Financial calculators perform complex equations that basic calculators can't. They also have stand-alone keys that allow you to complete more direct calculations such as cash flow and simple and compound interest. The best financial calculators can be programmed to add specific functions that apply to the kind of work you have to do.
The Best Financial Calculator
The writers from Corporate Finance Institute post that financial calculators are essential for anyone who needs to calculate expenses related to loans, interest and the other items mentioned above. Not only do these tools provide accurate answers, but they also make your work move that much faster. They are not all that expensive and are easy to use once you become familiar with them.
The Texas Instruments BA II Plus is known as one of the best financial calculators on the market, and it is used by accountants, analysts, investors and others. It has an impressive variety of functions and calculates net future value (NFV), net present value (NPV) and internal rate of return (IRR) and can handle amortization and the time value of money. It also stores over 30 four-digit cash flow measures, has six methods for calculating depreciation and can be used in professional exams.
The Hewlett-Packard HP 10bII+ came in second, can perform more than 170 functions and is also acceptable for major professional exams. It is a good choice for new users, with keys that provide fast access to standard financial and statistical calculations. The third choice is the HP 12CP, which has 130 built-in functions, the capability to accept up to 400 steps of input and two entry modes.
Resetting a BA II Plus Calculator
Like any other electronic device, even the best financial calculators can experience hiccups from time to time. You may be able to solve the problem by simply resetting the calculator. The writers from TVMCalcs.com explain this on their BA II Plus FAQ page, and it is worth a shot if your calculator is acting up. They point out that most problems are caused by user error, and you should only complete factory resets when the calculator malfunctions.
There are two ways to reset a BA II Plus. The first is to press 2nd +| and to then press ENTER to clear everything out. Next, press 2nd CPT, which is (QUIT). Since this is not a hard reset, you may have to redo some personal settings. Locate the recessed button on the back and press it in with a paperclip for a hard reset. Doing this will change everything back to the original factory settings, though.
Resetting an HP Calculator
The HP 10bII+ can also be reset through the front and back, but in the opposite way as described by the team at HP Customer Support. For a soft reset, take the battery door off the back. Unravel a paperclip and insert an end into the small, round hole between the batteries. Once the clip cannot go any further, hold it there for one second and remove it. Press the calculator's ON key; if it works, put the battery door back on.
For a hard reset that erases all of the user memory, press and hold the [C], ([N]) and ([FV]) buttons together and release them at the same time. The screen will go blank and then show "CORP HP 2000." After that, you should see "ALL CLEAR." Press [ON] to clear the message, and the system will reset the calculator. There is another HP Support page that explains how to reset the HP 12CP.
Consider also: How to Calculate a Stock Valuation With a Financial Calculator