# HP 12C Financial Calculator

# Manual

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**About HP 12C Financial Calculator**

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# Video review

## HP 12c Platinum

### User reviews and opinions

jedson |
2:23am on Friday, October 22nd, 2010 |

Buy the HP12C if you are an MBA student or in the finance industry. It will really help if you can figure out how to use it. Buy the HP12C if you are an MBA student or in the finance industry. It will really help if you can figure out how to use it. | |

akotter |
4:39pm on Monday, October 18th, 2010 |

Noone will steal it! Like lots of other comments here, I love the RPN logic. 1 battery lasted 7 years, and after 10 it is still going strong! | |

ph1959de |
8:35pm on Wednesday, October 13th, 2010 |

I use the HP 12C that I bought in 1982 every business day. It is simply the best financial calculator ever created - a must have for an accountant. I love my HP 12c Platinum. Once you get used to the RPN then you wonder why you ever bothered to learn another way. This is the single best product that I use as a CPA. | |

ezequielv |
6:09am on Saturday, September 11th, 2010 |

I love my HP-12c. I think it is the best financial calculator around. Once you master RPN (reverse Polish notation) you will never go back. The model is probably the most popular model and is one of the two allowed calcualter in the CFA (Chartered Financial Analyst) exam. The HP 12C has been the de facto standard for decades when it comes to financial calculators. It features Reverse Polish Notation (RPN). | |

Colonel |
11:03pm on Friday, August 27th, 2010 |

Buy the HP12C if you are an MBA student or in the finance industry. It will really help if you can figure out how to use it. Buy the HP12C if you are an MBA student or in the finance industry. It will really help if you can figure out how to use it. | |

kaox |
8:17pm on Tuesday, June 1st, 2010 |

The HP 12C has to set some sort of record for profitability. R&D amortized 30 years ago, cost of manufacture probably around a buck. Replacement for my 12C which was 23 yrs old! - the LED display slowly eroded in the last few years. A superb instrument. | |

jake49387 |
3:02pm on Saturday, May 29th, 2010 |

Started using HP Calculators a number of years ago in engineering school. Very reliable and easy to use. This is a replacement for stolen calculator. Is fantastic to financial class..and investment Compact Size Short Battery Life | |

alec |
10:27am on Saturday, May 22nd, 2010 |

HP12C This is an excellent product together with the instruction manual. However. Classic but odd to use Good financial calculator and an acknowledged classic, but weirdly un-intuitive to use. |

Comments posted on www.ps2netdrivers.net are solely the views and opinions of the people posting them and do not necessarily reflect the views or opinions of us.

### Documents

hp 12c financial calculator

#### user's guide

Edition 4 HP Part Number 0012C-90001

File name: hp 12c_user's guide_English_HDPMBF12E44 Printed Date: 2005/7/29 Page: 1 of 209 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

File name: hp 12c_user's guide_English_HDPMBF12E44 Printered Date: 2005/7/29

Page: 2 of 209 Dimension: 14.8 cm x 21 cm

#### Introduction

About This Handbook

This hp 12c user's 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 youll profit by reading through this handbook and working through the examples it contains. Following this introduction is a brief section called Making Financial Calculations Easywhich shows you that your hp 12c does just that! The remainder of this handbook is organized basically into three parts: 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: 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). Section 2 tells you how to use the percentage and calendar functions. Section 3 tells you how to use the simple interest, compound interest, and amortization functions. Section 4 tells you how to do discounted cash flow analysis, bond, and depreciation calculations. Section 5 tells you about miscellaneous operating features such as Continuous Memory, the display, and special function keys. Sections 6 and 7 tell you how to use the statistics, mathematics, and number-alteration functions. Part II (sections 8 through 11) describe how to use the powerful programming capabilities of the hp 12c. 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 dont 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.

File name: hp 12c_user's guide_English_HDPMBF12E44 Printed Date: 2005/7/29

Page: 3 of 209 Dimension: 14.8 cm x 21 cm

The various appendices describe additional details of calculator operation as well as warranty and service information. 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.

#### 3,250.00 2,500.00

Stores the cost of the computer in R1. Stores the cost of the printer in R2. Turns the calculator off.

Page: 23 of 209 Dimension: 14.8 cm x 21 cm

Later that same day Keystrokes ; ::2 + Display

#### 2,500.00 3,250.00

Turns the calculator back on. Recalls the cost of the computer to the display. the cost of the computers.

19,500.00 Multiplies the quantity ordered to get 2,500.00

Recalls the cost of the printer to the display.

#### 22,000.00 Total invoice.

Clearing Storage Registers

To clear a single storage register that is, to replace the number in it with zero merely store zero into it. You need not clear a storage register before storing data into it; the storing operation automatically clears the register before the data is stored. To clear all storage registers at once including the financial registers, the stack registers, and the LAST X register press fCLEARH.* This also clears the display. All storage registers are also cleared when Continuous Memory is reset (as described on page 70).

Storage Register Arithmetic

Suppose you wanted to perform an arithmetic operation with the number in the display and the number in a storage register, then store the result back into the same register without altering the number in the display. The hp 12c enables you to do all this in a single operation: 1. Press ?. 2. Press +, -, , or z to specify the desired operation. 3. Key in the register number. When storage register arithmetic is performed, the new number in the register is determined according to the following rule:

* CLEARH is not programmable.

Page: 24 of 209 Dimension: 14.8 cm x 21 cm

Storage register arithmetic is possible with only registers R0 through R4. Example: In the example on page 20, we updated the balance in your checkbook. Lets suppose that because data is stored indefinitely in your calculators Continuous Memory, you keep track of your checking account balance in the calculator. You could use storage register arithmetic to quickly update the balance after depositing or writing checks. Keystrokes 58.33?0 22.95?-0 Display

#### 58.33 22.95

Stores the current balance in register R0. Subtracts the first check from the balance in R0. Note that the display continues to show the amount subtracted; the answer is placed only in R0. Subtracts the second check. Subtracts the third check. Adds the deposit. Recalls the number in R0 to check the new balance.

NPV is calculated by adding the initial investment (represented as a negative cash flow) to the present value of the anticipated future cash flows. The interest rate, i, will be referred to in this discussion of NPV and IRR as the rate of return.* The value of NPV indicates the result of the investment:

* Other terms are sometimes used to refer to the rate of return. These include: required rate of

return, minimally acceptable rate of return, and cost of capital.

Page: 57 of 209 Dimension: 14.8 cm x 21 cm

Section 4: Additional Financial Functions

If NPV is positive, the financial value of the investors assets would be increased: the investment is financially attractive. If NPV is zero, the financial value of the investors assets would not change: the investor is indifferent toward the investment. If NPV is negative, the financial value of the investors assets would be decreased: the investment is not financially attractive. A comparison of the NPVs of alternative investment possibilities indicates which of them is most desirable: the greater the NPV, the greater the increase in the financial value of the investors assets. IRR is the rate of return at which the discounted future cash flows equal the initial cash outlay: IRR is the discount rate at which NPV is zero. The value of IRR relative to the present value discount rate also indicates the result of the investment: If IRR is greater than the desired rate of return, the investment is financially attractive. If IRR is equal to the desired rate of return, the investor is indifferent toward the investment. If IRR is less than the desired rate of return, the investment is not financially attractive.

Calculating Net Present Value (NPV)

Calculating NPV for Ungrouped Cash Flows. If there are no equal consecutive cash flows, use the procedure described (and then summarized) below. With this procedure, NPV (and IRR) problems involving up to 20 cash flows (in addition to the initial investment CF0) can be solved. If two or more consecutive cash flows are equal for example, if the cash flows in periods three and four are both $8,500 you can solve problems involving more than 20 cash flows, or you can minimize the number of storage registers required for problems involving less than 20 cash flows, by using the procedure described next (under Calculating NPV for Grouped Cash Flows, page 61). The amount of the initial investment (CF0) is entered into the calculator using the J key. Pressing gJ stores CF0 in storage register R0 and also stores the number 0 in the n register.

Clears financial and storage registers. negative cash flow).

80,000.00 Stores CF0 (with minus sign for a 500.00 4,500.00 5,500.00 4,500.00

Stores CF1 (with minus sign for a negative cash flow). Stores CF2. Stores CF3. Stores CF4.

