HP 20b Business Consultant
Financial Calculator Manual
For free training, visit www.hp.com/go/calctraining
HP part number: F2219-90201
First edition: August 2008
LegalNotices
Legal Notices
This manual and any examples contained herein are provided “as is” and are subject to change without notice. Hewlett-Packard
Company makes no warranty of any kind with regard to this manual, including, but not limited to, the implied warranties of
merchantability, non-infringement and fitness for a particular purpose.
Hewlett-Packard Company shall not be liable for any errors or for incidental or consequential damages in connection with the
furnishing, performance, or use of this manual or the examples contained herein.
Reproduction, adaptation, or translation of this manual is prohibited without prior written permission of Hewlett-Packard
Company, except as allowed under the copyright laws.
Hewlett-Packard Company
16399 West Bernardo Drive
MS 8-600
San Diego, CA 92127-1899
USA
Error Messages and Calculator Status.............................................................................65
12 Warranty, Regulatory, and Contact Information
Replacing the Batteries.....................................................................................................67
HP Limited Hardware Warranty and Customer Care........................................................67
Customer Care .................................................................................................................68
Product Regulatory & Environment Information ...............................................................71
Index
Contents
5
HP20bBusinessConsultantKeyboard
HP 20b Business Consultant Keyboard
Keyboard Map Legend
No.FeatureChapter(s)No.FeatureChapter(s)
1Time Value of Money keys316Annunciator display area1
2Cash Flows, IRR, and NPV
menus
3Data and Statistics menus914% key and Percent
4Input key113Store and Recall2
5Memory menu112Break-even menu6
6Up/Insert and Down/Delete
keys
7Secondary function key110Math Menu2
8On/Off and clear entry key19Mathematical function keys2
415Amortization and Depreciation
menus
Calculation menu
111Backspace key and Reset
menu
6
3,8
2,6
1
BasicFeatures
1Basic Features
Welcome to the HP 20b Financial Calculator
This manual is designed to familiarize you with the many features of your new 20b Financial Calculator. It includes menu
maps, example problems and solutions with key presses, screen shots, and examples of cash flow diagrams. There are also
sections which list the error messages and explain how RPN works. Refer to the section titled,
various topics. If you need more information about your calculator, or about calculator operation and features, please refer to
the training materials available at: www.hp.com/go/calctraining.
Turning the Calculator On and Off
To turn on your calculator, press O. To turn it off, press :a.
Contents
for quick access to
Turning the calculator off does not erase any data. The calculator automatically turns itself off after approximately five minutes
to conserve energy. If you see the low battery symbol () in the display, replace the batteries. See Chapter 12
Regulatory, and Contact Information
for instructions on replacing the batteries.
, Warranty,
Selecting a Language
English is the default language for messages displayed on the screen. To select a language other than English:
1. Press :u to access the Mode menu.
2. Press < repeatedly until
3. Press Iuntil the desired language is displayed. The displayed language is the active setting.
4. Press O to return to the default calculator screen.
For more information on accessing menus and changing calculator settings, refer to the sections below titled,
Menu: Setting Preferences
, and
English
Accessing Menus and Menu Maps
displays on the screen.
FIX
displays on the top line of the screen.
.
The Mode
Adjusting the Display Contrast
To adjust the contrast of the display, press and hold O while pressing the + or - keys. Each press of the + or
- keys slightly increases or decreases the contrast of the display.
Cursor
When you enter a number, the cursor (_) blinks in the display and indicates you are in
7
number entry
mode.
Basic Features
Two Line Display
There are two lines in the display screen as shown in Figure 1.
Figure 1 Display Screen
The top line of the screen displays operation status, operator symbols, annunciators, and abbreviations of the registers,
variables, and menu names. Throughout this manual, this line is referred to as the
The bottom line displays numbers you have entered, or results. Throughout this manual, this line is referred to as the
line
.
When no operations have been entered and no operations are pending, the bottom line of the screen displays
of the calculator is referred to as the
default calculator screen
.
top line
. In Figure 1,
SIN
is on the top line.
