You deposit $2,000 into a savings account that pays 3% annual interest. If you make no other deposits, how long will it take for the account to grow to $3,000?
| Value | Keystrokes | Display | Description |
|---|---|---|---|
| shift, C TVM | Clears the financial variables. | ||
| 1 | STO, P/YR | 1.00 | Sets the payments per year. This also sets the compounding periods to the same value if using the Focused Calculator. |
| 3 | I/YR | 3.00 | Stores the annual interest rate. |
| -2000 | PV | -2,000.00 | Stores the initial deposit, PV. |
| 3000 | FV | 3,000.00 | Stores the desired future value, FV. |
| N | 13.72 | Calculate the number of years. |
Since the interest is compounded annually, what will the value be in 14 years?
| Value | Keystrokes | Display | Description |
|---|---|---|---|
| 14 | N | 14.00 | Stores the number of years. |
| FV | 3,025.18 | Calculates the future value. |
Often such a long term (14 years in this example) savings (involving payments) involves increasing the amount of the payment. These Function Calculators will calculate using graduated annuities: