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The present value of Annuity Due Using the Financial Calculator?

I've been going over the issue, which offers about a solution, but I can not figure out what do I need to punch my financial calculator to give me the same answer. 1. My cousin just came home from a poker tournament in Las Vegas and is now trying to pay for gambling owe $ 5,000. You agreed to pay off the debt to him today, and in return he has promised to pay you $ 250 a month over the next two years of payments will begin immediately. What is the effective annual interest rate you charge him? ) 19.75% B) 19.86% c) 21.77% D) 22.26% E) 23.45% Answer C 5000 = 250 x PVIFA (i, 24) x (1 + i) because it is an annuity Solve Financial Calculator using i: i = 1.6550% EAR = (1 + im) m -1 = (1.01655) 12-1 = 21.77% Yes solution is provided, but I can not figure out how to solve i using my Financial Calculator.

Hi, I have the same exam on Sunday: You will change the state of the calculator and starts to calculate the I / Y cause the annual fee due to .. Make sure you put the (-) sign present value (-5000) If you want to change the setting from space: a change Start Mode, press the second PMT. You should see that it says END on the screen. Now, press ENTER to change the second BGN and then press the second CPT leave a calculation mode. .. Good luck!

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