0.00
bottom
. This state
The Mode Menu: Setting Preferences
The Mode menu allows you to customize the calculator. To access the Mode menu, press :u. Press < or >
repeatedly to scroll through the menu starting with
Once an item is displayed, press I to cycle through the other options for that setting. To exit the Mode menu, press
O. Table 1-1 lists the items in the Mode menu
FIX=2
.
(the number of digits displayed to the right of the decimal point).
8
Basic Features
Table 1-1 Mode Menu Settings
Setting (top line)Description
FIX= 2Display precision (number of digits displayed to the right of the decimal point).
Default is2.
Key in the number of digits you want and press I, or press = until the number of digits
you want is displayed.
The display precision can be any number from 0-11. If you specify -1, the calculator displays
numbers with the most appropriate number of digits after the decimal point.
If you find you need to change the
1 Press : and release it. Check that the secondary function indicator is displayed.
2 Press : again, and, without releasing it, press a key, 0through 9 that corresponds
to the desired
press . instead of a numbered key, FIX=-1 is selected.
Degree or RadianAngular mode in degrees or radians for trigonometric functions.
Date:
mm.ddyyyy or
dd.mmyyyy
Default is
Pressing I toggles between these options.
Format for dates. December 3, 2010 is entered as
dd.mmyyyy
Default is
Pressing I toggles between these options.
Note that when a date is displayed, a number between1and7also displays at the right of the
screen. This number indicates the day of the week corresponding to that date. Monday is1, and
Sunday is7.
Note: in 360-day calendar mode (Cal.360), days of the week are displayed only if the date is valid.
Degree
mm.ddyyyy
FIX
setting. FIX settings for 10 and 11 are not available using this shortcut. If you
.
format. Note the (.) in both formats separating the first and second groups.
format.
FIX
setting often, use the following shortcut:
12.032010inmm.ddyyyy
format, or
3.122010
in
1.23 or 1,23Selects point or comma as decimal separator.
1000.00, 1,000.00,
1000,00 or 1.000,00
Default is decimal point,
Pressing I toggles between these options.
Selects thousands separator.
Default is none,
Pressing I toggles between these options.
Note: the 1000.00 and 1,000.00 options are only available if the decimal separator is set for point
1000.00
1.23
(.); 1000,00 and 1.000,00 are available only if the decimal separator is set for comma (,).
Chain, Algebraic, or
RPN
Calculation mode. For more information, refer to Chapter 2,
Pressing I cycles through these options.
9
Mathematical Calculations
.
Table 1-1 Mode Menu Settings
Setting (top line)Description
Basic Features
English, Français,
Deutch, or Español
Actual or
Cal.360
Annual or Semiannual Bond type.
TVM Standard or TVM
Canada
Language setting for the messages displayed on the screen.
Default is
Pressing I cycles through these options.
Calendar options for bonds and date calculations.
Default is
Pressing I toggles between these options.
Default is
Pressing I toggles between these options.
Activate or deactivate the compounding per year (C/YR) option in time value of money (TVM)
calculations. This option is primarily used for Canadian mortgage calculations. For more
information, refer to the section titled,
Pressing I toggles between these options.
English
Actual
Annual
.
.
.
Changing the Calculation Mode
Canadian Mortgages: TVM Canada
in Chapter 3.
After viewing the default settings, suppose you want to change the calculation mode from Chain to RPN. See Table 1-2.
Table 1-2 Changing the Calculation Mode
KeysDisplayDescription
:u
<<<<
Opens the Mode menu, starting with first setting
option,
FIX
, the number of digits displayed to the right
of the decimal point.
Scrolls to the current setting for the calculation mode,
Chain
.
<
(Press five times)
II
(Press two times)
O
Selects
RPN
Exits the Mode menu and returns you to the default
calculator screen.
RPN
as the active setting. Note the small
annunciator to the right.
10
Basic Features
Key Presses and the Secondary Function : Key
To execute the function associated with a key, press and release the desired key. Most of the 20b's keys have two functions:
the primary function and the secondary function. The primary function is printed on the top of the key. The secondary function
is printed on the bevel of the key. See Figure 2.
Primary
Function
R
Secondary
(shifted) Function
Figure 2 Primary and Secondary Key Functions
To activate the secondary function of a key, press and release : followed by the key with the desired secondary function
printed on the bevel. Unlike the shift key on a typewriter or computer keyboard, it is not necessary to press and hold :
while pressing another key.