130,000.00 Stores CF5. 5.00 13.00 212.18

Checks number of cash flow amounts entered (in addition to CF0 ). Stores i. NPV.

Since NPV is positive, the investment would increase the financial value of the investors assets.

Page: 60 of 209 Dimension: 14.8 cm x 21 cm

Calculating NPV for Grouped Cash Flows. A maximum of 20 cash flow amounts (in addition to the initial investment CF0) can be stored in the hp 12c.* However, problems involving more than 20 cash flows can be handled if among the cash flows there are equal consecutive cash flows. For such problems, you merely enter along with the amounts of the cash flows the number of times up to 99 each amount occurs consecutively. This number is designated Nj, corresponding to cash flow amount CFj, and is entered using the a key. Each Nj is stored in a special register inside the calculator. This method can, of course, be used for problems involving fewer than 20 cash flows and it will require fewer storage registers than the method described above under Calculating NPV for Ungrouped Cash Flows. Equal consecutive cash flows can be entered using that method provided there are enough storage registers available to accommodate the total number of individual cash flows. The facility of grouping equal consecutive cash flows is provided to minimize the number of storage registers required. Note: When entering cash flow amounts including the initial investment CF0 remember to observe the cash flow sign convention by pressing after keying in the amount for a negative cash flow. In summary, to enter the amounts of the cash flows and the number of times they occur consecutively: 1. Press fCLEARH to clear the financial and storage registers. 2. Key in the amount of the initial investment, press if that cash flow is negative, then press gJ. If there is no initial investment, press 0gJ. 3. If the initial investment consists of more than one cash flow of the amount entered in step 2, key in the number of those cash flows, then press ga. If ga is not pressed, the calculator assumes that N0 is 1. 4. Key in the amount of the next cash flow, press if that cash flow is negative, then press gK. If the cash flow amount is zero in the next period, press 0gK. 5. If the amount entered in step 4 occurs more than once consecutively, key in the number of times that cash flow amount occurs consecutively, then press ga. If ga is not pressed, the calculator assumes that Nj is 1 for the CFj just entered. 6. Repeat steps 4 and 5 for each CFj and Nj until all cash flows have been entered. With the amounts of the cash flows and the number of times they occur consecutively stored in the calculator, NPV can be calculated by entering the interest rate and pressing fl, just as described earlier.

* This step is necessary in this example because we have calculated IRR since the first time we

calculated NPV. The IRR calculation replaced the 13.5 we keyed into i before calculating NPV with the result for IRR 13.72.

All bond calculations are performed in accordance with. the Securities Industry Associations

recommendations as contained in Spence, Graudenz, and Lynch, Standard Securities Calculation Methods, Securities Industry Association, New York, 1973.

Page: 66 of 209 Dimension: 14.8 cm x 21 cm

To calculate bond price and yield for a 30/360 bond (that is, using the basis of a 30day month and a 360-day year such as for municipal bonds, corporate bonds, and state and local government bonds), and to calculate bond price for bonds with an annual coupon payment, refer to Section 16: Bonds.

#### Bond Price

1. Enter the desired yield to maturity (as a percentage), using. 2. Enter the annual coupon rate (as a percentage), using P. 3. Key in the settlement (purchase) date (as described on page 29), then press \. 4. Key in the maturity (redemption) date. 5. Press fE. The price is shown in the display and also is stored in the PV register. The interest accrued since the last interest date is held inside the calculator: to display the interest, press ~; to add the interest to the price, press +. Example: What price should you pay on April 28, 2004 for a 63/4% U.S. Treasury bond that matures on June 4, 2018, if you want a yield of 81/4%. Assume that you normally express dates in the month-day-year format. Keystrokes 8.25 6.75P g 4.282004\ 6.042018 fE + Display

8.25 6.75 6.75 4.28 6.042018 87.62 90.31

Enters yield to maturity. Enters coupon rate. Sets date format to month-day-year. Enters settlement (purchase) date. Enters maturity (redemption) date. Bond price (as a percent of par). Total price, including accrued interest.

#### Bond Yield

1. Enter the quoted price (as a percent of par), using $. 2. Enter the annual coupon rate (as a percentage), using P. 3. Key in the settlement (purchase) date, then press \. 4. Key in the maturity (redemption) date. 5. Press fS. The yield to maturity is shown in the display and also is stored in the i register. Note: Remember that the S function may take a significant amount of time to produce an answer, during which the calculator displays running.

#### Number Display Formats

When the calculator is first turned on after coming from the factory or after Continuous Memory has been reset, answers are displayed with two decimal places. Keystrokes 19.8745632\ 5Display

#### 19.87 14.87

Although you see only two decimal places, all calculations in your hp 12c are performed with full 10-digit numbers.

When only two decimal places are displayed, numbers are rounded to two decimal places: if the third digit is 5 through 9, the second digit is increased by one; if the third digit is 0 through 4, the second digit is not affected. Rounding occurs regardless of how many decimal places are displayed. Several options are provided for controlling how numbers appear in the display. But regardless of which display format or how many displayed decimal places you specify, the number inside the calculator which appears altered in the display is not altered unless you use the B, !, V, , or # functions. Standard Display Format. The number 14.87 now in your calculator is currently being displayed in the standard display format with two decimal places shown. To display a different number of decimal places, press f followed by a digit key (0 through 9) specifying the number of decimal places. In the following examples, notice how the displayed form of the number inside the calculator 14.87456320 is rounded to the specified number of digits.

Page: 71 of 209 Dimension: 14.8 cm x 21 cm

#### Keystrokes f4 f1 f0 f9

14.8746 14.9 15. 14.87456320

Although nine decimal places were specified after f, only eight are displayed since the display can show a total of only 10 digits.

The standard display format, plus the specified number of decimal places, remain in effect until you change them; they are not reset each time the calculator is turned on. However, if Continuous Memory is reset, when the calculator is next turned on numbers will be displayed in the standard display format with two decimal places shown. If a calculated answer is either too small or too large to be displayed in the standard display format, the display format automatically switches to scientific notation (described below). The display returns to the standard display format for all numbers that can be displayed in that format.

Scientific Notation Display Format

In scientific notation, a number is displayed with its mantissa at the left and a two-digit exponent at the right. The mantissa is simply the first seven digits in the number, and has a single, nonzero digit to the left of the decimal point. The exponent is simply how many decimal places you would move the decimal point in the mantissa before writing down the number in standard format. If the exponent is negative (that is, there is a minus sign between it and the mantissa), the decimal point should be moved to the left; this occurs for any number less than 1. If the exponent is positive (that is, there is a blank space between it and the mantissa), the decimal point should be moved to the right; this occurs for any number greater than or equal to 1. To set the display format to scientific notation, press f. For example (assuming the display still shows 14.87456320 from the preceding example):

Suppose you need to subtract $25.83 from $144.25, and you (mistakenly) key in 25.83, press \, then key in 144.25. But then you realize that when written down on paper, the desired calculation reads 144.25 25.83, so that you have unfortunately keyed in the second number first. To correct this mistake, merely exchange the first and second numbers by pressing ~, the exchange key. Keystrokes 25.83\144.25 ~ Display

#### 144.25 25.83

Oops! You mistakenly keyed in the second number first. Exchanges the first and second numbers. The first number keyed in is now in the display. The answer is obtained by pressing the operation key.

#### 118.42

The ~ key is also useful for checking the first number entered to make sure you keyed it in correctly. Before pressing the operation key, however, you should press ~ again to return the second number entered to the display. Regardless of how many times you press ~, the calculator considers the number in the display to be the second number entered.

Occasionally you may want to recall to the display the number that was there before an operation was performed. (This is useful for doing arithmetic calculations with constants and for recovering from errors in keying in numbers.) To do so, press gF (last x).

Page: 74 of 209 Dimension: 14.8 cm x 21 cm

Arithmetic Calculations With Constants

Example: At Permex Pipes a certain pipe fitting is packaged in quantities of 15, 75, and 250. If the cost per fitting is $4.38, calculate the cost of each package. Keystrokes 15\ 4.gF Display

15.00 4.38 65.70 75. 4.38

Keys first quantity into calculator. Keys unit cost into display. Cost of a package of 15. Keys second quantity into display. Recalls unit cost which was last number in display before was pressed into display. Cost of a package of 75. Keys third quantity into display. Recalls unit cost into display again. Cost of a package of 250.

