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HP 12c Owners Manual

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    File name: hp 12c_users guide_English_HDPMBF12E44  Page: 1 of 209   
    Printed Date: 2005/7/29    Dimension: 14.8 cm x 21 cm 
     
    hp
     12c financial calculator 
    users guide 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    H 
    Edition 4 
    HP Part Number    0012C-90001 
    						
    							 
    2 
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    Printered Date: 2005/7/29    Dimension: 14.8 cm x 21 cm 
     
    Notice 
    REGISTER YOUR PRODUCT AT: www.register.hp.com 
     
    THIS MANUAL AND ANY EXAMPLES CONTAINED HEREIN ARE 
    PROVIDED “AS IS” AND ARE SUBJECT TO CHANGE WITHOUT NOTICE. 
    HEWLETT-PACKARD COMPANY MAKES NO WARRANTY OF ANY 
    KIND WITH REGARD TO THIS MANUAL, INCLUDING, BUT NOT 
    LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, 
    NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE. 
    HEWLETT-PACKARD CO. SHALL NOT BE LIABLE FOR ANY ERRORS OR 
    FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES IN CONNECTION 
    WITH THE FURNISHING, PERFORMANCE, OR USE OF THIS MANUAL 
    OR THE EXAMPLES CONTAINED HEREIN. 
     
    ©
     Copyright 1981, 2004 Hewlett-Packard Development Company, L.P.  
    Reproduction, adaptation, or translation of this manual is prohibited without prior 
    written permission of Hewlett-Packard Company, except as allowed under the 
    copyright laws. 
     
     
     
    Hewlett-Packard Company 
    4995 Murphy Canyon Rd, 
    Suite 301 
    San Diego, CA 92123 
     
    Printing History 
    Edition 4  August 2004 
      
    						
    							  
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    Introduction 
    About This Handbook 
    This hp 12c users guide is intended to help you get the most out of your 
    investment in your hp 12c Programmable Financial Calculator. Although the 
    excitement of acquiring this powerful financial tool may prompt you to set this 
    handbook aside and immediately begin “pressing buttons,” in the long run you’ll 
    profit by reading through this handbook and working through the examples it 
    contains. 
    Following this introduction is a brief section called Making Financial Calculations 
    Easy—which shows you that your hp 12c does just that! The remainder of this 
    handbook is organized basically into three parts: 
    z Part I (sections 1 through 7) describes how to use the various financial, 
    mathematics, statistics, and other functions (except for programming) 
    provided in the calculator: 
    z Section 1 is about Getting Started. It tells you how to use the keyboard, 
    how to do simple arithmetic calculations and chain calculations, and 
    how to use the storage registers (“memories”). 
    z Section 2 tells you how to use the percentage and calendar functions. 
    z Section 3 tells you how to use the simple interest, compound interest, and 
    amortization functions. 
    z Section 4 tells you how to do discounted cash flow analysis, bond, and 
    depreciation calculations. 
    z Section 5 tells you about miscellaneous operating features such as 
    Continuous Memory, the display, and special function keys. 
    z Sections 6 and 7 tell you how to use the statistics, mathematics, and 
    number-alteration functions. 
    z Part II (sections 8 through 11) describe how to use the powerful 
    programming capabilities of the hp 12c. 
    z Part III (sections 12 through 16) give you step-by-step solutions to specialized 
    problems in real estate, lending, savings, investment analysis, and bonds. 
    Some of these solutions can be done manually, while others involve running 
    a program. Since the programmed solutions are both self-contained and 
    step-by-step, you can easily employ them even if you don’t care to learn how 
    to create your own programs. But if you do start to create your own 
    programs, look over the programs used in the solutions: they contain 
    examples of good programming techniques and practices.    
    						