When : is active, the down arrow annunciator appears on screen, indicating that the next key pressed will execute the
secondary function of the key. To cancel an accidental press of :, simply press : a second time.
In this manual, commands using the secondary key functions are represented by the secondary function key symbol, :,
followed by the key with the secondary function. For example, to execute sine,press :p. Note how the
the key is highlighted, while the7is grayed out. This highlighting focuses on the function of the key that will be activated in a
given command, and it is used throughout the manual to make the examples easier to follow. Key commands for example
problems are provided throughout the text and in tables. Key symbols are placed in the order they are to be pressed, from left
to right.
SIN
portion of
Annunciators
Annunciators are symbols that appear in the display as messages, or after certain keys or key combinations have been
pressed. Annunciators are special symbols indicating a specific status in the calculator. Figure 3 illustrates the annunciator
symbols in the display.
11
Figure 3 Annunciator Symbols in the Screen Display
Basic Features
The I Key
The I key is used to input values for variables and execute menu items.
The I key is also used in Reverse Polish Notation (RPN) mode to enter a number on the stack or duplicate it.
The = Key
The = key is used at the end of a mathematical operation to calculate the final result. For example, 1+2=
returns a final result of3.
The = key, when pressed outside of a mathematical operation, also allows you to request a calculation for the value of an
item. This request only applies to items that can be calculated.
Using the I and = Keys
Suppose you wanted to calculate the effective interest rate for a 12% nominal interest rate with 12 payments per year in the
Interest Conversion (IConv) menu. To open the IConv menu, press :&.
current value assigned to the nominal interest rate is displayed on the bottom line. With this screen displayed, press
12I to input a new value for the nominal rate. Press < followed by = to calculate the value for the
effective rate. See Figure 4.
Nom %=
displays on the top line, and the
12
Figure 4
Basic Features
When an item for which the = key is valid displays, the small annunciator (=) is displayed on the top line at the right of the
screen. Do not confuse this small annunciator (=) with the larger annunciator (=) found to the right of a variable.
When an item for which the I key is valid displays, the INPUT annunciator is displayed on the top line at the right of
the screen.
Editing and Clearing Entries
The On/CE O Key
Pressing O one time cancels current number entries, mathematical operations, or a menu selection, in that order.
Pressing O repeatedly when performing multiple operations cancels one operation at a time, from the latest to the earliest.
The Reset :x Menu
The Reset menu allows you to reset some, or all, of the menu items, variables, and registers to their default values.
To open the Reset menu, press :x.
specific item. To validate a choice and reset the selected items, press I. Press O to cancel. If you select the
command to reset the cash flow (
choice. At the
While working within a specific menu, pressing :x takes you directly to the item of the Reset menu that allows you to
reset that specific menu. For example, if you are working in the Bond menu and you wish to reset all your entries in the Bond
menu, with any item of the Bond menu displayed, press :x.
Del. All?,Del. Data?
Cash Flow
, and
TVM
), statistics (
Del. CF?
displays on the top line. Press < or > repeatedly to scroll to a
Stats
), or all values (
prompts, press I again to confirm the reset, or O to cancel.
Bond
All
) items, you will be prompted to confirm your
displays on screen. At this prompt, pressing
I resets the Bond menu and returns you to the last item you were working with in the Bond menu.
Notes about Special Menus
The Mode, Memory, Math and Reset menus are special menus; if you were working in a menu prior to entering one of these
special menus, pressing Oto exit them returns you to your previous menu,. This feature allows you to work in two or more
menus simultaneously without having to exit a menu.
Memory and the Memory Menu
The Memory menu contains the following items: memories 1-9 (
Memory
memory 1 (
When a memory item is displayed, you can enter a new number and modify the value of the memory by pressing I.
. To enter the menu, press :t. Press < or > repeatedly to scroll through the items starting with
Mem 1
).
13
Mem 1-9
) and 0 (
Mem 0),Cash Flow
, Statistics (
Stats
), and
Basic Features
For more information about storing and recalling numbers, refer to the section titled,
Chapter 2.
The Cash Flow and Statistics menus share the same memory and are limited to a combined total of 50 memory slots. The
number displayed with
displayed, a number also appears on the bottom line. This number indicates the number of memory slots used by the menu.
