majority of its value during the first few years of its useful life.  
DBXover  
Declining balance crossover is an accelerated depreciation method that presumes an  
asset will lose the majority of its value in the first few years of its useful life, but that it will  
revert to a consistent depreciation during the latter part of its life, which is then calculated  
using the straight line method.  
French SL  
Amort F  
Straight line French. This method of depreciation is similar to the Straight line method,  
except an actual calendar date in the selected format is entered in for Start to indicate  
when the asset was first placed into service.  
French amortization. This method is an accelerated depreciation method with a  
crossover to the French Straight Line method.  
Table 9-2 Depreciation Menu Items  
Item  
Life  
Description  
The expected useful life of the asset in years.  
Start  
Start refers to the date or month in which the asset is first placed into  
service. Depending on the type of depreciation, this can be the month  
(1-12), or, in the case of French Straight-line and Amort F, the actual  
date in the selected format. Note: for non-French depreciations, if the  
asset were placed into service in the middle of March, for example,  
you would enter 3.5 for Start.  
Cost  
The depreciable cost of the asset at acquisition.  
57  
Depreciation  
Table 9-2 Depreciation Menu Items  
Item  
Description  
The salvage value of the asset at the end of its useful life.  
Salvage  
Factor  
The declining balance factor as a percentage. This is used for  
declining balance and declining balance crossover methods only.  
Year  
Year for which you want to calculate the depreciation.  
Depreciation in the given year.  
Depreciation  
R.Book Value  
R.Depreciable Value  
Remaining book value at the end of the given year.  
Remaining depreciable value at the end of the given year.  
Depreciation Example  
A metalworking machine, purchased for 10,000.00, is to be depreciated over five years. Its salvage value is estimated at  
500.00. Using the straight-line method, find the depreciation and remaining depreciable value for each of the first two  
years of the machine's life. See Table 9-3.  
Table 9-3 Straight Line Depreciation Example  
Key  
Display  
Description  
Opens the Depreciation menu starting with the straight  
line method.  
:\  
Inputs 5 for the useful life.  
<5I  
<
Displays the current value of Start. 1 (January) is the  
default value. For this example, this value remains  
unchanged, since the depreciation of the machine starts  
January 1st (1.00 ).  
Inputs 10,000.00 for the cost of the item.  
<1000  
0I  
Inputs 500.00 for the salvage value of the item.  
<500  
I
Year for which to calculate the depreciation. Year 1 is  
the default value. To calculate for a year other than 1,  
<
type a number and press  
I
.
Depreciation of the asset in year one.  
<
58  
Depreciation  
Table 9-3 Straight Line Depreciation Example  
Key  
Display  
Description  
Remaining book value after year one.  
<
Remaining depreciable value after year one.  
<
<
The next year for which to calculate the depreciation. To  
calculate for a year other than 2, type a number and  
press  
I
.
Depreciation of the asset in year two.  
Remaining book value after year two.  
Remaining depreciable value after year two.  
<
<
<
To reset the menu items to their default values, with any item of the Depreciation menu displayed press :x. With  
Depreciation displayed, press I to reset the menu, or O to cancel. Press O to exit the menu.  
59  
10 Statistical Operations  
Figure 1 The Menu Maps for the Data and Statistics Menus  
60  
Statistical Operations  
The Data and Stats Menus  
Statistics analysis functions are located in the Data and Statistics menus accessible with the :yand :z keys.  
See Figure 1 for assistance with navigating through the menus.  
Press :y to open the Data menu. In this menu, enter a list of x values for one-variable statistics, a list of pairs, (x, F)  
for weighted, one-variable statistics, a list of numbers x for one-variable statistics, or a list of pairs, (x, y) for two-variable  
statistics. To enter data, key in a number and press I.  
Press :z to analyze the data. If you attempt to open the Statistics (Stats) menu before entering data, you will be  
redirected to the Data menu. When opened, the Stats menu displays 2 Vars for two-variable statistics. Press I  
repeatedly to select the type of statistical operations desired, two-variable, (2 Vars ), one-variable, (1 Var ), or one-variable  
weighted (1 Weight ).  
After selecting the type of statistical operation you want, select a sub-menu by pressing < or >, and press I to  
open it. Once in a sub-menu, press < or > repeatedly to view the results. To return from the sub-menu to the Statistics  
menu, press :z.  
Note: in one-variable modes, there are no items for y and the Predictions sub-menu is not available.  
