Here’s information about the TI-83/84 Finance Solver, formatted in HTML:
The TI-83 and TI-84 series calculators are popular tools for students and professionals in various fields, including finance. One of their most useful features is the Finance Solver, which simplifies calculations related to time value of money (TVM).
Accessing the Finance Solver
To access the Finance Solver, press the APPS button, then select Finance... (usually the first option). Within the Finance menu, choose TVM Solver....
TVM Solver Variables
The Finance Solver presents a screen with several variables that you need to understand:
- N: Represents the total number of compounding periods. It’s typically calculated as the number of years multiplied by the number of compounding periods per year.
- I%: The annual interest rate. Enter this as a percentage (e.g., 5 for 5%).
- PV: The present value or initial investment. This is often a negative number if it represents money you are paying out.
- PMT: The payment amount per period. Use a negative sign if you are paying money out (e.g., making loan payments) and a positive sign if you are receiving money (e.g., an annuity).
- FV: The future value or the value of the investment/loan at the end of the period.
- P/Y: The number of payments per year.
- C/Y: The number of compounding periods per year. Usually, P/Y and C/Y are the same, but they can differ (e.g., a loan with monthly payments but annual compounding).
- PMT: END BEGIN Indicates whether payments are made at the end or beginning of the period. End mode is the default. Begin mode is used for annuities due.
Using the Solver
To use the solver, enter values for all but one variable. The variable you want to solve for should have a cursor blinking on top of it. Then, press ALPHA and then ENTER (which is the SOLVE function above the ENTER key). The calculator will then calculate and display the value of the unknown variable.
Examples
- Loan Payment Calculation: Suppose you want to borrow $10,000 at 6% annual interest for 5 years, with monthly payments. Enter N = 60 (5 years * 12 months/year), I% = 6, PV = 10000, FV = 0, P/Y = 12, C/Y = 12. Move the cursor to PMT and press ALPHA ENTER. The calculator will display the monthly payment.
- Future Value of an Investment: You invest $1,000 per year for 20 years at 8% annual interest, compounded annually. Enter N = 20, I% = 8, PV = 0, PMT = -1000, P/Y = 1, C/Y = 1. Move the cursor to FV and press ALPHA ENTER. The calculator will show the future value of the investment.
Important Considerations
Pay close attention to the signs of PV and PMT. It’s crucial to maintain consistent sign conventions. Typically, cash inflows are positive, and cash outflows are negative. Ensure P/Y and C/Y are set correctly, especially when dealing with non-annual compounding periods. The Finance Solver can greatly simplify time value of money calculations, but understanding the underlying concepts and proper input of values are essential for accurate results.
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