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The Time Value of Money - Calculator Problems
My calculator is giving me a different answer from the book. I am using a Texas Instruments BA II Plus.
Answer in the book
€100,000 = €35,000[1 + (0.05/12)]12N so 12N = 252.48 months
How I calculate the answer
But I do it separately in the calculator please let me know if I am wrong
ln(100000/35000) = 1.05
ln((1+(0.05/12)) = 0.04
1.05/.04 = 26.25
Someone please help I don't know what I'm doing wrong with this calculator. Something tells me it's easy but my brain doesn't want to cooperate today lol.