HP 10B Instructions de fonctionnement

Hewlett-Packard 10B Tutorial

To begin, look at the face of the calculator. Every key (except one, the gold shift key) on the 10B has two

functions: each key's primary function is noted in white on the key itself, while each key's secondary

function is noted in gold above the key. To use the function on the key, simply press the key. To access

the gold function above each key, first press the key with the solid gold face, which we will call the "gold

shift"key, and thenpress the desired functionkey. (Note that the gold shift key is near the lower left corner

of the calculator keyboard.)

Turning the Calculator On and Off

To turn on the calculator, press .

Note that the ON key is on the lower left corner of the keyboard—the face of the key has a white "C,"

while the word "ON" appears below the key. Also, we will designate keys throughout this tutorialby the

use of small boxes, as above. To conserve the battery, the calculator turns itself off about 10 minutes after

your last keystroke.

To turn the calculator off, press .

OFF

Here we are using the solid black square to represent the gold shift key. Thus, the keystrokes to turnthe

calculator off are (1) press the gold shift key, and (2) then press the Ckey. Note that the word "OFF"

appears above the Ckey in gold. Thus, by pressing the gold shift key first, we are activating the gold

function above the C key, whichis the off function. Also, note that pressing the gold shift key places a little

"up arrow" symbol in the lower left corner of the display. Press the gold shift key again and the symbol

goes away. The keyis atoggle keythat switches back and forthbetween the “regular” and the “gold”

functions. is like the typewriter shift key. After you press , look only at gold writing. In this tutorial,

whenever you see , the label on the next key is the gold label above the key, not the label on the key

itself.

Note that the calculator has a continuous memory, so turning it off does not affect any data stored in the

calculator.

Clearing the Calculator

To clear the calculator’s memory, press .

CLEAR ALL

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If we did not press , we would input the data shown on the screen to memory. Clearing the calculator

is very important, since unwanted data in memory can result in improper calculations, and hence wrong

answers. It is best to get into the habit of automatically clearing memory before starting a calculation.

Occasionally, you may purposely want to save data, but, in general, you will be entering all new data, so

starting with a clear memory is the safest approach.

There are three different levels of clearing data:

clears all memory and the display.

CLEAR ALL

clears the entire display, but not the memory.

clears numbers on the display one at a time if you made a mistake entering data.

Changing the Display

Enter 5555.5555.

To change the number of decimal places from 2 to 4, press . 5,555.5555 is displayed.

DISP 4

To change from 4 places to 2, press . 5,555.56 is displayed. (Rounding is automatic.)

DISP 2

We usually set the display to 2 places, which is especially convenient when working with dollars and

percentages. However, we often use 4 places whendealing withinterest rates and rates of return that are

entered as decimals.

Ifperiods and commas are reversed, press . (Many European countries use a ./, conventionthat

./,

is just the opposite of ours.

Note that “PEND” means something is pending. For example, press ÷. The calculator is waiting for

the denominator, so “PEND” appears in the display.

Enter and = to get 0.67.

Press to see 0.6667.

DISP 4

Press to shift back to 2 decimal places.

DISP 2

To control the brightness of the display, hold down and press or .

C+-

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Periods per Year Setting

One important setting that cancause problems is the periods per year setting. To check the current setting,

press and then press and hold down . The display shows the setting for periods/year.

CLEAR ALL

The calculator comes pre-set at 12 periods per year, that is, it assumes calculations will be done on a

monthly basis. However, finance textbook problems generally use 1 period/year. To change to 1/year:

Press 1 .

P/YR

Now the calculator is set to assume 1 period/year. To confirm this setting, press and hold

.Unlessneededforotherwork, we generallyleave the calculatorsetting at 1period per year.

CLEAR ALL

Time Value of Money (TVM)

The TVM keys are located on the top row of the keyboard.

NI/YR PV PMT FV

In general, TVM problems involve four variables—three are known and the fourth is unknown.

Lump Sums

To begin, we consider TVM calculations withsingle (lump) sums. In this situation, we do not use the PMT

key, so be sure to either clear all, which sets the payment (PMT) equalto 0, or enter 0 as the PMT when

entering the input data. If you know any three variables, you can find the value of the fourth.

Example 1:

What is the FV of $100 after 3 years if the interest rate is 26 percent? First, clear with .

CLEAR ALL

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Next, enter the data.

26 I/YR

100 PV

0(Optional if registers are cleared.)

PMT

To determine the FV simply press and the FV of -$200.04 is displayed.

The HP is programmed so that if the PVis +thenthe FV is displayed as - and vice versa, because the HP

assumes that one is an inflow and the other is an outflow. When entering both PV and FV, one must be

entered as negative and the other as positive.

Example 2:

What is the PV of $500 due in 5 years if the interest rate is 10 percent? Clear first and then enter the

following data.

10 I/YR

0(Optional if registers are cleared.)

PMT

500 FV

Pressing the key reveals that $310.46 will grow to $500 in 5 years at a 10 percent rate.