#### 250 gF

328.50 250. 4.38 1,095.00

Another method for doing arithmetic calculations with constants is described on page 177.

Recovering From Errors in Digit Entry

Example: Suppose you want to divide the total annual production for one of your firms products (429,000) by the number of retail outlets (987) in order to calculate the average number distributed by each outlet. Unfortunately, you mistakenly key in the number of outlets as 9987 rather than as 987. Its easy to correct: Keystrokes 429000\ 9987 z gF Display

#### 5 Program line 06: 5

Result of executing program line 06.

#### 07473.75

40 Program line 07: +

Result of executing program line 07 (the last line of the program).

Pressing g while the calculator is in Run mode sets the calculator to the previous line in program memory, then displays that lines number and the keycode of the instruction stored there, just as in Program mode. In Run mode, however, when the key is released the display again shows the same number as it did before g was pressed: no instruction in program memory is executed.

Interrupting Program Execution

Occasionally youll want a program to stop executing so that you can see an intermediate result or enter new data. The hp 12c provides two functions for doing so: u (pause) and t (run/stop).

Pausing During Program Execution

When a running program executes a u instruction, program execution halts for about 1 second, then resumes. During the pause, the calculator displays the last result calculated before the u instruction was executed. If you press any key during a pause, program execution is halted indefinitely. To resume program execution at the program line following that containing the u instruction, press t.

Page: 97 of 209 Dimension: 14.8 cm x 21 cm

Example: Create a program that calculates the entries in the AMOUNT, TAX, and TOTAL columns for each item on the jewelry distributors invoice shown on the next page, and also calculates the total in each of these columns for all items on the invoice. Assume the sales tax is 63/4%. To conserve lines of program memory, instead of keying in the tax rate before the b instruction well store it in register R0 and recall it before the b instruction. Before storing the program in program memory, well calculate the required amounts for the first item on the invoice manually. The keystroke sequence will use storage register arithmetic (described on page 24) in registers R1, R2, and R3 to calculate the column sums. Since these registers are cleared when fCLEAR is pressed, well press those keys before beginning the manual calculation and also later, before running the program to ensure that the column sums are initialized to zero. (Pressing fCLEARH would clear registers R1 through R3, but would also clear R0, which will contain the tax rate.)

Page: 102 of 209 Dimension: 14.8 cm x 21 cm

#### Section 9

Branching and Looping

Although the instructions in a program normally are executed in order of their program line numbers, in some situations it is desirable to have program execution transfer or branch to a program line that is not the next line in program memory. Branching also makes it possible to automatically execute portions of a program more than once a process called looping.

#### Simple Branching

The i (go to) instruction is used in a program to transfer execution to any program line. The program line desired is specified by keying its two-digit line number into the program line containing the i instruction. When the i instruction is executed, program execution branches or goes to the program line specified and then continues sequentially as usual.

You have already seen a common use of branching: the i00 instruction (that is stored in program memory after the program you key in) transfers execution to program line 00. A i instruction can be used to branch not only backward in program memory as in the case of i00 and as illustrated above but also forward in program memory. Backward branching is typically done to create loops (as described next); forward branching is typically done in conjunction with an o or m instruction for conditional branching (as described afterward).

Page: 103 of 209 Dimension: 14.8 cm x 21 cm

104 Section 9: Branching and Looping

#### Looping

If a i instruction specifies a lower-numbered line in program memory, the instructions in the program lines between the specified line and the i instruction will be executed repeatedly. As can be seen in the illustration above under Simple Branching, once the program begins executing the loop it will execute it again and again. If you want to terminate the execution of a loop, you can include an o or m instruction (described below) or an t instruction within the loop. You can also terminate execution by pressing any key while the loop is being executed. Example: The following program automatically amortizes the payments on a home mortgage without requiring you to press f! for each payment. It will amortize one months payments each time or one years payments each time the loop is executed, depending on whether the number 1 or 12 is in the display when you start running the program. Before running the program, well initialize it by storing the required data in the financial registers just as we would do if we were amortizing a single payment manually. Well run the program for a $50,000 mortgage at 123/4% for 30 years, and well key 1 into the display just before running it in order to amortize monthly payments. For the first two passes through the loop well execute the program one line at a time, using , so that we can see the looping occurring; then well use t to execute the entire loop a third time before terminating execution. Keystrokes fs fCLEAR ?0 Display

Changing the Instruction in a Program Line

To change a single instruction in program memory: 1. Press fs to set the calculator to Program mode. 2. Use , , or i. to set the calculator to the program line preceding the line containing the instruction to be changed. 3. Key in the new instruction. For example, to change the instruction stored in program line 05, press gi.04, then key in the new instruction that is to be stored in program line 05. The instruction previously stored in line 05 will be replaced; it is not automatically bumped into line 06. Example: With the last program from the preceding section still stored in the calculator, suppose you wanted to use register R2 for some other purpose, and so you needed to replace the :2 instruction in program line 05 with, say, :6. You could change the instruction in line 05 as follows: Keystrokes fs gi.04 Display

#### 0004- 43, 33

Sets calculator to Program mode.

07 Sets calculator to program line

preceding that containing the instruction to be changed.

6 Keys new instruction into program line

05, replacing the :2 instruction previously there.

06- 43, Shows that instruction in program line

#### 06 has not been changed.

Page: 113 of 209 Dimension: 14.8 cm x 21 cm

114 Section 10: Program Editing

#### Keystrokes fs

6,250.00

Sets calculator back to Run mode. (Display shown assumes results remain from last example in preceding section.) Copies tax rate from R2 into R6.

Adding Instructions at the End of a Program

To add one or more instructions at the end of the last program stored in program memory: 1. Press fs to set the calculator to Program mode. 2. Press gi. followed by two digits that specify the last line you keyed into program memory (that is, the highest numbered line, not necessarily the line most recently keyed in). 3. Key in the new instruction or instructions.

Note: To add one or more instructions at the end of a program that is not

the last program stored in program memory, use the procedure described below under Adding Instructions Within a Program. Example: With the last program from the preceding section stored in the calculator, suppose you wanted to add a - instruction at the end in order to calculate the net income after taxes. You could do so as follows: Keystrokes fs gi.08 fs 15000t Display

fs fCLEAR fCLEARG g :0 n :2 P :1 :3 M $ :?6 :5

#### DISPLAY 31 30

?7 :6 :4 g :7 z n 0 P M :n :2 t fs

Page: 166 of 209 Dimension: 14.8 cm x 21 cm

n: Used FV: Used R3: Redemption R7: Used i: Yield R0: # Periods (n) R4: Settlement R8R.5: Unused PV: Used R1: Yield R5: Next Cpn. PMT: Cpn. or 0 R2: Coupon R6: Last Coupon

For annual coupon bonds calculated on a 30/360 day basis, insert d after g at steps 19 and 23 (making the program two steps longer). 1. Key in the program and press ? if the C status indicator is not displayed. 2. Key in the total number of coupons which are received and press ?0. 3. Key in the annual yield as a percentage then press ?1. 4. Key in the amount of the annual coupon then press ?2.* 5. Key in the redemption value then press ?3.* 6. Key in the settlement (purchase) date then press ?4. 7. Key in the date of the next coupon then press ?5. 8. Press t to obtain the amount of accrued interest. 9. Press t to determine the priceof the bond. 10. For a new case, return to step 2. Example: What is the price and accrued interest of a 20-year Eurobond with annual coupons of 6.5% purchased on August 15, 2004 to yield 7%. The next coupon is received on December 1, 2004. Keystrokes ? 20?0 7?1 6.5?2 100?3 8.152004?4 12.012004?5 t t Display Set compound interest mode if the C indicator is not on.

20.00 7.00 6.50 100.00 8.15 12.01 4.58 94.75

Total number of coupons. Annual yield. Annual coupon rate. Redemption value. Settlement date. Next coupon date. Accrued interest. Purchase price.

* Positive for cash received; negative for cash paid out. For information about date format see pages 29 to 30.

