how do you use the tvm solver on the TI-83
To use the TVM (Time-Value-of-Money) Solver on the TI-83 calculator, follow these steps:
1. Press the "APPS" button on your calculator.
2. Scroll down using the arrow keys and select "Finance" using the "ENTER" key.
3. Among the various options that appear, choose "TVM Solver" and press "ENTER."
4. You will see the screen for the TVM Solver. It consists of several variables that need to be entered to solve the problem.
- N: Represents the total number of compounding periods (usually years).
- I%: Represents the interest rate per compounding period.
- PV: Represents the present value (or initial investment) of the cash flow.
- PMT: Represents the recurring payment or cash flow.
- FV: Represents the future value at the end of the cash flow.
5. Depending on the problem, input the known variables by typing their values and pressing "ENTER" after each one. Leave the unknown variable as zero (0).
6. Once all the known variables are entered, move the cursor to the unknown variable (which is zero) and press the "ALPHA" key followed by the corresponding variable key (N, I%, PV, PMT, or FV) to solve for that variable.
7. After pressing the variable key, the calculator will automatically calculate the value of the unknown variable and display it on the screen.
Note: Make sure the values are entered correctly and that the interest rate is written in decimal format (e.g. 5% should be entered as 0.05).