You open an IRA with a $2,000. After one month you make $100 deposits at the end of each month. The account pays 4% annual interest compounded monthly. What will the account be worth in 20 years?
| Value | Keystrokes | Display | Description |
|---|---|---|---|
| shift, clr f | Clears the financial variables. | ||
| shift, END | set the payment mode to END. | ||
| 12 | STO, P/YR | 12.00 | Sets the payments per year. This also sets the compounding periods to the same value if using the Focused Calculator. |
| 4 | I/YR | 4.00 | Stores the annual interest rate. |
| -2000 | PV | -2,000.00 | Stores the initial deposit, PV. |
| -100 | PMT | -100 | Store the payment amount. |
| 20 | shift, xP/YR | 240 | Sets the total number of payments to the value in x times the payments per year. |
| FV | 41,122.63 | Calculate the future value. |