发布时间:2010-01-19 共3页


This document is designed to provide you with (1) the basics of how your TI BA II Plus financial
calculator operates, and (2) the typical keystrokes that will be required on the CFA
examination. A similar guide as published by Texas Instruments is available for download from
www.ti.com/calc/baiiplus. In this tutorial, the following keystroke and data entry conventions
will be used.
[•] Denotes keystroke
{•} Denotes data input
A. Setting Up Your TI-BA II Plus
The following is a list of the basic preliminary set up features of your TI BA II Plus. You
should understand these keystrokes before you begin work on statistical or TVM
Please note that your calculator’s sign convention requires that one of the TVM inputs
([PV], [FV], or [PMT]) be a negative number. Intuitively, this negative value represents
the cash outflow that will occur in a TVM problem.
1. To set the number of decimal places that show on your calculator:
[2nd]→[FORMAT]→{Desired # of decimal places}→[ENTER]→[CE/C]
For the exam, I would make sure that the number of decimal places is set to 5.
2. To set the number of payments per year (P/Y):
[2nd]→[P/Y]→{Desired # of payments per year}→[ENTER]→[CE/C]
P/Y should be set to 1 for all computations on the Schweser Notes and on the exam.
3. To switch between annuity-due [BGN] and ordinary annuity modes:
4. To clear the time value of money memory registers:
[2nd]→[CLR TVM]
This function clears all entries into the time value of money functions (N, I/Y, PMT,
PV, FV). This function is important because each TVM function button represents a
©2003 Schweser Study Program
memory register. If you do not clear your memory, you many have erroneous data
left over when you perform new TVM computations.
5. The reset button [2nd] [RESET].
The reset button serves to reset all calculator presets [P/Y], [FORMAT] to their
factory default values. If you feel that you’ve accidentally altered your calculator’s
presets in a way that could be detrimental, simply press [2nd]→[RESET]→[ENTER]
to reinstate the factory defaults. Be sure to reset P/Y to 1 and the number of decimals
to the preferred levels.
6. Clearing your work from the statistical data entry registers:
To clear the (X, Y) coordinate pairs from the [2nd]→[DATA] memory registers,
[2nd]→[DATA]→[2nd]→[CLR WORK]→[CE/C]
7. Additional memory registers:
You may wish to store the results of certain computations and recall them later. To
do this, press [2nd]→[MEM]. To enter data into register M (0),
{desired number}→[ENTER]→[CE/C]
To enter another number into M (1), [↓]→{desired number}→[ENTER]→[CE/C]
B. How to Handle Multiple Payment Periods Per Year:
When a present value or future value problem calls for a number of payments per year
that is different from 1, use the following rules. These rules only work if P/Y is set to 1.
1. For semi-annual computations:
PMT = (annual PMT) / 2
I/Y = (annual I/Y) / 2
N = (number of years) × 2
2. For quarterly computations:
PMT = (annual PMT) / 4
I/Y = (annual I/Y) / 4
N = (number of years) × 4
©2003 Schweser Study Program
3. For monthly computations:
PMT = (annual PMT) / 12
I/Y = (annual I/Y) / 12
N = (number of years) × 12
C. Time Value of Money (TVM) Computations
1. Basic Present Value Computations
If a single cash flow is to occur at some future time period, we must consider the
opportunity cost of funds to find the present value of that cash flow. Hence, our goal
here is to discount future cash flows to the present using the appropriate discount rate.
For example, suppose you will receive $100 one year from today and that the
appropriate discount rate is 8%. The value of that cash flow today is:
[CPT]→[PV] = -92.59
Example: Suppose you will receive $1,000 ten years from today and that the
appropriate annualized discount rate is 10%. Compute the present value of this cash
flow assuming semi-annual compounding
[CPT]→[PV] = -376.89
The result is a negative number due to your calculator’s sign convention. Intuitively,
to receive $1000 ten years from now at 10% semi-annually, this would cost you
2. Basic Future Value
Here, we want to compute how much a given amount today will be worth a certain
number of periods from today, given an expected interest rate or compounding rate.
Example: Suppose that you have $1,000 today and can invest this amount at 14%
over the next 5 years with quarterly compounding. Compute the value of the
investment after 5 years.

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