    							4 Introduction 
     
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    z The various appendices describe additional details of calculator operation as 
    well as warranty and service information. 
    z The Function Key Index and Programming Key Index at the back of the 
    handbook can be used as a handy page reference to the comprehensive 
    information inside the manual 
    Financial Calculations in the United Kingdom 
    The calculations for most financial problems in the United Kingdom are identical to 
    the calculations for those problems in the United States — which are described in 
    this handbook. Certain problems, however, require different calculation methods in 
    the United Kingdom than in the United States. Refer to Appendix F for more 
    information. 
    For More Solutions to Financial Problems 
    In addition to the specialized solutions found in Sections 12 through 16 of this 
    handbook, many more are available in the optional hp 12c Solutions Handbook. 
    Included are solutions to problems in lending, forecasting, pricing, statistics, 
    savings, investment analysis, personal finance, securities, Canadian mortgages, 
    learning curves in manufacturing, and queuing theory. A Solutions Handbook is 
    available online (www.hp.com/calculators
    ). 
    						
    							  
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    Contents 
    Introduction.................................................................... 3 
    About This Handbook .....................................................................3 
    Financial Calculations in the United Kingdom.....................................4 
    For More Solutions to Financial Problems ...........................................4 
    Part I. Problem Solving ......................................... 15 
    Section 1: Getting Started............................................. 16 
    Power On and Off........................................................................16 
    Low-Power Indication ..............................................................16 
    The Keyboard ..............................................................................16 
    Keying in Numbers ................................................................17 
    Digit Separators ....................................................................17 
    Negative Numbers ................................................................17 
    Keying in Large Numbers .......................................................18 
    The CLEAR Keys ....................................................................18 
    Simple Arithmetic Calculations .......................................................19 
    Chain Calculations .......................................................................20 
    Storage Registers.......................................................................... 23 
    Storing and Recalling Numbers ............................................... 23 
    Clearing Storage Registers ...................................................... 24 
    Storage Register Arithmetic ..................................................... 24 
    Section 2: Percentage and Calendar Functions ................ 26 
    Percentage Functions..................................................................... 26 
    Percentages .......................................................................... 26 
    Net Amount .......................................................................... 27 
    Percent Difference .................................................................. 27 
    Percent of Total ......................................................................28 
    Calendar Functions.......................................................................29 
    Date Format ..........................................................................29 
    Future or Past Dates................................................................30 
    Number of Days Between Dates ..............................................31 
    Section 3: Basic Financial Functions ............................... 32 
    The Financial Registers .................................................................. 32 
    Storing Numbers Into the Financial Registers ............................. 32 
    Displaying Numbers in the Financial Registers ........................... 32  
    						
    							6 Contents 
     
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    Clearing the Financial Registers .............................................. 33 
    Simple Interest Calculations........................................................... 33 
    Financial Calculations and the Cash Flow Diagram .......................... 34 
    The Cash Flow Sign Convention .............................................. 36 
    The Payment Mode ............................................................... 37 
    Generalized Cash Flow Diagrams ........................................... 37 
    Compound Interest Calculations..................................................... 39 
    Specifying the Number of Compounding Periods and the Periodic 
    Interest Rate ......................................................................... 39
     
    Calculating the Number of Payments or Compounding Periods ... 39 
    Calculating the Periodic and Annual Interest Rates..................... 43 
    Calculating the Present Value ................................................. 44 
    Calculating the Payment Amount ............................................. 46 
    Calculating the Future Value ................................................... 48 
    Odd-Period Calculations ........................................................ 50 
    Amortization ............................................................................... 54 
    Section 4: Additional Financial Functions ....................... 57 
    Discounted Cash Flow Analysis: NPV and IRR ................................. 57 
    Calculating Net Present Value (NPV) ....................................... 58 
    Calculating Internal Rate of Return (IRR) ................................... 63 
    Reviewing Cash Flow Entries................................................... 64 
    Changing Cash Flow Entries................................................... 65 
    Bond Calculations ....................................................................... 66 
    Bond Price ............................................................................67 
    Bond Yield ............................................................................67 
    Depreciation Calculations ............................................................. 68 
    Section 5: Additional Operating Features ....................... 70 
    Continuous Memory..................................................................... 70 
    The Display................................................................................. 71 
    Status Indicators ................................................................... 71 
    Number Display Formats ....................................................... 71 
    Scientific Notation Display Format ........................................... 72 
    Special Displays ................................................................... 73 
    The  key ..............................................................................74 
    The  Key..............................................................................74 
    Arithmetic Calculations With Constants .................................... 75 
    Recovering From Errors in Digit Entry ....................................... 75  
    						
    							 Contents 7 
     
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    Section 6: Statistics Functions ........................................ 76 
    Accumulating Statistics .................................................................. 76 
    Correcting Accumulated Statistics ...................................................77 
    Mean .........................................................................................77 
    Standard Deviation ....................................................................... 79 
    Linear Estimation ..........................................................................80 
    Weighted Mean...........................................................................81 
    Section 7: Mathematics and Number-Alteration Functions 83 
    One-Number Functions .................................................................83 
    The Power Function .......................................................................85 
    Part II. Programming ............................................. 87 
    Section 8: Programming Basics ..................................... 88 
    Why Use Programs?
    .....................................................................88 
    Creating a Program ......................................................................88 
    Running a Program .......................................................................89 
    Program Memory .........................................................................90 
    Identifying Instructions in Program Lines ....................................91 
    Displaying Program Lines ........................................................92 
    The 00 Instruction and Program Line 00 ............................ 93 
    Expanding Program Memory .................................................. 94 
    Setting the Calculator to a Particular Program Line .....................95 
    Executing a Program One Line at a Time ......................................... 96 
    Interrupting Program Execution ....................................................... 97 
    Pausing During Program Execution ........................................... 97 
    Stopping Program Execution .................................................101 
    Section 9: Branching and Looping ............................... 103 
    Simple Branching .......................................................................103 
    Looping ....................................................................................104 
    Conditional Branching ................................................................ 107 
    Section 10: Program Editing ......................................... 113 
    Changing the Instruction in a Program Line ....................................113 
    Adding Instructions at the End of a Program ..................................114 
    Adding Instructions Within a Program ...........................................115 
    Adding Instructions by Replacement .......................................115 
    Adding Instructions by Branching...........................................116  
    						
    							8 Contents 
     
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    Section 11: Multiple Programs ...................................... 120 
    Storing Another Program ............................................................ 120 
    Running Another Program ........................................................... 122 
    Part III. Solutions .................................................. 123 
    Section 12: Real Estate and Lending .............................. 124 
    Annual Percentage Rate Calculations With Fees............................. 124 
    Price of a Mortgage Traded at a Discount or Premium .................... 126 
    Yield of a Mortgage Traded at a Discount or Premium ................... 128 
    The Rent or Buy Decision ............................................................ 130 
    Deferred Annuities ..................................................................... 134 
    Section 13: Investment Analysis .................................... 136 
    Partial-Year Depreciation............................................................. 136 
    Straight-Line Depreciation..................................................... 136 
    Declining-Balance Depreciation ............................................ 139 
    Sum-of-the-Years-Digits Depreciation ...................................... 141 
    Full- and Partial-Year Depreciation with Crossover .......................... 144 
    Excess Depreciation ................................................................... 148 
    Modified Internal Rate of Return................................................... 148 
    Section 14: Leasing ...................................................... 151 
    Advance Payments ..................................................................... 151 
    Solving For Payment ............................................................ 151 
    Solving for Yield ................................................................. 154 
    Advance Payments With Residual ................................................ 156 
    Solving for Payment ............................................................. 156 
    Solving For Yield ................................................................. 158 
    Section 15: Savings...................................................... 160 
    Nominal Rate Converted to Effective Rate ..................................... 160 
    Effective Rate Converted to Nominal Rate ..................................... 161 
    Nominal Rate Converted to Continuous Effective Rate ..................... 162 
    Section 16: Bonds ........................................................ 163 
    30/360 Day Basis Bonds ........................................................... 163 
    Annual Coupon Bonds ............................................................... 166  
    						