Pressing I with this number displayed resets the memory of the displayed menu item and erases all entered data.
Since entering data in these menus can represent a significant amount of work, you will be asked to confirm your choice. At
the
Del.Data?orDel.CF?
Memory
refers to the number of remaining memory slots. When the cash flow or statistics items are
prompts, press I to confirm, or O to cancel.
Storing and Recalling Numbers
in
Accessing Menus and Menu Maps
Many of the calculator's functions are located within menus. To access a menu, press the key, or secondary-function-keycombination, for the menu in which you wish to work. To exit a menu, press O.
For example, to access the Break-even menu, press :!. Once opened, you can scroll through the items in the menu
by pressing <or> repeatedly. When you arrive at the last item in a menu, pressing < returns you to the first item.
Similarly, pressing > one time on the first menu item scrolls to the last item in the menu.
Most items consist of two parts: a name and an associated number. For example, the
(Figure 7) displays as shown in Figure 5.
Figure 5
The large (=) annunciator shows that the value assigned to
displayed by pressing 1+2= for example,
annunciator is now turned off, indicating the3is not the value assigned to
At this point, to return to the display of the
Fixed
menu item shown in Figure 5, press O.
Fixedis120,000
Fixed
is still selected as the current item, but the large (=)
Figure 6
. If you perform a calculation with this item
Fixed
(see Figure 6).
Fixed
item in the Break-even menu
Some menus have sub-menus. If an item represents a sub-menu, pressing I with that menu item displayed opens the
sub-menu.
14
Basic Features
In this manual, diagrams called
through the menus used for that section. For an example of a menu map, see Figure 7.
There are four types of menu items:
1. Read/write. Read/write menu items, such as
because when they are selected, both the
indicate that entering a number and pressing I will store the entered number in the displayed menu item.
Pressing = (outside of a mathematical operation) calculates the value for that item based on available data.
2. Read-only. Read-only items such as Internal Rate of Return (
Menu Maps
Figure 7 The Menu Map for the Break-even Menu
are included at the beginning of each section to assist you with navigating
Fixed
in the Break-even menu shown above, are easily recognizable,
INPUT
and small (=) annunciators are lit. When lit, these annunciators
IRR%
) in the IRR menu are display-only; they are
calculated values computed internally by the calculator.
3. Write-only. Write-only items, such as investment interest rate (
similar to read/write items in that the
number and pressing I stores that number in that menu item. However, the = key does not calculate a
value for that item.
4. Special items. Special items, such as the
the items of the Percent Calculation (%calc ) menu perform an action when I is pressed. Depending on the
menu, this action can be the selection of a sub-menu (%calc menu), changing a mode or setting (Mode menu), or
erasing data (Reset menu).
INPUT
annunciator is lit when these items are selected, indicating that entering a
Degree/Radian
Inv. I%
option in the Mode menu, the items of the Reset menu, and
) in the Net Present Value (NPV) menu, are
15
2Mathematical Calculations
Mathematical Functions
Mathematical functions are located:
On keys, such as, +-*/, etc.
On shifted, or secondary functions, such as, :p
In the Math menu, :s
Number Entry and Display
MathematicalCalculations
Numbers are entered by pressing:
Numbered keys, 0-9
The decimal point .
The } key
The :w keys
To correct a number entry, press the backspace key, {. Each press of { erases the last digit or symbol you entered.
To enter a number in the display, press the number digits successively. A number can have up to 12 digits.
To change the sign of a number from positive to negative, press }.
Use scientific notation to enter very large and very small numbers. For example, to enter the number
notation, first enter the mantissa (
The exponent must have a value between -499 and +499.
1.23 )
and then press :w and enter the number (
127 )
representing the exponent.
127
1023.1
in scientific
Figure 1 Scientific Notation in FIX=2 Mode
16
Mathematical Calculations
Chain Mode
Calculations in Chain mode are interpreted in the order in which they are entered. For example, entering the following
numbers and operations as written from left to right 1+2*3= returns9. See Figure 2.
Figure 2 Calculation in Chain Mode
Note: if you press an operator key, +-*/, after =, the calculation is continued using the currently
displayed value.
