HP 17bII+ User Manual
Page 86
86
6: Interest Rate Conversions
File name : English-M02-1-040308(Print).doc Print data : 2004/3/9
To convert between a nominal annual interest rate and an effective
annual interest rate that is compounded
continuously
:
1. Press
to get the interest conversions menu.
2. Press
for “continuous”.
3. To convert to the effective rate, key in the nominal rate and press
, then press
.
4. To convert to the nominal rate, key in the effective rate and press
, then press
.
Values of EFF% and NOM% are shared between the PER and CONT
menus. For example, an effective interest rate in CONT remains stored
in EFF% when you exit the CONT menu and enter the PER menu.
Pressing
@c
in either menu clears NOM% and EFF% in both.
NOM%
NOM%
PER
ICNV
EFF%
EFF%
CONT
P
Shared variables
between PER and CONT
Example: Converting from a Nominal to an Effective Interest Rate.
You are considering opening a savings account in one of three banks.
Which bank has the most favorable interest rate?
Bank #1 6.7% annual interest, compounded quarterly.
Bank #2 6.65% annual interest, compounded monthly.
Bank #3 6.65% annual interest, compounded continuously.
Keys: Display:
Description:
Displays ICNV menu.
Displays PER menu.