    							 Contents 9 
     
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    Appendixes ................................................................ 169 
    Appendix A: The Automatic Memory Stack ................... 170 
    Getting Numbers Into the Stack: The  Key..............................171 
    Termination of Digit Entry ..................................................... 172 
    Stack Lift ............................................................................. 172 
    Rearranging Numbers in the Stack ............................................... 172 
    The  key ..................................................................... 172 
    The  Key ....................................................................... 172 
    One-Number Functions and the Stack ........................................... 173 
    Two-Number Functions and the Stack ............................................ 173 
    Mathematics Functions ......................................................... 173 
    Percentage Functions ............................................................ 174 
    Calendar and Financial Functions................................................. 175 
    The LAST X Register and the  Key ......................................... 176 
    Chain Calculations ..................................................................... 176 
    Arithmetic Calculations with Constants ..........................................177 
    Appendix B: More About L...................................... 179 
    Appendix C: Error Conditions ...................................... 181 
    Error 0: Mathematics ..................................................................181 
    Error 1: Storage Register Overflow ...............................................182 
    Error 2: Statistics ........................................................................182 
    Error 3: IRR................................................................................182 
    Error 4: Memory ........................................................................182 
    Error 5: Compound Interest..........................................................183 
    Error 6: Storage Registers ............................................................183 
    Error 7: IRR ................................................................................184 
    Error 8: Calendar .......................................................................184 
    Error 9: Service ..........................................................................184 
    Pr Error .....................................................................................184 
    Appendix D: Formulas Used ........................................ 185 
    Percentage ................................................................................185 
    Interest ......................................................................................185 
    Simple Interest .....................................................................185 
    Compound Interest...............................................................186 
    Amortization ..............................................................................186 
    Discounted Cash Flow Analysis .................................................... 187 
    Net Present Value ................................................................ 187 
    Internal Rate of Return .......................................................... 187 
    Calendar .................................................................................. 187 
    Actual Day Basis ................................................................. 187  
    						
    							10 Contents 
     
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    30/360 Day Basis.............................................................. 187 
    Bonds ...................................................................................... 188 
    Depreciation ............................................................................. 189 
    Straight-Line Depreciation..................................................... 189 
    Sum-of-the-Years-Digits Depreciation ...................................... 189 
    Declining-Balance Depreciation ............................................ 190 
    Modified Internal Rate of Return................................................... 190 
    Advance Payments ..................................................................... 190 
    Interest Rate Conversions ............................................................ 191 
    Finite Compounding ............................................................ 191 
    Continuous Compounding.................................................... 191 
    Statistics ................................................................................... 191 
    Mean ................................................................................ 191 
    Weighted Mean ................................................................. 191 
    Linear Estimation ................................................................. 191 
    Standard Deviation ............................................................. 192 
    Factorial ............................................................................ 192 
    The Rent or Buy Decision ............................................................ 192 
    Appendix E: Battery, Warranty, and Service Information 193 
    Battery ..................................................................................... 193 
    Low-Power Indication .................................................................. 193 
    Installing a New Battery ...................................................... 193 
    Verifying Proper Operation (Self-Tests) .......................................... 194 
    Warranty.................................................................................. 196 
    Service ..................................................................................... 197 
    Regulatory Information ............................................................... 199 
    Temperature Specifications.......................................................... 199 
    Noise Declaration ..................................................................... 199 
    Disposal of Waste Equipment by Users in Private Household in the 
    European Union ........................................................................ 200
     
    Appendix F: United Kingdom Calculations .................... 201 
    Mortgages................................................................................ 201 
    Annual Percentage Rate (APR) Calculations ................................... 202 
    Bond Calculations ..................................................................... 202 
    Function Key Index ...................................................... 203 
    Programming Key Index .............................................. 206 
    Subject Index.............................................................. 208 
      
    						
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