In Chain mode, if you wish to override the left to right order of entry, use parentheses () to prioritize operations.
For example, to calculate
multiplication operation. See Table 2-1 below.
Table 2-1 Simple Arithmetic Calculations in Chain Mode
KeysDisplayDescription
1+
321, you may enter the problem as written from left to right, with parentheses to prioritize the
Sets operational priority, inputs numbers, and
multiplies 2 and 3.
(2*3)
=
Adds 1 to 6 and returns
the final result.
7.00
on the bottom line as
Algebraic Mode
To set the calculator in Algebraic mode, refer to the section titled,
In Algebraic mode, multiplication and division have a higher priority than addition and subtraction. For example, in Algebraic
mode, pressing 1+2*3= returns a result of
of
9.00.
The Mode Menu: Setting Preferences
7.00
. In Chain mode, the same key presses return a result
in Chapter 1
.
In Algebraic mode, operations between two numbers have the following priority:
Highest priority: the power function (yx)
Second priority: combinations and permutations
Third priority: multiplication and division
Lowest priority: addition and subtraction
17
For example, key in 1+ 2 x 5 nPr22in Algebraic mode by pressing:
1+2*5:b2:m=. The result is 241.
Mathematical Calculations
Note: the calculator is limited to 12 pending operations. An operation is
the result of an operation of higher priority.
pending
when it is waiting for the input of a number or
Reverse Polish Notation (RPN) Mode
To set the calculator in RPN mode, refer to the section titled,
mode, numbers are entered first, separated by pressing I or =, followed by an operation key.
Note: pressing I or = is optional after entering a number, if the next key pressed is an operation.
Each time you press an operation or function key in RPN, the answer is calculated immediately and displayed. For example,
suppose you wanted to add two numbers in RPN, 1 and 2. Press 1I2+. The result,
and displayed immediately on the bottom line along with the (+) symbol on the top line.
Note: in RPN mode, when you are in a menu for which I or = are valid, pressing these keys enters the number,
but it also performs the action associated with the key for the menu item, which is generally saving the number in the variable
or calculating the item's value.
The Mode Menu: Setting Preferences
in Chapter 1.In RPN
3.00
, is calculated
The RPN Stack
RPN works by placing numbers in storage registers called the
are stacked on top of one another. See Figure 3.
Stack Level 4
Stack Level 3
Stack Level 241
Stack Level 1
Figure 3 The RPN Stack
In Figure 3, the stack contains four numbers, 23, 41, 12, and -15. Each level (1-4) contains one number. When a number is
typed and entered into the stack by pressing I, this new number is "pushed" into level one of the stack, and each
number already in the stack moves up one level. The number in Level 4,
stack
. The RPN stack has four levels numbered 1-4. The levels
-15
12
23
-15
, is pushed out and is lost.
18
Mathematical Calculations
When an operation is performed on the stack, addition (+) for instance, the calculator "pops" or moves the two numbers
from the bottom levels (Levels 1 and 2) out of the stack, performs the operation, and "pushes" the results back into the stack.
With the numbers entered into the stack as shown in Figure 3, pressing + changes the stack as shown in Figure 4. Note
that when the numbers are "popped" out to add 23 and 41, Level 4 of the stack remains unchanged.
-15
-15
12
64
Figure 4 The RPN Stack of Figure 3 after the Addition Operation
Last Number
Each time you perform a mathematical operation, the content of Level 1 of the stack is saved. Pressing :d recalls that
number. This functionality can be used to undo an erroneous key press, or if you want to reuse a number, such as 56.123 in
the expression:
123.5623.1
123.56
See Table 2-2 for an example using the
Table 2-2 Last Number
KeysDisplayDescription
:u3I
<<<<<
last number
function.
Sets
FIX=
Selects
to 3.000
RPN
as the operating mode.
II
O1c23
Inputs 1.23 and 56.123
I56c1
23
19
Table 2-2 Last Number
KeysDisplayDescription
Mathematical Calculations
+:d/
For more complex problems requiring two or more operations, you do not need to enter parentheses to set operational priority.