Page: 167 of 209 Dimension: 14.8 cm x 21 cm

#### Appendixes

Page: 169 of 209 Dimension: 14.8 cm x 21 cm

#### Appendix A

The Automatic Memory Stack

Four special registers in the hp 12c are used for storing numbers during calculations. To understand how these registers are used, they should be visualized as stacked on top of each other. (For this reason, they are generally referred to as the stack registers or collectively as the stack.) The stack registers are designated X, Y, Z, and T. Unless the calculator is in Program mode, the number shown in the display is the number in the X-register (modified according to the current display format). The number in the X-register and, for two-number functions, the number in the Y-register are the number(s) used in calculations. The Z- and T-registers are used primarily for the automatic retention of intermediate results during chain calculations, as described in section 1. Before we discuss the details of the stack operation, lets take a quick look at how the stack is used in a simple arithmetic calculation and in a chain calculation. For each key pressed in the keystroke sequence, the diagram illustrating the calculation shows, above the key, the numbers in each of the stack registers after that key is pressed. First, lets consider the calculation of 5 2:

Appendix D: Formulas Used

Discounted Cash Flow Analysis

#### Net Present Value

NPV CFj = net present value of a discounted cash flow. = cash flow at period j.

#### NPV = CF0 +

CF1 (1 + i )

#### CF2 (1 + i )

CFn (1 + i )n

#### Internal Rate of Return

n CFj IRR

= number of cash flows = cash flow at period j. = Internal Rate of Return

nq (1 + IRR ) q < j + CF0

1 (1 + IRR ) nj 0 = CFj IRR j =1

#### Calendar

Actual Day Basis

DYS = f(DT2) f(DT1) where f(DT) = 365 (yyyy) + 31 (mm 1) + dd + INTG (z/4) x and for mm 2 x=0 z = (yyyy) 1 for mm > 2 x = INTG (0.4mm + 2.3) z = (yyyy) INTG = Integer portion. Note: Additional tests are performed in order to ensure that the century (but not millennium) years are not considered leap years.

#### 30/360 Day Basis

DAYS = f(DT2) f(DT1) f(DT) = 360 (yyyy) + 30mm + z for f(DT1) if dd1 = 31 then z = 30 if ddthen z = dd1 for f(DT2) if dd2 = 31 and dd1 = 30 or 31 then z = 30 if dd2 = 31 and dd1 < 30 then z = dd2 if dd2 < 31 then z = dd2

Page: 187 of 209 Dimension: 14.8 cm x 21 cm

188 Appendix D: Formulas Used

Reference: Spence, Graudenz, and Lynch, Standard Securities Calculation Methods, Securities Industry Association, New York, 1973. DIM DSM DCS E DSC N CPN YIELD PRICE RDV = days between issue date and maturity date. = days between settlement date and maturity date. = days between beginning of current coupon period and settlement date. = number of days in coupon period where settlement occurs. = E DCS = days from settlement date to next 6month coupon date. = number of semiannual coupons payable between settlement date and maturity date. = annual coupon rate (as a percentage). = annual yield (as a percentage). = dollar price per $100 par value. = redemption value.

For semiannual coupon with 6 months or less to maturity:

CPN 100(RDV + 2 ) DCS CPN PRICE = 2 100 + ( DSM YIELD ) E E 2

For semiannual coupon with more than 6 months to maturity:

RDV PRICE = DSC 1+ YIELD N 1+ E 200 CPN N 2 + DSC K =1 YIELD K 1+ E 1+ 200

#### CPN DCS E 2

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Page: 201 of 209 Dimension: 14.8 cm x 21 cm

202 Appendix F: United Kingdom Calculations

Annual Percentage Rate (APR) Calculations

In the United Kingdom, the calculation of the Annual Percentage Rate of Charge (APR) in accordance with the United Kingdom Consumer Credit Act (1974) differs from the calculation of the APR in the United States. Unlike the practice in the United States, where the APR can be calculated by multiplying the periodic interest rate by the number of periods per year, in the United Kingdom the APR is calculated by converting the periodic interest rate to the effective annual rate, then truncating the result to one decimal place. With the periodic interest rate in the display and in the i register, the effective annual rate can be calculated by keying in the number of compounding periods per year, pressing w, then proceeding with step 4 of the procedure given on page 160 for converting a nominal rate to an effective rate.

Solutions for the price and yield to maturity of United Kingdom bonds are not included in this handbook. Actual practice differs according to the type of bond; variations such as cumulative and ex-dividend pricing, simple or compound interest discounting, etc., may be encountered. Application Notes covering such situations may be available in the United Kingdom; check with your local authorized Hewlett-Packard dealer.

Page: 202 of 209 Dimension: 14.8 cm x 21 cm

#### Function Key Index

General ; Power on /off key (page 16). f Shift key. Selects alternate function in gold above the function keys (page 16). Also used in display formatting (page 71). g Shift key. Selects alternate function in blue on the slanted face of the function keys (page 16). CLEARX after f, g, ?, : or i, cancels that key (page 18). fCLEARX also displays mantissa of number in the displayed X-register (page 73). Digit Entry \ Enters a copy of number in displayed X-register into Y-register. Used to separate numbers (pages 19 and 171). Changes sign of number or exponent of 10 in X-register (page 17). Enter exponent. After pressing, next numbers keyed in are exponents of 10 (page 18). digits. Used for keying in numbers (page 19) and display formatting (page 71). Decimal point (page 17). Also used for display formatting (page 71). O Clears contents of displayed X-register to zero (page 18). Arithmetic +-z} Arithm etic operators (page 19). Storage Registers ? Store. Followed by number key, decimal point and number key, or top row financial key, stores displayed number in storage register specified (page 23). Also used to perform storage register arithmetic (page 24). : Recall. Followed by number key, decimal point and number key, or top-row financial key, recalls value from storage register specified into the displayed X-register (page 23). CLEAR H Clears contents of stack (X,Y,Z and T), all storage registers, statistical registers, and financial registers (page 24). Leaves program memory untouched; not programmable. Percentage b Computes x% of y and retains the y-value in the Y-register (page 26). Computes percent of change between number in Y-register and number in displayed X-register (page 27). Z Computes percent that x is of number in Y-register (page 28). Calendar Sets date format to day-month-year (page 30); not programmable. Sets date format to month-day-year (page 29); not programmable. D Changes a date in the Y-register by the number of days in the X-register and displays day of week (page 30). Computes the number of days between two dates in the Y and X-registers (page 31).

Section 9: Branching and Looping..125

#### Simple Branching...125

Page: 7 of 275 Dimension: 14.8 cm x 21 cm

Looping... 126 Conditional Branching... 129

Section 10: Program Editing.. 139

Changing the Instruction in a Program Line.. 139 Adding Instructions at the End of a Program.. 140 Adding Instructions within a Program.. 142 Adding Instructions by Replacement.. 142 Adding Instructions by Branching.. 144

Section 11: Multiple Programs.. 149

Storing Another Program.. 149 Running Another Program... 153

Part III: Solutions.. 155 Section 12: Real Estate and Lending. 156

Annual Percentage Rate Calculations With Fees.. 156 Price of a Mortgage Traded at a Discount or Premium.. 159 Yield of a Mortgage Traded at a Discount or Premium. 161 The Rent or Buy Decision.. 163 Deferred Annuities... 169

Section 13: Investment Analysis..171

Partial-Year Depreciation... 171 Straight-Line Depreciation... 171 Declining-Balance Depreciation..176 Sum-of-the-Years-Digits Depreciation.. 180 Full- and Partial-Year Depreciation with Crossover. 184 Excess Depreciation.. 191 Modified Internal Rate of Return... 192 Black-Scholes Formula for Valuing European Options.. 194

Section 14: Leasing... 202

Advance Payments... 202 Solving for Payment... 202 Solving for Yield... 206 Advance Payments With Residual.. 209 Solving for Payment... 209 Solving for Yield... 212

Page: 8 of 275 Dimension: 14.8 cm x 21 cm

Section 15: Savings... 213

Nominal Rate Converted to Effective Rate..213 Effective Rate Converted to Nominal Rate..215 Continuous Rate Converted to Effective Rate..216

#### Section 16: Bonds... 217

30/360 Day Basis Bonds...217 Annual Coupon Bonds...222

Appendices... 227 Appendix A: RPN and the Stack.. 228

Getting Numbers Into the Stack: The Key..229 Termination of Digit Entry...230 Stack Lift....230 Rearranging Numbers in the Stack..230 The Key...230 The Key...230 One-Number Functions and the Stack..231 Two-Number Functions and the Stack..231 Mathematics Functions..231 Percentage Functions.. 232 Calendar and Financial Functions..233 The LAST X Register and the Key...234 Chain Calculations in RPN Mode..234 Arithmetic Calculations with Constants..235

Appendix B: Algebraic Mode (ALG).. 237

Simple Arithmetic Calculations in ALG Mode.. 237 Keying in Negative Numbers ( )..238 Chain Calculations in ALG Mode..238 The Key in ALG Mode..239 The History Stack in ALG Mode..239 Parentheses Calculations...240 Percentage Functions..241 Percent Difference...241 Percent of Total... 242 The Power Function... 242

Appendix C: More About L.. 243 Appendix D: Error Conditions.. 245

Error 0: Mathematics...245 Error 1: Storage Register Overflow..246

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Error 2: Statistics.. 246 Error 3: IRR... 246 Error 4: Memory... 246 Error 5: Compound Interest...247 Error 6: Storage Registers..248 Error 7: IRR...248 Error 8: Calendar...249 Error 9: Service...249 Pr Error...249

Appendix E: Formulas Used... 250

Percentage... 250 Interest... 250 Simple Interest... 250 Compound Interest.. 251 Amortization.... 251 Discounted Cash Flow Analysis..252 Net Present Value...252 Internal Rate of Return...252 Calendar...252 Actual Day Basis...252 30/360 Day Basis...252 Bonds....253 Black-Scholes Formula for Valuing European Options.. 254 Depreciation.... 254 Straight-Line Depreciation..255 Sum-of-the-Years-Digits Depreciation..255 Declining-Balance Depreciation..255 Modified Internal Rate of Return... 256 Advance Payments... 256 Interest Rate Conversions.. 256 Finite Compounding.. 256 Continuous Compounding.. 256 Statistics...257 Mean...257 Weighted Mean...257 Linear Estimation...257 Standard Deviation..257 Factorial....257 The Rent or Buy Decision.. 258

Appendix F: Battery, Warranty, and Service Information 259

#### Battery...259

Page: 10 of 275 Dimension: 14.8 cm x 21 cm

Low-Power Indication...259 Installing a New Battery..260 Verifying Proper Operation (Self-Tests)..261 Warranty....263 Service...264 Regulatory Information...265 Temperature Specifications...266 Noise Declaration...266 Disposal of Waste Equipment by Users in Private Household in the European Union...266

Appendix G: United Kingdom Calculations.267

Mortgages... 267 Annual Percentage Rate (APR) Calculations.268 Bond Calculations...268

Function Key Index..269 Programming Key Index..272 Subject Index..274

Page: 11 of 275 Dimension: 14.8 cm x 21 cm

Making Financial Calculations Easy

Before you begin to read through this handbook, lets take a look at how easy financial calculations can be with your hp 12c platinum. While working through the examples below, dont be concerned about learning how to use the calculator; well cover that thoroughly beginning with Section 1. Example 1: Suppose you want to ensure that you can finance your daughters college education 14 years from today. You expect that the cost will be about $6,000 a year ($500 a month) for 4 years. Assume she will withdraw $500 at the beginning of each month from a savings account. How much would you have to deposit into the account when she enters college if the account pays 6% annual interest compounded monthly? This is an example of a compound interest calculation. All such problems involve at least three of the following quantities: n: the number of compounding periods. i: the interest rate per compounding period. PV: the present value of a compounded amount. PMT: the periodic payment amount. FV: the future value of a compounded amount. In this particular example: n is 4 years 12 periods per year = 48 periods. i is 6% per year 12 periods per year = 0.5% per period. PV is the quantity to be calculated the present value when the financial transaction begins. PMT is $500. FV is zero, since by the time your daughter graduates she (hopefully!) will not need any more money. To begin, turn the calculator on by pressing the ; key. Then, press the keys shown in the Keystrokes column below.*

#### 58.33 58.33 22.95 35.38

Keys the first number. Pressing \ separates the second number from the first. Keys in the second number. Pressing - subtracts the second number from the first. The calculator displays the result of this calculation, which is the balance after subtracting the first check. Keys in the next number. Since a calculation has just been performed, do not press \; the next number entered (13.7) is automatically separated from the one previously in the display (35.38).

Page: 23 of 275 Dimension: 14.8 cm x 21 cm

#### Keystrokes (RPN mode) -

Pressing - subtracts the number just entered from the number previously in the display. The calculator displays the result of this calculation, which is the balance after subtracting the second check. Keys in the next number and subtracts it from the previous balance. The new balance appears in the display. (Its getting rather low!) Keys in the next number the paycheck deposited and adds it to the previous balance. The new, current balance appears in the display.

#### 10.14-

1,064.54

The preceding example demonstrates how the hp 12c platinum calculates just as you would using pencil and paper (except a lot faster!):

Lets see this happening in a different type of calculation one that involves multiplying groups of two numbers and then adding the results. (This is the type of calculation that would be required to total up an invoice consisting of several items with different quantities and different prices.) For example, consider the calculation of (3 4) + (5 6). If you were doing this on paper, you would do the multiplication in the first parentheses, then the multiplication in the second parentheses, and finally add the results of the two multiplications:

Page: 24 of 275 Dimension: 14.8 cm x 21 cm

Your hp 12c platinum calculates the answer in just the same way in RPN mode: Keystrokes (RPN mode) 3\4 5\6 + Display

#### 12.00 30.00 42.00

Step 1: Multiply the numbers in the first parentheses. Step 2: Multiply the numbers in the second parentheses. Step 3: Add the results of the two multiplications.

Notice that before doing step 2, you did not need to store or write down the result of step 1: it was stored inside the calculator automatically. And after you keyed in the 5 and the 6 in step 2, the calculator was holding two numbers (12 and 5) inside for you, in addition to the 6 in the display. (The hp 12c platinum can hold a total of three numbers inside, in addition to the number in the display.) After step 2, the calculator was still holding the 12 inside for you, in addition to the 30 in the display. You can see that the calculator holds the number for you, just as you would have them written on paper, and then calculates with them at the proper time, just as you would yourself.* But with the hp 12c platinum, you dont need to write down the results of an intermediate calculation, and you dont even need to manually store it and recall it later. By the way, notice that in step 2 you needed to press \ again. This is simply because you were again keying in two numbers immediately following each other, without performing a calculation in between. To check your understanding of how to calculate with your hp 12c platinum, try the following problems yourself. Although these problems are relatively simple, more complicated problems can be solved using the same basic steps. If you have difficulty obtaining the answers shown, review the last few pages.

#### 7.192004\

Keys in the date interest begins accruing and separates it from the next date entered. Keys in the date of the beginning of the first period. Actual number of odd days. Divides by the length of a monthly period to get the fractional part of n.

#### 8.012004 g 30z

8.012004 13.00 0.43

Page: 66 of 275 Dimension: 14.8 cm x 21 cm

Keystrokes (RPN mode) 42+n

Adds the fractional part of n to the number of complete payment periods, then stores the result in n. Stores PV. Stores PMT (with minus sign for cash paid out). Periodic (monthly) interest rate. Annual percentage rate (APR).

3950$ 120P 12 Keystrokes (ALG mode) fCLEARG ?

3,950.00 120.00 1.16 13.95

Display Clears financial registers. Turns off the C indicator in the display, so that simple interest will be used for the odd period.

#### 7.192004}

Keys in the date interest begins accruing and separates it from the next date entered. Keys in the date of the beginning of the first period. Actual number of odd days. Divides by the length of a monthly period to get the fractional part of n. Adds the fractional part of n to the number of complete payment periods, then stores the result in n. Stores PV. Stores PMT (with minus sign for cash paid out). Periodic (monthly) interest rate. Annual percentage rate (APR).

#### 8.012004 g z30+ 42n

8.012004 13.00 0.43 42.43

#### 3950$ 120P 12}

Page: 67 of 275 Dimension: 14.8 cm x 21 cm

Before leaving this Odd-Period mode example, you may now press ? to turn the C annunciator off, if needed. Note that when the calculator is not in Odd-Period mode, the status of the C annunciator actually has no effect on calculator operation. You will find another use of Odd-Period mode and ? in Section 16 of this manual, where the C must be set before the two Bond programs will work correctly.

Page: 68 of 275 Dimension: 14.8 cm x 21 cm

#### Amortization

The hp 12c platinum enables you to calculate the amounts applied toward principal and toward interest from a single loan payment or from several payments, and also tells you the remaining balance of the loan after the payments are made.* To obtain an amortization schedule: 1. Press fCLEARG to clear the financial registers. 2. Enter the periodic interest rate, using or gC. 3. Enter the amount of the loan (the principal), using $. 4. Key in the periodic payment, then press P (the sign of PMT must be negative, in accordance with the cash flow sign convention). 5. Press g or (for most direct reduction loans) g to set the payment mode. 6. Key in the number of payments to be amortized. 7. Press f! to display the amount from those payments applied toward interest. 8. Press ~ to display the amount from those payments applied toward the principal. 9. To display the number of payments just amortized, press dd. 10. To display the remaining balance of the loan, press :$. 11.To display the total number of payments amortized, press :n. Example: For a house youre about to buy, you can obtain a 25-year mortgage for $250,000 at 5.25% annual interest. This requires payments of $1,498.12 (at the end of each month). Find the amounts that would be applied to interest and to the principal from the first years payments. Keystrokes fCLEARG 5.25gC 250000$ Display

#### Enters i.

250,000.00 Enters PV.

* All amounts calculated when f! is pressed are automatically rounded to the number of

decimal places specified by the display format. (The display format is described in Section 5.) This rounding affects the number inside the calculator as well as how the number appears in the display. The amounts calculated on your hp 12c platinum may differ from those on the statements of lending institutions by a few cents, since different rounding techniques are sometimes used. To calculate answers rounded to a different number of decimal places, press f followed by the number of decimal places desired before you press f!.

Page: 69 of 275 Dimension: 14.8 cm x 21 cm

Keystrokes 1498.12P g 12f! ~ :$ :n

1,498.12 Enters PMT (with minus sign for cash

#### paid out).

1,498.12 Sets payment mode to End. 13,006.53 Portion of first years payments (12

months) applied to interest.

4,970.91 Portion of first years payments

#### applied to principal.

245,029.09 Balance remaining after 1 year. 12.00

Total number of payments amortized.

The number of payments keyed in just before f! is pressed is taken to be the payments following any that have already been amortized. Thus, if you now press 12f!, your hp 12c platinum will calculate the amounts applied to interest and to the principal from the second years payments (that is, the second 12 months): Keystrokes 12f! ~ dd :$ :n Display

12,739.18 Portion of second years payments

#### applied to interest.

5,238.26 Portion of second years payments

#### 12.00 24.00

Number of payments just amortized.

239,790.83 Balance remaining after 2 years.

Pressing :$ or :n displays the number in the PV or n register. When you did so after each of the last two calculations, you may have noticed that PV and n had been changed from their original values. The calculator does this so that you can easily check the remaining balance and the total number of payments amortized. But because of this, if you want to generate a new amortization schedule from the beginning, you must reset PV to its original value and reset n to 0. For example, suppose you now wanted to generate an amortization schedule for each of the first two months: Keystrokes 250000$ 0n Display

250,000.00 Resets PV to original value. 0.00

#### Resets n to zero.

Page: 70 of 275 Dimension: 14.8 cm x 21 cm

Scientific Notation Display Format

In scientific notation, a number is displayed with its mantissa at the left and a two-digit exponent at the right. The mantissa is simply the first seven digits in the number, and has a single, nonzero digit to the left of the decimal point. The

Page: 88 of 275 Dimension: 14.8 cm x 21 cm

exponent is simply how many decimal places you would move the decimal point in the mantissa before writing down the number in standard format. If the exponent is negative (that is, there is a minus sign between it and the mantissa), the decimal point should be moved to the left; this occurs for any number less than 1. If the exponent is positive (that is, there is a blank space between it and the mantissa), the decimal point should be moved to the right; this occurs for any number greater than or equal to 1. To set the display format to scientific notation, press f. For example (assuming the display still shows 14.87456320 from the preceding example): Keystrokes f. Display

#### 1.487456 01

The exponent in this example indicates that the decimal point should be moved one decimal place to the right, giving the number 14.87456, which is the first seven digits of the number previously in the display. To set the display back to standard display format, press f followed by the desired number of decimal places. Scientific notation display format remains in effect until you change to the standard display format; it is not reset each time the calculator is turned on. However, if Continuous Memory is reset, when the calculator is next turned on the standard display format, with two decimal places, will be used. Mantissa Display Format. Because both the standard display format and scientific notation display format often show only a few digits of a number, you may occasionally want to see all 10 digits the full mantissa of the number inside the calculator. To do so, press fCLEARX and hold down the X key. The display will show all 10 digits of the number as long as you hold down the X key; after you release the key, the number will again be displayed in the current display format. For instance, if the display still contains the result from the preceding example: Keystrokes fCLEARX Display

#### 1487456320 1.487456 01

All 10 digits of the number inside the calculator. Display returns to its former contents when the X key is released. Returns display to standard format.

Page: 89 of 275 Dimension: 14.8 cm x 21 cm

#### Special Displays

Running. Certain functions and many programs may take several seconds or more to produce an answer. During these calculations, the word running flashes in the display to let you know that the calculator is running. Overflow and Underflow. If a calculation results in a number whose magnitude is greater than 9.999999999 1099, the calculation is halted and the calculator displays 9.(if the number is positive) or 9.(if the number is negative). If a calculation results in a number whose magnitude is less than 1099, the calculation is not halted, but the value 0 is used for that number in subsequent calculations. Errors. If you attempt an improper operation such as division by zero the calculator will display the word Error followed by a digit (0 through 9). To clear the Error display, press any key. This does not execute that keys function, but does restore the calculator to its condition before the improper operation was attempted. Refer to Appendix D for a list of error conditions. Pr Error. If power to the calculator is interrupted, the calculator will display Pr Error when next turned on. This indicates that Continuous Memory which contains all data, program, and status information has been reset.

#### Linear Estimation

With two-variable statistical data accumulated in the statistics registers, you can

estimate a new y-value ( y ) given a new x-value, and estimate a new x-value ( x )

#### given a new y-value.

To calculate y and Q

1. Key in a new x-value. 2. Press gR.

To calculate x : 1. Key in a new y-value.

2. Press gQ. Example: Using the accumulated statistics from the preceding problem, estimate the amount of sales delivered by a new salesperson working 48 hours per week. Keystrokes 48gQ Display

#### 28,818.93

Estimated sales for a 48 hour workweek.

The reliability of a linear estimate depends upon how closely the data pairs would, if plotted on a graph, lie in a straight line. The usual measure of this reliability is

the correlation coefficient, r. This quantity is automatically calculated whenever y or x is calculated; to display it, press ~. A correlation coefficient close to 1 or 1 indicates that the data pairs lie very close to a straight line. On the other hand, a correlation coefficient close to 0 indicates that the data pairs do not lie closely to a straight line; and a linear estimate using this data would not be very reliable.

Page: 97 of 275 Dimension: 14.8 cm x 21 cm

Example: Check the reliability of the linear estimate in the preceding example by displaying the correlation coefficient. Keystrokes ~ Display

The correlation coefficient is close to 1, so the sales calculated in the preceding example is a good estimate.

To graph the regression line, calculate the coefficients of the linear equation y = A + Bx. 1. Press 0gR to compute the y-intercept (A). 2. To compute the slope of the line (B) in RPN mode, press 1gR~d~-. To compute the slope of the line (B) in ALG mode, press these keys: 1gR~d-~}. Example: Compute the slope and intercept of the regression line in the preceding example. Keystrokes (RPN mode) 0gR 1 gR~d~Display

#### 15.55 0.001

y-intercept (A); projected value for x = 0. Slope of the line (B); indicates the change in the projected values caused by an incremental change in the x value.

