HP 12c bond question

test, following, resources, something

Hi,
I have a problem with my HP 12c for Interest on bonds:
for the following problem on bonds:
FV 1000
PV (1012.75)
PMT 38.73
N 23.5
CPT for I
the answer on the test Bank (allen resources) is 3.792 but my HP 12c gives me 3.6709 why?
Do I input something wrong? Can somebody please help? I am pretty sure it is because the N is a dec. number because all the other problems with a round N are fine. Please help!

Spongebob

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2^#

发表于 2013-4-6 21:23 | 只看该作者

This is a welldocumented issue in Schweser and CFAI. The HP12C rounds up your N value when there is a decimal. CFAI is aware of this issue and no problem on the exam will nitpick on your choice of N.
FROM THE CFAI website FAQ:
Should I be concerned that the HP 12C automatically rounds up when computing the time required to accumulate a given future value?
No. CFA Institute is aware that the HP 12C rounds up when computing the time required to accumulate a certain sum. We have taken that into consideration in the creation of questions and in the grading process.

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HP 12c bond question

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