Pressing I with the Predictions sub-menu displayed opens a sub-menu, in which you can choose among six different  
types of regression lines. See Figure 1. To select a specific type of regression line in the Predictions sub-menu, press  
I to cycle through the options. Note: if you press =, the calculator automatically selects the curve that is the best  
fit for your data.  
Once you select a regression line, press < to see the regression line parameters and perform predictions.  
61  
Statistical Operations  
Table 10-1 The Statistics Menu Items  
Menu Item  
Description  
Nb Item  
Number of items.  
Average of X values.  
X Mean  
Average of Y values.  
Y Mean  
X Std. Dev  
Standard deviation for X: a measure of how dispersed the x data values are  
about the mean.  
Y Std. Dev  
Standard deviation for Y: a measure of how dispersed the y data values are  
about the mean.  
X Population Dev  
Population Standard deviation for X: a measure of how dispersed the X data  
values are about the mean, assuming the data constitutes a complete set of  
data.  
Y Population Dev  
S.E.SamP.X  
Population Standard deviation for Y: a measure of how dispersed the y data  
values are about the mean, assuming the data constitutes a complete set of  
data.  
Sample error for X: a measure of how dispersed the X data values are about  
the mean sample standard deviation, assuming the data is a sampling of a  
larger, more complete data set.  
S.E.SamP.Y  
Sample error for Y: a measure of how dispersed the Y data values are about  
the mean sample standard deviation, assuming the data is a sampling of a  
larger, more complete data set.  
Pred X  
Predicts X for a given hypothetical value of Y, based upon the model calculated  
to fit the data.  
Pred Y  
Predicts Y for a given hypothetical value of X, based upon the model calculated  
to fit the data.  
a
The a coefficient for the chosen regression model, which is the slope for a linear  
model.  
b
The b coefficient for the chosen regression model, which is the y-intercept for a  
linear model.  
Correlation  
The correlation coefficient for the given (x, y) data. The correlation coefficient is  
a number in the range -1 through 1 that measures how closely the calculated  
line fits the data.  
Covariance  
Sigma X  
A measure of how much two variables change in relation to one another.  
The sum of the x values.  
62  
Statistical Operations  
Table 10-1 The Statistics Menu Items  
Menu Item  
Description  
Sigma Y  
The sum of the y values.  
2
The sum of the squares of the x values.  
Sigma X  
2
The sum of the squares for the y values.  
Sigma Y  
Sigma XY  
The sum of the products of the x and y values.  
Statistics Example  
Sales for the last five months are represented by the pairs of values shown below, with the month number as x, and the  
sales values as y. Enter these into the Data menu. Using the Statistics menu for Predictions, predict sales for month  
seven. What is the linear regression line? What is the sum of all the y values? See Tables 10-2 and 10-3.  
Table 10-2 Months and Sales  
Month  
1
Sales Values  
150  
2
3
4
5
165  
160  
175  
170  
Table 10-3 Statistics Example  
Keys  
Display  
Description  
Opens Data menu.  
:y  
Inputs values for X(1) and Y(1).  
1I1  
50I  
Inputs values for X(2) and Y(2).  
Inputs values for X(3) and Y(3).  
Inputs values for X(4) and Y(4).  
2I1  
65I  
3I1  
60I  
4I1  
75I  
63  
Statistical Operations  
Table 10-3 Statistics Example  
Keys  
Display  
Description  
Inputs values for X(5) and Y(5).  
5I1  
70I  
Opens Stats menu.  
:z  
Opens Descriptive sub-menu.  
Displays average y.  
<I  
<<  
Opens Predictions sub-menu. Note: this example  
performs calculations based on a linear  
:z<<  
I
(a*X+b) regression line.  
Inputs 7 as the Prediction X value (month 7).  
<7I  
<=  
<
Calculates Prediction Y value (sales at month 7).  
Displays value for a: the slope of the regression  
line.  
Displays current value for b: the y-intercept of the  
regression line.  
<
Displays value for Correlation.  
<
Opens Sums sub-menu. Displays the sum of all y  
values (Sigma Y).  
:z<<  
<I<  
To reset the menu items to their default values, with any item of the Data or Statistics menus displayed press :x. At  
the prompt, Stats, press I. Confirm your choice by pressing I.  
64  
11 Errors  
Error Messages and Calculator Status  
Table 11-1 Error Messages  
Error Message  
ER: Underflow  
ER: x/0  
Status  
The calculation generated an underflow (result of 0).  