Keystrokes (ALG mode) 0gR 1gR~d-~}

The equation that describes the regression line is: y = 15.55 + 0.001x

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#### Weighted Mean

You can compute the weighted mean of a set of numbers if you know the corresponding weights of the items in question. 1. Press fCLEAR. 2. Key in the value of the item and press \, then key in its weight and press _. Key in the second items value, press \, key in the second weight, and press _. Continue until you have entered all the values of the items and their corresponding weights. The rule for entering the data is item \ weight _. 3. Press g to calculate the weighted mean of the items. Example: Suppose that you stop during a vacation drive to purchase gasoline at four stations as follows: 15 gallons at $1.16 per gallon, 7 gallons at $1.24 per gallon, 10 gallons at $1.20 per gallon, and 17 gallons at $1.18 per gallon. You want to find the average cost per gallon of gasoline purchased. If you purchased the same quantity at each station, you could determine the simple arithmetic average or mean using the g keys. But since you know the value of the item (gasoline) and its corresponding weight (number of gallons purchased), use the g keys to find the weighted mean: Keystrokes fCLEAR 1.16\15_ 1.24\7_ 1.2\10_ 1.18\17_ g Display

Page: 109 of 275 Dimension: 14.8 cm x 21 cm

110 Section 8: Programming Basics

For example, to display the first two lines of the program now stored in program memory, set the calculator to Program mode and press twice: Keystrokes (RPN mode) fs Display

Sets calculator to Program mode and displays current line of program memory

#### 001, 002,

Program line 001: \ Program line 002: digit 2.

#### Keystrokes (ALG mode) fs

Program line 001: Program line 002: digit 2.

Pressing g does the reverse: Keystrokes (RPN mode) g g Display

#### 001, 000,

Program line 001. Program line 000.

Keystrokes (ALG mode) g g

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If either the key or the key is held down, the calculator displays all of the lines in program memory. Press again now, but this time hold it down until program line 007 is displayed. Keystrokes (RPN mode) Display

#### Program line 001.

(Release )

#### Program line 007

Keystrokes (ALG mode)

Program line 007 contains the last instruction you keyed into program memory. However, if you press again, youll see that this is not the last line stored in program memory: Keystrokes Display

#### 008,43, 33,000

Program line 008

As you should now be able to tell from the keycodes displayed, the instruction in program line 008 is gi000.

Page: 111 of 275 Dimension: 14.8 cm x 21 cm

112 Section 8: Programming Basics

000 Instruction and Program Line 000

Whenever you run the program now stored in program memory, the calculator executes the instruction in line 008 after executing the seven instructions you keyed in. This i000 instruction as its name implies tells the calculator to go to program line 000 and execute the instruction in that line. Although line 000 does not contain a regular instruction, it does contain a hidden instruction that tells the calculator to halt program execution. Thus, after each time the program is run, the calculator automatically goes to program line 000 and halts, ready for you to key in new data and run the program again. (The calculator is also automatically set to program line 000 when you press fs to set the calculator from Program mode to Run mode or when fCLEAR is pressed in run mode.) The i000 instruction was already stored in line 008 in fact, in all program lines before you keyed in the program. If no instructions have been keyed into program memory, if Continuous Memory is reset, or if fCLEAR is pressed (in Program mode), the instruction i000 is automatically stored in program lines 001 through 008. As you key each instruction into program memory, it replaces the i000 instruction in that program line. If your program should consist of exactly eight instructions, there would be no i000 instructions remaining at the end of program memory. Nevertheless, after such a program is executed the calculator automatically returns to program line 000 and halts, just as if there were a i000 instruction following the program. If you key in more than eight instructions, program memory automatically expands to accommodate the additional instructions.

017,43, 33,002 018,43, 33,000 019, 020, 021, 022, 023, 024, 025, 026, 12,000.31

Sets calculator to last line keyed into program memory. Ensures that second program is separated from first by i000.

#### Keys in program.

Halts program execution. Branches to beginning of program. Sets calculator back to Run mode. (Display shown assumes results remain from running program in previous example.)

#### 027,43, 33,019

Keystrokes (ALG mode) fs gi.023 gi000

023,43, 33,002 024,43, 33,000

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Section 11: Multiple Programs

Keystrokes (ALG mode) b + 5 } t gi025 fs

025, 026, 027, 028, 029, 030, 031, 032, 12,000.00

Halts program execution. Branches to beginning of program. Sets calculator back to Run mode. (Display shown assumes results remain from running program in previous example.) Keys in program.

#### 033,43, 33,025

Example 2: With the two programs now stored in program memory from the preceding examples (occupying 27 program lines in RPN mode and 33 lines in ALG mode), store the amortization program from Section 9(page 125). Since there are already two programs stored in program memory, well skip step 3 in the procedure above. Furthermore, since the amortization program ends with a loop, well skip steps 5 and 6. When the amortization program was stored at the beginning of program memory, the i instruction at the end of the program branched to the :0 instruction in line 002. In the RPN program, since the :0 instruction is now in line 029, well specify that line number with the i instruction in line 034. In the ALG program, since the :0 instruction is now in line 035, well specify that line number with the i instruction in line 041. Keystrokes (RPN mode) fs gi.027 Display Sets calculator to Program mode.

027,43, 33,019 Sets calculator to last line

keyed into program memory.

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152 Section 11: Multiple Programs

Keystrokes (RPN mode) ?0 :0 f! gu ~ gu gi029

028, 029, 030, 031, 032, 033,

#### Keys in program

034,43, 33,029

Keystrokes (ALG mode) fs gi.033 ?0 :0 f! gu ~ gu gi035

033,43, 33,025 Sets calculator to last line

034, 035, 036, 037, 038, 039,

#### 040,43, 33,035

Page: 152 of 275 Dimension: 14.8 cm x 21 cm

#### Running Another Program

To run a program that does not begin with program line 001: 1. Press fs to set the calculator to Run mode. If the calculator is already in Run mode, skip this step. 2. Press gi followed by three digits that specify the first line of the program. 3. Press t. Example: Run the office-supplies program, now stored in the calculator beginning at program line 019 in RPN mode and line 025 in ALG mode, for the typewriter listing for $625. Keystrokes (RPN mode) fs gi019 625t Display

50,000.00 8,000.00 150.00 6.00 2.00 2.00

Book value. Salvage value. Declining-balance factor. Life. Year desired. Second year:

* Refer to straight-line depreciation instruction note, page 174. The display will pause showing the year number before showing the amount of depreciation

Page: 179 of 275 Dimension: 14.8 cm x 21 cm

180 Section 13: Investment Analysis

11,458.33 Sum-of-the-Years-Digits Depreciation

#### depreciation.

The following hp 12c platinum program calculates the sum-of-the-years-digits depreciation for the year desired with the acquisition date occurring at any time during the year.

fs fCLEAR z ?1 ~ ??f :1 ?3 :$ ~ -

000, 001, 002, 003, 004, 005, 006, 007, 008, 009, 010, 011, 012, 013, 014, 015, 016, 017, 34 30

#### fCLEAR z ?1 ~ ??f :1 ?3

000, 001, 002, 003, 004, 005, 006, 007, 008, 009, 010, 011, 012, 013, 014, 015, 016, 017, 3

Page: 180 of 275 Dimension: 14.8 cm x 21 cm

$ :n :1 n :0 gm gi035 :2 gu :0 f t 1 ?=0 ?=2 gi026 :2 gu :$ :M :3 gi030

DISPLAY 018, 019, 020, 021, 022, 023, 024, 35

:$ ~ $ :n :1 n :0 gm gi038 :2 gu :0 f t 1 ?=0 ?=2 gi029 :2 gu :$ -

DISPLAY 018, 019, 020, 021, 022, 023, 024, 025, 026, 027, 35

025,43,33, 035 026, 027, 028, 029, 030, 031, 032,033,0 2

028,43,33, 038 029, 030, 031, 032, 033, 034, 035,036,0 2

034,43,33, 026 035, 036, 037, 038, 039, 040, 3

037,43,33, 029 038, 039, 040, 041, 30

Page: 181 of 275 Dimension: 14.8 cm x 21 cm

182 Section 13: Investment Analysis

#### :M :3 gi033 fs

DISPLAY 042, 043, 044, 3

Page: 182 of 275 Dimension: 14.8 cm x 21 cm

RPN Mode: 6. Key in the year desired then press \. 7. Key in the number of months in first year* then press t. The display will show the amount of depreciation for the desired year. If desired, press ~ to see the remaining depreciable value, then press :$:3=~-:M- to find the total depreciation through the current year. ALG Mode: 6. Key in the year desired then press. 7. Key in the number of months in first year* then press t. The display will show the amount of depreciation for the desired year. If desired, press ~ to see the remaining depreciable value, then press :$=:3-~-:M to find the total depreciation through the current year. 8. Press t for the amount of depreciation then, if desired, press ~ for the remaining depreciable value for the next year. Repeat this step for the following years. 9. For a new case press gi000 and return to step 2. Example: A commercial movie camera is purchased for $12,000. If maintained properly, the camera has a useful life expectancy of 25 years with $500 salvage value. Using the sum-of-the-years-digits method, what is the amount of depreciation and the remaining depreciable value for the 4th and 5th years? Assume the first depreciation year is 11 months long. Keystrokes (RPN mode) f] fCLEARG 12000$ 500M 25n 4\ Keystrokes (ALG mode) f[ fCLEARG 12000$ 500M 25n 4 Display

Page: 207 of 275 Dimension: 14.8 cm x 21 cm

#### 208 Section 14: Leasing

:gC fs

#### DISPLAY 017,45,43 12

n: n#Adv. Pmts. FV: 0 R3: Loan i: i R0: n R4R.7: Unused PV: Used R1: Adv. Pmts. PMT: Pmt. R2: Pmt.