Example 3:

Assume a bond can be purchased today for $200. It will return $1,000 after 14 years. The bond pays

no interest during its life. What rate of return would you earn if you bought the bond?

14 N

200 (The key changes the sign.)

+/- PV +/-

0PMT

1000 FV

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Simply press the key and the HP calculates the rate of return to be 12.18 percent.

I/YR

Remember that the HP is programmed so that if the PV is + then the FV is displayed as - and vice versa

because the HP assumes that one is an inflow and other is an outflow. When entering both PV and FV

values, one must be negative and one positive.

Now suppose you learn that the bond will actually cost $300. What rate of return will you earn?

Override the -200 by entering 300 , thenpress to get 8.98 percent. If you pay more

+/- PV I/YR

for the bond, you earn less on it. The important thing, though, is that you can do “what if” analyses with

the calculator.

Nowdo nothing except to turn off the calculator. Then turn on the calculator .The display

OFF C

shows0.00. Isthememoryerased? Notcompletely. Whatwasonthescreenisgone,but press

RCL N

to get N = 14. The other memory registers also retain information unless you press .

CLEAR ALL

Ordinary Annuities

Example 1:

What is the FV of an annuity of$100 paid at the end of each year for 5 years if the interest rate equals 6

percent?

06% 1 2 3 4 5

/))))))))3))))))))3))))))))3))))))))3))))))))1

-100 -100 -100 -100 -100

6I/YR

0PV

100

+/- PMT

Now press the key, and an FV of $563.71 is displayed.

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Example 2:

What is the PV of the same annuity?

Leave data in calculator, but enter 0 as the FV to override, then press to get $421.24.

Annuities Due

Each payment ofanannuitydue occurs at the beginning ofthe period instead ofat the end as with a regular

annuity. In essence, each payment is shifted back one period. To analyze annuities due press

. The word “begin” appears on the screen. Now the HP analyzes the cash flows based on

BEG/END

beginning of period payments. Change back to end mode by pressing .

BEG/END

Interest Conversion

The following equation is used to convert a nominal rate to an effective rate.

Given: kNom = 10% and m = 12 payments/year,

However, it’s much easier to convert the nominal rate using the calculator:

10 NOM %

12 P/YR

= 10.47% shows on the screen.

EFF %

Now switch back to 1 payment/year: 1 .

P/YR

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Cash Flow Operations

Example 1: Uneven Cash Flows

Assume the following cash flows:

0 10% 1 2 3 4

/))))))))3))))))))3))))))))3))))))))1

0 50 100 150 200

What is the PV of these CFs?

First clear the HP and make sure that periods/year is set equal to 1.

0Sets CF0equal to 0.

CFj

50 Sets CF1equal to 50. Onnext entry, hold down CFjkeyto see what it says. By

CFj

holding down CFjkey, you see that you just entered CF2.

100 CFj

150 CFj

200 CFj

The CFs from the time line are entered. Now enter the interest rate.

10 I/YR

At this point the HP knows the cash flows, the number of periods, and the interest rate. To find the PV,

press to get PV = NPV = $377.40.

NPV

Example 2: Embedded Annuities

We have these cash flows, which contain embedded annuities:

0 10% 1 2 3 4 5 6 7 8 9

/)))))))3))))))3))))))3))))))3))))))3))))))3))))))3))))))3))))

))1 0 100 100 100 200 200 300 300 300 300

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What’s the PV?

Clear, set P/YR = 1 if changed.

0CFj

100 CFj

3 Nj

200 CFj

2 Nj

300 CFj

4 Nj

Now the HP knows the cash flows. Thus, enter the interest rate:

10 I/YR

Now press to get PV = NPV = $1,099.94.

NPV

To check your entries:

0 to see CF0.

RCL

to see first CF entry.

RCL CFj

to see how many times CF1is repeated, etc.

RCL Nj

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1If a negative CF occurs at the end of a project’s life, then the HP may give an error message, indicating that

there are two IRRs. Enter data, then enter 10 to get the first IRR. Then enter a large

STO IRR/YR

percentage, such as 100 to find other IRR. You might have to experiment with “guesses” to

STO IRR/YR

locate the two IRRs.

Example 3: The Rate of Return Offered by an Investment (IRR)1

Assume that we invest $1,000 now(t = 0) and then expect to receive an uneven set of cash flows. Here

is the CF time line:

0 1 2 3 4

/))))))))3))))))))3))))))))3))))))))1

-1000 300 400 200 600

What rate of return will we earn? Enter the following:

CLEAR ALL

1000

+/- CFj

300 CFj

400 (Hold down CFjkey to be sure you entered CF2.)

CFj

200 CFj

600 CFj

= 16.71%

IRR/YR

Youcanalso determine the NPVofthe investment. Leavedataenteredandthenenter the opportunitycost

interest rate, say 8 percent. To find NPV press

8I/YR

NPV

The NPV of $220.50 is displayed. Thus, the PV of the cash inflows exceeds the cost of the investment

by $220.50.

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