Division by zero.  
ER: 0/0  
Zero divided by zero.  
Infinite multiplied by zero.  
ER: *0  
Infinite divided by infinite.  
ER: /∞  
Square root of a negative number.  
ER: / (x<0)  
ER: LN (0)  
LN of 0.  
ER: LN (x<0)  
ER: ATrig(|x|>1)  
LN of a negative number.  
ASIN or ACOS of a number for which the absolute  
value is > 1.  
Attempted calculation of 1^+/-Infinite.  
ER: 1^∞  
Attempted calculation of the infinite power of a  
negative number.  
ER: (x<0)^∞  
Attempted calculation of +/-^0.  
ER: ^0  
Attempted calculation of +/-^ (non-integer y).  
ER: ^(Frac)  
ER: (x<0)^(Frac)  
ER: Out of Bounds  
ER: Invalid P/YR  
Attempted calculation of (-x) ^ (non-integer y).  
Input out of bounds.  
Returned by TVM functions if payments per year are  
invalid (<0 or non-integer).  
ER: Invalid Input  
ER: Invalid I%  
Returned if arguments are invalid for any reason.  
Returned by finance functions if I is 100%.  
Returned when there is no solution to the problem.  
ER: No Solution  
ER: Many or No Solutions  
Returned if there is no solution, or more than one  
solution to the problem.  
65  
Errors  
Table 11-1 Error Messages  
Error Message  
Status  
ER: Many Solutions  
Returned when there are many solutions to the  
problem.  
ER: Invalid N  
Returned by TVM/Amort if N is invalid.  
ER: User Abort  
Returned by long functions if user stops the calculation  
prior to completion.  
Returned if the result is infinite.  
ER: Result  
ER: Insufficient Data  
Returned by statistics functions if there is insufficient  
data for analysis.  
ER: No Payback  
Returned by payback function if there is no payback on  
this problem.  
ER: Unique solution to IRR Not Found  
ER: Stack  
Returned if IRR tries to calculate a solution but cannot  
find it. User should supply a new guess…  
Stack overflow when performing calculations with more  
than 12 pending operations.  
ER: Parenthesis:  
An error linked to use of parentheses: unmatched, too  
many, etc.  
ER: Insufficient Memory  
ER: No Solution Found  
Insufficient memory to complete the operation.  
No solution found.  
66  
12 Warranty, Regulatory, and Contact Information  
Replacing the Batteries  
Use only fresh batteries. Do not use rechargeable batteries. The calculator takes two, 3-volt CR2032 lithium batteries. To  
install a new battery:  
1. With the calculator turned off, slide the back cover off.  
2. Remove one of the old batteries and replace it with a new battery with the positive polarity symbol facing outward.  
3. Remove the second battery and replace it with a new battery with the positive polarity symbol facing outward.  
4. Replace the back cover.  
Warning! There is danger of explosion if the battery is incorrectly replaced. Replace only with the same or equivalent type  
recommended by the manufacturer. Dispose of used batteries according to the manufacturer's instructions. Do not mutilate,  
puncture, or dispose of batteries in fire. The batteries can burst or explode, releasing hazardous chemicals.  
HP Limited Hardware Warranty and Customer Care  
This HP Limited Warranty gives you, the end-user customer, express limited warranty rights from HP, the manufacturer. Please refer to  
HP’s Web site for an extensive description of your limited warranty entitlements. In addition, you may also have other legal rights under  
applicable local law or special written agreement with HP.  
Limited Hardware Warranty Period  
General Terms  
HP warrants to you, the end-user customer, that HP hardware, accessories and supplies will be free from defects in materials and  
workmanship after the date of purchase, for the period specified above. If HP receives notice of such defects during the warranty period, HP  
will, at its option, either repair or replace products which prove to be defective. Replacement products may be either new or like-new.  
HP warrants to you that HP software will not fail to execute its programming instructions after the date of purchase, for the period specified  
above, due to defects in material and workmanship when properly installed and used. If HP receives notice of such defects during the  
warranty period, HP will replace software media which does not execute its programming instructions due to such defects.  
HP does not warrant that the operation of HP products will be uninterrupted or error free. If HP is unable, within a reasonable time, to repair  
or replace any product to a condition as warranted, you will be entitled to a refund of the purchase price upon prompt return of the product  
with proof of purchase.  