#### 1. 2. 3. 4. 5.

Key in the program. Key in the total number of payments in the lease then press ?0. Key in the total number of payments made in advance then press ?1. Key in the periodic payment to be received then press ?2. Key in the total amount of the loan, then press ?3; then press t to obtain the periodic yield. 6. For a new case, return to step 2. The values changed from the previous case are the only values which need to be re-entered.

Example 2: Using the program, solve for yield using the same information given in example 1. Then change the payment to $625 and solve for the yield. Keystrokes (RPN mode) f] 60?0 3?1 600?2 Keystrokes (ALG mode) f[ 60?0 3?1 600?2 Display

#### 60.00 3.00 600.00

Number of payments. Number of advance payments. Periodic payment. Annual yield (as a percentage). Annual yield (as a percentage) when PMT is increased $25.

25000?3t 25000?3t 17.33 625?2t 625?2t

Page: 208 of 275 Dimension: 14.8 cm x 21 cm

Advance Payments With Residual

Situations may arise where a transaction has advance payments and a residual value (salvage value) at the end of the normal term.

The following program solves for the periodic payment amount necessary to achieve a desired yield.

fs fCLEAR g fCLEARG :0 n :1 :3 M $ :2 + ?M :n :4 -

000, 001, 002, 003, 004, 005, 006, 007, 008, 009, 010, 011, 012, 013, 014, 015, 016, 017, 4 30

fCLEAR g fCLEARG :0 n :1 :3 M $ + :2 ?M :n -

000, 001, 002, 003, 004, 005, 006, 007, 008, 009, 010, 011, 012, 013, 014, 015, 016, 017, 30

Page: 209 of 275 Dimension: 14.8 cm x 21 cm

#### 210 Section 14: Leasing

n 1 P $ :4 + :5 ~ z fs

DISPLAY 018, 019, 020, 021, 022, 023, 024, 025, 026, 027, 34 10

:4 n 1 P $ + :4 :5 z ~ fs

DISPLAY 018, 019, 020, 021, 022, 023, 024, 025, 026, 027, 028, 029, 030, 34 36

n: Used. FV: Residual R3: Residual i: Interest R0: # Pmts (n) R4: # Adv. Pmt. PV: Used R1: Interest. R5: Used PMT: 1. R2: Loan. R6R.6: Unused

1. Key in the program. 2. Key in the total number of payments then press ?0. 3. Key in or calculate the periodic interest rate then press ?1. 4. Key in the loan amount then press ?2. 5. Key in the residual value then press ?3. 6. Key in the total number of payments made in advance then press ?4. Then press t to obtain the payment amount received by the lessor.

Page: 210 of 275 Dimension: 14.8 cm x 21 cm

7. For a new case, return to step 2. The values changed from the previous case are the only values which need to be re-entered. Example 1: A copier worth $22,000 is to be leased for 48 months. The lessee has agreed to make 4 payments in advance, with a purchase option at the end of 48 months enabling him to buy the copier for 30% of the purchase price. What monthly payment is necessary to yield the lessor 15% annually:

The History Stack in ALG Mode

In ALG mode, the stack holds a history of 4 completed results. These results may be rearranged using d and ~ in the same way as described on page 230, for RPN mode. Note that once a two-numbered function (such as +, -, , z or q) has had the second argument entered, the two arguments cannot then be swapped using ~ because when the second argument is entered it replaces the first, which is removed from the stack. So, if you wish to do 25.83 - 144.25, but then realize you meant to do 144.25 - 25.83, the way to correct this is to proceed and do }. All ~ will do at this point is replace the 144.25 with whatever was displayed before the 25.83 was entered, and the first argument remains unchanged.

Page: 239 of 275 Dimension: 14.8 cm x 21 cm

240 Appendix B: Algebraic Mode (ALG)

The stack diagrams showing the output for the Calendar and Financial functions on page 233 are the same for ALG as RPN mode. To add INT and PRICE after executing the bond E function, press +~}. In this case, ~ is used to enter the second argument for the + operation. After executing +~}, the total price (INT + PRICE) will be displayed. LAST X will be unchanged, but the original PRICE will be found in the Y-register. One can also do +d} to get the total price, with the only difference being that the original PRICE would then be in the T-register.

In ALG mode, parentheses can be used in calculations to change the order in which operations are evaluated. When there are pending open parentheses, the ( ) status indicator will be shown in the display. As open parentheses are closed, the expression contained within the parentheses is evaluated. The final result of a calculation will be displayed when you press the key, and then any pending parentheses will be closed. You cant use more than 13 pending (opened) parentheses at the same time.

Keying 1 will calculate first and then the result (1.6) will have 1 subtracted from it (resulting in 0.6). Keystrokes (ALG mode) OO 8zg51g Display

Page: 240 of 275 Dimension: 14.8 cm x 21 cm

In most cases, b divides a number by 100. The one exception is when a plus or minus sign precedes the number. For instance, 25 b results in 0.25. To find 25% of 200, press: b}. (Result is 50.) You can also calculate a net amount all in one calculation: For instance, to decrease 200 by 25%, just enter 200-25b}. (Result is 150.) Example: You borrow $1,250 from a relative, and agree to repay the loan in a year with 7% simple interest. How much money will you owe? Keystrokes (ALG mode) OO 1250+7b } Display

#### 0.00 87.50 1,337.50

Clears any pending operations. Interest on the loan is $87.50. You owe this amount at the end of one year.

To find the percent difference between two numbers: 1. Key in the base number. 2. Press } to separate the other number from the base number. 3. Key in the other number. 4. Press. Example: Yesterday your stock fell from 35.5 to 31.25 per share. What is the percent change? Keystrokes (ALG mode) OO 35.5} 31.25 Display

status indicators turned on at the end of this test include some that normally are not

displayed on the hp 12c platinum. the calculator displays Error 9 as a result of the ;/ test or the ;/+ test but you wish to continue using your calculator, you should reset Continuous Memory as described on page 86.

Page: 261 of 275 Dimension: 14.8 cm x 21 cm

262 Appendix F: Battery, Warranty, and Service Information

Note: Tests of the calculators electronics are also performed if the = key or the z key is held down when ; is released.* These tests are included in the calculator to be used in verifying that it. is operating properly during manufacturing and service. If you had suspected that the calculator was not working properly but the proper display was obtained in step 2, it is likely that you made an error in operating the calculator. We suggest you reread the section in this handbook applicable to your calculation including, if appropriate, Appendix A. If you still experience difficulty, write or telephone Hewlett-Packard at an address or phone number listed under Service (Page 264).

* The ;/= combination initiates a test that is similar to that described above, but continues

indefinitely. The test can be terminated by pressing any key, which will halt the test within 25 seconds. The ;/z combination initiates a test of the keyboard and the display. When the ; key is released, certain segments in the display will be lit. To run the test, the keys are pressed in order from left to right along each row, from the top row to the bottom row. As each key is pressed, different segments in the display are lit. If the calculator is operating properly and all the keys are pressed in the proper order, the calculator will display 12 after the last key is pressed. (The \ key should be pressed both with the third-row keys and with the fourth-row keys.) If the calculator is not working properly, or if a key is pressed out of order, the calculator will display Error 9. Note that if this error display results from an incorrect key being pressed, this does not indicate that your calculator requires service. This test can be terminated by pressing any key out of order (which will, of course, result in the Error 9 display). Both the Error 9 display and the 12 display can be cleared by pressing any key.

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