Sharp EL-738 operation manual 3600, 20000, Fv=, Calculating future value

3 Calculating future value

You will pay $200 at the end of each month for the next three years into a savings plan that earns 6.5% compounded quar- terly. What amount will you have at the end of period if you continue with the plan?

					FV = ?
PV = 0		I/Y = 6.5% (quarterly)
				. . . . . .
PMT = –$200					PMT = –$200
	N = 12 ⋅ 3 years = 36
Procedure			Key operation			Display
Set all the variables to			.b			000
default values.

Make sure ordinary annuity is set (BGN is not displayed).

Set the number of pay-	.w12 Q	P/Y=
ments per year to 12.		1200
Set the number of com-	i4 Q	C/Y=
pounding periods per
		400
year to 4.
Quit the P/Y and C/Y	s	000
settings.
Calculate the total num-	3 .<N	ANS~N
ber of payments and		3600
store in N.
Enter the present value.	0 v	—~PV
		000
Enter payment.	,200 u	(-2——)~PMT
		-20000
Enter the annual inter-	6.5 f	6.5~I/Y 650
est rate.
Calculate the future	@T	FV= 792219
value.

Answer: You will have $7,922.19 at the end of the three-year period.

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