HP products may contain remanufactured parts equivalent to new in performance or may have been subject to incidental use.  
Warranty does not apply to defects resulting from (a) improper or inadequate maintenance or calibration, (b) software, interfacing, parts or  
supplies not supplied by HP, (c) unauthorized modification or misuse, (d) operation outside of the published environmental specifications for  
the product, or (e) improper site preparation or maintenance.  
HP MAKES NO OTHER EXPRESS WARRANTY OR CONDITION WHETHER WRITTEN OR ORAL. TO THE EXTENT ALLOWED BY  
LOCAL LAW, ANY IMPLIED WARRANTY OR CONDITION OF MERCHANTABILITY, SATISFACTORY QUALITY, OR FITNESS FOR A  
PARTICULAR PURPOSE IS LIMITED TO THE DURATION OF THE EXPRESS WARRANTY SET FORTH ABOVE. Some countries, states  
or provinces do not allow limitations on the duration of an implied warranty, so the above limitation or exclusion might not apply to you. This  
warranty gives you specific legal rights and you might also have other rights that vary from country to country, state to state, or province to  
province.  
TO THE EXTENT ALLOWED BY LOCAL LAW, THE REMEDIES IN THIS WARRANTY STATEMENT ARE YOUR SOLE AND EXCLUSIVE  
REMEDIES. EXCEPT AS INDICATED ABOVE, IN NO EVENT WILL HP OR ITS SUPPLIERS BE LIABLE FOR LOSS OF DATA OR FOR  
DIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL (INCLUDING LOST PROFIT OR DATA), OR OTHER DAMAGE, WHETHER BASED  
IN CONTRACT, TORT, OR OTHERWISE. Some countries, States or provinces do not allow the exclusion or limitation of incidental or  
consequential damages, so the above limitation or exclusion may not apply to you.  
The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and  
services. HP shall not be liable for technical or editorial errors or omissions contained herein.  
FOR CONSUMER TRANSACTIONS IN AUSTRALIA AND NEW ZEALAND: THE WARRANTY TERMS CONTAINED IN THIS  
STATEMENT, EXCEPT TO THE EXTENT LAWFULLY PERMITTED, DO NOT EXCLUDE, RESTRICT OR MODIFY AND ARE IN  
ADDITION TO THE MANDATORY STATUTORY RIGHTS APPLICABLE TO THE SALE OF THIS PRODUCT TO YOU.  
67  
Warranty, Regulatory, and Contact Information  
Customer Care  
In addition to the one year hardware warranty your HP calculator also comes with one year of technical support. If you need  
assistance, HP customer care can be reached by either email or telephone. Before calling please locate the call center  
nearest you from the list below. Have your proof of purchase and calculator serial number ready when you call.  
Telephone numbers are subject to change, and local and national telephone rates may apply. For more support information,  
please visit the web at: www.hp.com/support.  
Contact Information  
Table 12-1 Contact Information  
Country/Region  
Africa (English)  
Afrique (français)  
Argentina  
Contact  
0-800-555-5000  
1300-551-664  
02 620 00 85  
Australia  
Belgique (français)  
Belgium (English)  
Bolivia  
02 620 00 86  
800-100-193  
Brasil  
0-800-709-7751  
800-HP-INVENT  
1-800-711-2884  
296 335 612  
Canada  
Caribbean  
Česká republikaik  
Chile  
800-360-999  
010-68002397  
China 中国  
Colombia  
Costa Rica  
Denmark  
Deutschland  
Ecuador  
01-8000-51-4746-8368  
0-800-011-0524  
82 33 28 44  
069 9530 7103  
800-711-2884  
800-6160  
El Salvador  
España  
913753382  
France  
01 4993 9006  
68  
Warranty, Regulatory, and Contact Information  
Table 12-1 Contact Information  
Country/Region  
Contact  
Greece Ελλάδα  
Guatemala  
Honduras  
210 969 6421  
1-800-999-5105  
800-711-2884  
852 2833-1111  
Hong Kong 香港特別行政區  
India  
Indonesia  
Ireland  
Italia  
+65 6100 6682  
01 605 0356  
02 754 19 782  
81-3-6666-9925  
Japan 日本  
Korea 한국  
Magyarország  
Malaysia  
+65 6100 6682  
01-800-474-68368  
020 654 5301  
México  
Middle East International  
Netherland  
New Zealand  
Nicaragua  
Norwegen  
Österreich  
Panamá  
0800-551-664  
1-800-711-2884  
23500027  
01 360 277 1203  
001-800-711-2884  
(009) 800-541-0006  
0-800-10111  
Paraguay  
Perú  
Philippines  
Polska  
+65 6100 6682  
021 318 0093  
Portugal  
69  
Warranty, Regulatory, and Contact Information  
Table 12-1 Contact Information  
Country/Region  
Contact  
1-877 232 0589  
495 228 3050  
01 439 5358  
6100 6682  
Puerto Rico  
Russia Россия  
Schweiz (Deutsch)  
Singapore  
South Africa  
0800980410  
South Korea 한국  
2-561-2700  
022 827 8780  
09 8171 0281  
08 5199 2065  
022 567 5308  
+852 28052563  
Suisse (français)  
Suomi  
Sverige  
Svizzera (italiano)  
Türkiye  
Taiwan 臺灣  
Thailand ไทย  
+65 6100 6682  
United Kingdom  
United States  
Uruguay  
0207 458 0161  
800-HP INVENT  
0004-054-177  
Venezuela  
0-800-474-68368  
+65 6100 6682  
Viêt Nam  
70  
Warranty, Regulatory, and Contact Information  
Product Regulatory & Environment Information  
Federal Communications Commission Notice  
This equipment has been tested and found to comply with the limits for a Class B digital device, pursuant to Part 15 of the FCC Rules. These  
limits are designed to provide reasonable protection against harmful interference in a residential installation. This equipment generates, uses,  
and can radiate radio frequency energy and, if not installed and used in accordance with the instructions, may cause harmful interference to  
radio communications. However, there is no guarantee that interference will not occur in a particular installation. If this equipment does cause  
harmful interference to radio or television reception, which can be determined by turning the equipment off and on, the user is encouraged to  
try to correct the interference by one or more of the following measures:  
.
Reorient or relocate the receiving antenna.  
.
Increase the separation between the equipment and the receiver.  
.
.
Connect the equipment into an outlet on a circuit different from that to which the receiver is connected.  
Consult the dealer or an experienced radio or television technician for help.  
Modifications  
The FCC requires the user to be notified that any changes or modifications made to this device that are not expressly approved by Hewlett-  
Packard Company may void the user’s authority to operate the equipment.  
Declaration of Conformity for products Marked with FCC Logo, United States Only  
This device complies with Part 15 of the FCC Rules. Operation is subject to the following two conditions: (1) this device may not cause harmful  
interference, and (2) this device must accept any interference received, including interference that may cause undesired operation.  
If you have questions about the product that are not related to this declaration, write to  
Hewlett-Packard Company  
P.O. Box 692000, Mail Stop 530113  
Houston, TX 77269-2000  
For questions regarding this FCC declaration, write to  
Hewlett-Packard Company  
P.O. Box 692000, Mail Stop 510101  
Houston, TX 77269-2000  
or call HP at 281-514-3333  
To identify your product, refer to the part, series, or model number located on the product.  
Canadian Notice  
This Class B digital apparatus meets all requirements of the Canadian Interference-Causing Equipment Regulations.  
Avis Canadien  
Cet appareil numérique de la classe B respecte toutes les exigences du Règlement sur le matériel brouilleur du Canada.  
European Union Regulatory Notice  
This product complies with the following EU Directives:  
.
.
Low Voltage Directive 2006/95/EC  
EMC Directive 2004/108/EC  
Compliance with these directives implies conformity to applicable harmonized European standards (European Norms) which are listed on the  
EU Declaration of Conformity issued by Hewlett-Packard for this product or product family.  
71  
Warranty, Regulatory, and Contact Information  
This compliance is indicated by the following conformity marking placed on the product:  
xxxx*  
This marking is valid for EU non-harmonized  
Telecom products .  
*Notified body number (used only if applicable -  
refer to the product label)  
This marking is valid for non-Telecom  
products and EU harmonized Telecom  
products (e.g. Bluetooth).  
Hewlett-Packard GmbH, HQ-TRE, Herrenberger Srasse 140, 71034 Boeblingen, Germany  
Japanese Notice  
Perchlorate Material - special handling may apply  
This calculator's Memory Backup battery may contain perchlorate and may require special handling when recycled or disposed in California.  
