CFA考试指定计算器TI-BaII-Plus使用方法

CFA考试指定计算器TIBaII-Plus使用方法2016年6月CFA考试已不久远，考生们都如火如荼的备考着，浦江财经老师也一刻不停息的为学员们解答着各Level的疑惑。近期不少学员询问TIBaII-Plus的使用方法，众所周知TIBaII-Plus是CFA考试指定计算器，但是还是有许多新老考生出现不会使用情况，这样其实对CFA考试是硬伤，浦江财经觉得有必要整理一篇文档，来和大家来说说如何正确快速的使用TIBaII-Plus计算器。CHARTEREDFINANCIALANALYSTTexasBAIICalculatorWorkshopCHARTEREDFINANCIALANALYSTSettingupyourBAIICalculatorWorkshopSettingupyourcalculator(BAIIPlus)Decimalplaces&|F!Settomathematicalprecedence&|&!No.ofpaymentsperyear&-KCleartimevaluecalculations&0CalculatorWorkshopMemoryfunctionThecalculatorcanstorenumbersforyouYoucalculatetheanswerto2+3.5=5.5andthenwishtostoreitPressDthenK(5.5hasnowbeenstoredandassignedtobuttonKHavingclearedthescreen(P),itisnowpossibletorecallthenumberbypressingJthenKExample:Itisalwayspossibletorecallthelastanswerfromthecalculatorbypressing&andthenxCHARTEREDFINANCIALANALYSTNominalvs.EffectiveInterestRatesCalculatorWorkshopCalculatingnominalandeffectiveratesCalculatethenominalratefroma4%six-monthlyperiodicrateCalculatetheEARfroma4%six-monthlyrateCalculatetheEARfromanominalrateof8%paidquarterlyPeriodicrate(r)EffectiveAnnualRate(EAR)EAR=(1+r)12/n–1Wheren=numberofmonthsNominal/statedraterxAnnualno.ofperiodsExample:CalculatingnominalandeffectiveratesCalculatorWorkshop8%paid6-monthlyis,ineffect,8.16%8%paidquarterlyis,ineffect,8.243%$108.24340.081$100FV4=+=ratenominaltheisrwhere1nr1rateEffectiven−+=Example:CalculatorWorkshopYoucancalculateeffectiveratesfromnominalratesusingtheBA-II&vNOM=@!C/Y=L!EFF=%CalculatorWorkshopCONTINUOUSCOMPOUNDINGFuturevaluebasedoncontinuouscompounding$1for1yearat100%pa,singleperiod$2$1for1yearat100%pa,twoperiods$2.25$1for1yearat100%pa,fourperiods$2.44$1for1yearat100%pa,1,000periods$2.717$1for1yearat100%pa,infiniteperiods$2.71828…eCalculatorWorkshopFuturevaluebasedoncontinuouscompoundingFV=PVertPV=FVe-rtTherearetwowaystogettheBAIItocontinuouslycompound/discount:CompoundingQRQ@&KQQN108.33DiscountingQRQ@S&KQ@RML@?KNCalculatorWorkshopCheating&vNOM=@!C/Y=AAAAA!EFF=%~FV=PV(1+i)nCHARTEREDFINANCIALANALYSTUsingthePresentValueFunction$2,000forfiveyearsatacompoundinterestrateof4%?BEFOREYOUSTARTCLEARTHECALCULATOR&^CalculatorWorkshop,-./%0NB:SignsNI/YPVFVPMTExample:CalculatorWorkshopIf$5,000growsto$5,798.47overthreeyears,whatisthesix-monthlyinterestrate?BEFOREYOUSTARTCLEARTHECALCULATOR&^Example:,%-./0CalculatorWorkshopFuturevaluesofordinaryannuitiesForexample,3-year$5,000annuityat5%:,-./%015,762.50CalculatorworkshopPresentvalueofordinaryannuitiesForexample,3-year$5,000annuityat5%:,-%.13,616.24/0Calculatorworkshop10yr$10,000annuity,interestrates5%.WhatisFV?12yrannuitywithafuturevalueof$180,000Interestratesare5.5%.Whataretheannualpayments?Howmanypaymentsof$4,342.65togetafuturevalueof$60,000at7%?Whatinterestratewouldresultinafuturevalueof$50,445.05oversevenyearswithannualpaymentsof$5,000?Example:Ordinaryannuities:calculatinganunknownvariableCalculatorWorkshopSERIESOFEVENCASHFLOWSFutureValue/(PresentValue)ofanAnnuityAnannuityissomethingwhichpaysregularcashflowsatfixedperiods,overagivenperiodoftime:OrdinaryAnnuityThecashflowsaremadeattheendofeachperiod:AnnuityDueThepaymentsaremadeatthebeginningofeachperiod:T0T1T2T3T4T5T6+200+200+200+200+200+200T0T1T2T3T4T5T6+200+200+200+200+200+200CalculatorWorkshopFuturevalueofanannuitydueCanusebeginmode:&]&!Futurevalueiscalculatedattheendofthefinalperiod:E.g.Six-year$200annuitydue,interestrates8%AlternativemethodFVT-1FVT0T1T2T3T4T5T6+200+200+200+200+200+200T0T1T2T3T4T5T6CalculatorWorkshopComputethepresentvalueofafouryear$1,000annuityusingadiscountrateof6%wherethefirstpaymentisreceivedtoday.$1,000$1,000$1,000$1,000,-%.$3,673.01/0Example:PresentvalueofanannuitydueT+0T+1T+2T+3T+4CalculatorWorkshopYoureceive$500nowandatthebeginningofthenextfouryearsWhatwillbethevalueaftersevenyearsifinterestratesare5%?$500$500$500$500$500?FVofannuitydue,-./%0Example:AnnuitydueexampleT+0T+1T+2T+3T+4T+5T+6T+7=$3,198.30CalculatorWorkshopA35-yearoldinvestorwishestoretireat60,anddraw$30,000peryear(atthebeginningofeachyear),thelastpaymentbeingonher89thbirthdayAssumingthatexpectedreturnswillbe8%priortoretirementand7%duringretirementwhatistheamountsheneedstodepositattheendofeachyearuntilretirement?T35T60T9025-yearordinaryannuity$30,00030-yearannuitydue25years30yearsExample:Solvingproblems:fundingaretirementprogramCHARTEREDFINANCIALANALYSTUsingtheCashFlowFunctionCalculatorWorkshopSERIESOFUNEVENCASHFLOWSPresentvalueofaseriesofunevencashflowsWhatisthepresentvalueofthefollowingcashflowsbelowusingadiscountrateof6%?'&zKQQQS!#?QQ!##@QQ!##AQQ!#L!Cost$1,000RevenueYear1$700Year2$800Year3$900Year4$900CalculatorWorkshopInputDisplayshowsInput(I=0.00000G!#NPV=0.00000%NPV=1,840.91616)IRR=0.00000%CalculatorWorkshopCalculatetheNPVandIRRofbothprojectsassumingacostofcapitalof10%0123ProjectA(2,000)1,500700400ProjectB(2,000)8001,500500Example:NetPresentValue19.92342.60ProjectB18.69242.67ProjectAIRRNPVCalculatorWorkshopAninvestorbuysastockinXYZIncfor$100.After1yearanothershareinXYZInc.isboughtfor$