00:01
Okay, these kind of problems require a finance application on the calculator.
00:06
The ti -84 plus is the most common one used, and that you will find by pressing apps on the fourth line down, second column in, and at the top you will see finance.
00:19
Press enter, then you'll see tvm solver.
00:23
Press enter again, and you get the usual menu for input.
00:29
It's the same on most calculators.
00:31
N here is number of years, which we're told is five, so n is five.
00:38
I percent, pretty obvious, the interest rate, that's 2 .45%.
00:44
Compounded annually, you are told, so 2 .45 goes here.
00:50
Present value is the amount you have already in the bank.
00:54
It's minus because the money has gone from you to the bank, so it's minus 24 ,000.
01:02
The payment you're making at the end of the year is 5 ,400, so type that in, 5 ,400...