Disposal of Waste Equipment by Users in Private Household in the European Union  
This symbol on the product or on its packaging indicates that this product just not be disposed of with your other  
household waste. Instead, it is your responsibility to dispose of your waste equipment by handing it over to a  
designated collection point for the recycling of waste electrical and electronic equipment. The separate collection  
and recycling of your waste equipment at the time of disposal will help to conserve natural resources and ensure  
that it is recycled in a manner that protects human health and the environment. For more information about where  
you can drop off your waste equipment for recycling, please contact your local city office, your household waste  
disposal service or the shop where you purchased the product.  
Chemical Substances  
HP is committed to providing our customers with information about the chemical substances in our products as needed to comply with legal  
requirements such as REACH (Regulation EC No 1907/2006 of the European Parliament and the Council). A chemical information report for  
this product can be found at: http://www.hp.com/go/reach  
72  
Warranty, Regulatory, and Contact Information  
产品中有毒有害物质或元素的名称及含量  
根据中国《电子信息产品污染控制管理办法》  
有毒有害物质或元素  
部件名称  
(Pb)  
(Hg)  
(Cd)  
六价铬 (Cr(VI))  
溴联  
多溴二苯醚  
(PBB)  
(PBDE)  
PCA  
X
O
O
O
O
O
O
O
O
O
O
O
外觀殼子/字鍵  
O:表示该有毒有害物质在该部件所有均质材料中的含量均在SJ/T11363-2006 标准规定的限量要求以下。  
X:表示该有毒有害物质至少在该部件的某一均质材料中的含量超出SJ/T11363-2006 标准规定的限量要求。  
表中标有“X” 的所有部件都符合欧盟RoHS法规  
欧洲议会和欧盟理事会2003127日关于电子电器设备中限制使用某些有害物质的2002/95/EC号指令”  
注:环保使用期限的参考标识取决于产品正常工作的温度和湿度等条件  
73  
Index  
contents, 3  
functions: two-number, 26  
future value: FV key, 32  
!
contrast, 7  
!: key, 23  
correlation, 61, 62  
cosine: COS key, 23  
I
%
IConv key. See interest conversion  
INPUT: key, 12  
% change, 53  
% yield, 47  
cost: depreciation, 58; fixed. See break-  
even; variable per unit. See break-  
even  
insert: INS key, 44  
=
interest: accrued. See bonds; towards  
coupon rate, 46  
covariance, 61, 62  
CshFl key. See cash flow  
cursor, 7  
=: key, 12  
loan payment. See amortization  
interest conversion: example, 35  
A
interest rate: effective, 35; nominal, 35;  
nominal, I/YR key, 32  
a: slope, 62  
absolute value. See Math menu  
Algebraic mode, 17  
D
inverse tail normal distribution, 25  
IRR: key, 42  
Data key. See Statistics  
amortization: Amort key, 33; example,  
34; menu items, 33  
data menu, 61  
K
date: actual, 47; maturity, 46;  
settlement, 46  
annual: bond, 47  
key: highlighting, 11; presses, 11;  
primary function, 11; secondary  
function, 11  
annunciators, 11  
Date 1. See Date calculation  
ANS. See last number  
Date 2. See Date calculation  
keyboard map, 6  
B
date calculation: Date key, 49; example,  
49  
L
b: y-intercept, 62  
backspace key, 16  
balance: amortization, 33  
begin mode: Beg key, 32  
language: selection, 7  
last number, 19; ANS key, 19  
life. See depreciation  
line: regression, 61  
date format, 9  
days between. See Date calculation  
decimal point, 9  
bond: annual, semiannual, 10; example,  
decimal separator: point or comma, 9  
default calculator screen, 8  
degrees, 9  
log: LN key. See Math menu  
logarithmic functions, 23  
lower tail normal distribution, 25  
47; key, 46; menu items, 46  
bonds, 46  
bottom line: display, 8  
break-even: BrkEv key, 51; example, 51  
delete: DEL key, 44  
M
delete key, 44  
business problems, 53; percent  
calculation examples, 54  
markup: as cost, 53; as price, 53  
math: Math key, 23  
math functions, 16  
deleting. See Reset menu  
depreciation, 56; Depr key, 56; example,  
58; methods, 56  
C
calculation mode: Chain, Algebraic, and  
descriptive: sub menu. See Statistics  
Math menu: Absolute value, 24;  
Hyperbolic, 24; Log, 24; Probability,  