Key in numbers and operations inside the parentheses first, followed by those outside of the parentheses. If a problem has
more than one set of parentheses, start by working with the operations and numbers in the innermost parentheses and work
out. For example, calculate:
Adds 1.23 and 56.123, then divides the sum by the
last number, 56.123. Returns results in the selected
display format.
6543
One way to calculate this problem is to key in the numbers and operations within the parentheses first, followed by the
operation outside of the parentheses. See Table 2-3.
Table 2-3 Simple Arithmetic Calculations in RPN Mode
KeysDisplayDescriptionRPN Stack
3I4+
Inputs the numbers and the
operation in the first set of
parentheses. Intermediate
results are displayed. Note
the (+) and (RPN)
annunciators.
Previous Value
Previous Value
Previous Value
5I6+
7
Inputs the numbers and the
operation in the second set of
parentheses. Intermediate
results are displayed. Note
the (+) annunciator.
20
Mathematical Calculations
Table 2-3 Simple Arithmetic Calculations in RPN Mode
KeysDisplayDescriptionRPN Stack
*
Pressing I or = when you are not entering a number duplicates the number on Level 1. That is, the number on
Level 1 is pushed on the stack, making Levels 1 and 2 equal. In the example above, pressing I after * duplicates
77
on the stack, making Levels 1 and 2 equal. See Figure 5.
Previous Value
Previous Value
Finishes the operation and
displays the results.
77
77
Figure 5 Duplicating a Number on the Stack
In RPN, the parentheses keys () manipulate the stack. Pressing ( performs a
causes the stack to
number in Level 3 moves down to Level 2, the number in Level 4 moves down to Level 3, and the number in Level 1 moves
up to Level 4. The ( key has a small down arrow on it as a reminder of the roll down feature. With the numbers entered
into the stack shown in the left column in Figure 6, pressing ( performs the roll down of the stack shown in the right
column.
roll
towards the bottom of the stack, during which the number in Level 2 moves down to Level 1, the
roll down
of the stack. A roll down
21
Mathematical Calculations
Figure 6 The RPN Stack and the Roll Down Operation
Pressing ) performs a
a small symbol on it as a reminder of the swap feature. With the numbers entered into the stack shown in the left column in
Figure 7, pressing ) performs a swap to the stack as shown in the right column.
Note: when no menu is selected, the < key performs the same function as the ( key. The > key performs the
inverse operation called,
swap
. A swap operation exchanges the numbers on Levels 1 and 2 of the stack. The ) key has
Figure 7 The RPN Stack and the Swap Operation
roll up
.
One-Number Functions and the Math Menu
The key presses for the one-number mathematical functions listed in Table 2-4 below apply to all modes, Chain, Algebraic,
and RPN. To execute one-number functions, with a number displayed, press the key or key combination corresponding to the
operation you wish to execute. The result is displayed on the bottom line.
22
Mathematical Calculations
For example, to calculate6, press 6:n. The result of
bottom line. The square root symbol ()appears on the top line.
Note: before doing any trigonometric calculations in the Math menu, check whether the angle mode is set for degrees
(
Degrees
more information on the Mode menu and calculator settings, refer to the section titled,
in Chapter 1
Table 2-4 lists one-number functions along with their corresponding keys.
) or radians (
.
Table 2-4 Shifted Function Mathematical Operations
KeysDescription
:p
:q
:r
:k
Radians
). You will need to change the setting if the active mode is not what your problem requires. For
Calculates sine.
Calculates cosine.
Calculates tangent.
Calculates natural log.
2.45
is calculated immediately and displayed on the
The Mode Menu: Setting Preferences
:l
:m
:n
:f
:g
:h
:i
:d
:e
Calculates natural exponent to the power ofx.
Calculates square ofx.
Calculates square root.
Executes the
Calculates factorial ofx(where -253 <x≤ 253). The Gamma function is used to calculate x! for
non-integers or negative numbers.
Calculatesyto thexpower.
Calculates the reciprocal.
In Chain or Algebraic mode, recalls the result of the last operation. In RPN mode, returns the
content of the
Roundsxinternally to the number specified by the display format.
The Math :s Menu
Random
Last Number
function. Returns a random number in the range 0 < x <1.
variable.
There are additional functions available in the Math menu. To open the Math menu, press :s. See Figure 8 for the
menu map of the Math menu.
23
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