24; Trigonometry, 24  
RPN, 10  
menu  
calendar: Actual, Cal.360, 10  
call value, 47  
discounted payback, 43  
display, 7; two lines, 8  
down arrow key. See scroll  
mean, 61  
memory, 13; key, 13  
Canada TVM example, 38  
Canadian TVM, 36  
menu: Amortization, 33; Bond, 46;  
Break-even, 51; Cash Flow, 39; Date  
Calculation, 49; Depreciation, 56;  
Interest Conversion, 35; IRR, 42;  
Math, 22; Memory, 13; Mode, 8; NPV,  
42; Payment per year, 36; Percent  
Calculation, 53; Reset, 13; Statistics,  
E
cash flow: example, 40; keys, 40;  
sample diagrams, 45  
EEX key. See scientific notation  
end mode: End key, 32  
error messages, 65  
cash flows, 39; analyzing, 42; editing,  
44; number per year, 43  
Chain mode, 17  
F
Chi, 25  
60; TVM, 30; TVM Canada, 36  
factor: declining balance. See  
depreciation  
clearing. See: Reset menu  
compounding periods: N key, 32  
menu item value: recalling, 28  
factorial: ! key, 23  
menus: items, types of, 15; maps, 14;  
special, 13; sub-menus, opening, 14  
F-distribution, 25  
compounding periods per year: P/YR  
key, 32  
Fix: display precision. See Mode menu  
function: one-number, 22  
mode menu: key, 7  
Compounding, per year, 35  
74  
Index  
price: break-even, 51; face value. See  
statistics: menu items, 62; one-variable,  
61; one-variable weighted, 61; Stats  
key, 61; two-variable, 61  
N
bonds; percent calculation, 54  
N key, 32  
principal, 33  
natural exponent: e to the power of x  
key, 23  
statistics example, 63  
stats menu, 61  
probability, 25  
product: x and y values, 63  
profit, 51  
nCr, 27  
storing numbers: STO key, 27  
student, 25  
negative numbers, 16  
net future value, 43  
net present value, 43  
net uniform series, 43  
nPr, 27  
Q
sums: sub-menu. See Statistics  
swap. See RPN  
quantity: break-even, 52  
R
symbol: battery, 7  
radians, 9  
T
NPV: key, 42  
random function: RAND key, 23  
recall arithmetic, 28  
NPV, IRR: menu items, 43  
number entry, 16  
tangent: TAN key, 23  
thousands separator, 9  
time value of money: keys, 32  
top line: display, 8  
total: cash flows, 43  
recalling numbers: RCL key, 27  
reciprocal: 1/x key, 23  
regression line, 61  
number period: compounding, 55  
number periods: amortization, 33  
numbers: rounding, 28; storing and  
recalling, 27  
remaining book value, 58  
remaining depreciable value, 58  
Reset: key, 13  
TVM: example, 32; storing and recalling  
numbers, 28  
O
U
off: calculator off, 7  
Off: key, 7  
roll down. See RPN  
up arrow key. See scroll  
rounding numbers: RND key, 23  
RPN: Reverse Polish Notation, 18  
RPN stack, 18  
on: calculator on, 7  
On: key, 7  
X
x: Sigma, 62; square of Sigma x, 63;  
times payment per year, xP/YR key,  
32  
P
S
P/YR: key, 32  
S.E. SamP.X and Y, 61  
salvage: depreciation, 58  
scientific notation: EEX key, 16  
scroll: up and down arrow keys, 8  
semiannual: bond, 47  
Sigma X,Y, 61  
x mean, 62  
parentheses: use in Chain mode, 17  
x mean sample, 62  
x population Std. Dev., 62  
x prediction, 62  
parentheses (swap and roll down): keys  
in RPN, 21  
payback, 43  
x standard deviation, 62  
percent calculation: % calc key, 53  
percentage: % key, 28  
percentage of total, 53  
percentages: simple, 28  
periodic payment: PMT key, 32  
PI. See Math Menu  
Y
sign: positive, negative key, 16  
sine: SIN key, 23  
y: Sigma, 63; square of Sigma y, 63  
y mean, 62  
slope, 61  
y mean sample, 62  
y population Std. Dev., 62  
y prediction, 62  
square of x: key, 23  
square root key, 23  
population, 61  
standard deviation, 61  
start: amortization period, 33  
start date: depreciation, 58  
power functions, 23  
y standard deviation, 62  
y to the x power, 23  
y-intercept, 61  
Predictions: sub-menu. See Statistics  
present value: PV key, 32  
75  

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