BNU1501

Calculator notes

Basic Numeracy
BNU1501

Department of Decision Sciences

Important Information:
This document contains notes on the
recommended calculator.

Bar code
BNU1501 2

Contents

1 Normal calculation mode 3

2 Financial calculator mode 12

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Recommended calculator
The SHARP EL-738/SHARP EL-738F calculator is recommended for the module BNU1501. The advan-
tage of this calculator is that it can do basic calculations, financial calculations and statistical calculations.
For BNU1501 you will also need to perform financial calculations. You may however, use any financial
calculator you wish, but assistance will only be given for the SHARP EL-738/SHARP EL-738F calcula-
tor. This document explains how to use some of the basic mathematical and financial keys that you will
need for this module.
Most of the keys can perform two functions. To perform a function written on the key, you simply press
the key. To perform a function written on the surface just above the key, first press the orange 2ndF
key to activate it to perform the function when pressed.

1 Normal calculation mode

SHARP EL-738

Display screen

Key operation
keys
Power ON/OFF

{
and clear key

Cursor keys

Mode key

Numerical and
arithmetic keys
BNU1501 4

bb

SHARP EL-738F

Display screen

Power ON/OFF
Key operation
and Clear key
keys
Mode key

Cursor
keys

Numerical and
arithmetic keys

(i) Switch on your calculator

Before using your calculator for the first time, reset (initialise) it. Press the RESET switch
located on the back of the calculator with the tip of a ballpoint pen.
After resetting the calculator, the initial display of the NORMAL mode appears.
T A B D E G

0 .0 0
NOTE:
Pressing 2ndF M-CLR 1 = will also erase all stored data in the memory and restore
the calculator’s default setting.
Note that the numbers 0, ..., 9 will not be written in blocks, but all functions that appear on
the calculator will be written in blocks.
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(ii) The SET UP menu

Press the SET UP key to display the SET UP menu.
T A B D E G

D S P D R G D E P R
0 1 2
appears on the screen. Press the  arrow three times and

T A B D E G
D A T E
3
will appear on the screen.
A menu item can be selected by using the   keys (the selected number will blink).
Press the = key.
To set the number of decimals that will be displayed, press SET UP 0 0.

D IG (0 -9 )?
T A B D E G

appears on the screen.

Press 2 to select two decimals

T A B D E G

0 .0 0
If you want four decimals press SET UP 0, 0, 4.
(However, we will use two decimals. Press SET UP 0, 0, 2.)
NOTE: The calculator uses a decimal point (0.00) where we use the decimal comma (0,00).
BNU1501 6

(iii) Selecting a MODE

Press MODE .
The menu display appears
T A B D E G

N O R M A L S T A T
0 1
Press 0.
T A B D E G

0 .0 0
appears on the screen

(iv) Normal mode

The NORMAL mode allows you to perform financial, arithmetic or scientific calculations.

(v) Calculator keys

The keys are classified according to the work they do.
The following keys are worth mentioning:
• ON: ON/C

Last key, first row. To switch on the calculator. The ON/C key also clears the screen.
To preserve the batteries, the calculator turns itself off after about 10 minutes.
O F F
O N /C
• OFF:
The orange function on the red ON/C key. Press 2ndF ON/C to switch your
calculator off.
• NUMERIC KEYS: 1, 2, 3, ..., 9, 0
These keys are used to enter numbers.
• MULTIPLICATION X
Second last key, third last row.
• DIVISION ÷
Second last key, fourth last row.
• EQUAL =
Last key, last row.
• CLEAR ON/C
Last key, first row.
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• BRACKETS ( )
Last key, third last row and second last row.
Use the ( and ) keys to place parentheses around parts of expressions.

• NEGATIVE +/-
Second key, last row.
This key is used to enter a negative number or change the sign of a number, while
the − key is used for the operation of subtraction. Note the different ways in which
subtraction, with the long dash, and the sign of the number, with a small dash, are
displayed.

For example: 3 − 2 and 3 + (−2).

Example:
Add 8 to −5
Press 8 + +/- 5 =
The answer is 3.
Subtract −5 from 8.
Press 8 − +/- 5 =
The answer is 13.
Subtract −5 from −8.
Press +/- 8 − +/- 5 =
The answer is −3.
Add −5 to −8
Press +/- 5 + +/- 8 =
The answer is −13.
• DELETE: DEL
If you made a mistake, press DEL (last key, fourth last row) to erase the number and
then enter the correct number to continue.
If you want to change a number or sign after you have pressed = use the  cursor
to move to the place where you want to change it. Enter the new number or sign, then
press DEL and continue.
• INSERT: INS
Use the  cursor to move to the place where you want to insert a number. Press
2ndF INS (fourth last row, last key) and enter the number. The cursor will flicker
after the inserted number.
BNU1501 8

• TO THE POWER key y x .

nnn
The 2ndF third key, sixth last row.
Example:
Calculate 23 .
Enter the base number first, that is press 2.
Then press 2ndF yx 3 =
The answer is 8,00.
If the power consists of more than one term, use brackets for the power.
Example:
4
Calculate (32 )
Press ( 3 2ndF yx 2 ) 2ndF yx 4 =
The answer is 6 561,00.
Example:
Calculate 52/3
Press 5 2ndF yx ( 2 ÷ 3 ) =
The answer is 2,92.
• SQUARE: (x2 )
Use the power key.
Example:
Calculate 42 .
Press 4 2ndF yx 2 =
The answer is 16.
Example:
Calculate 10−1
Press 10 2ndF yx +/- 1 =
The answer is 0,10.
1
Calculate 52

Press 1 ÷ 5 2ndF yx 2 =
The answer is 0,04.
√
• SQUARE ROOT: x
√
Use the x key. 2ndF second key, sixth last row.

Example:
√ √ √
Calculate 64. 64 means 2 64.
√
Press 2 2ndF x 64 =

The answer is 8.
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Example:
nnn √
Calculate 3 64.
√
Press 3 2ndF x 64 =

The answer is 4.
Example:
√4
Calculate 33
√
Press 4 2ndF x 3 2ndF yx 3 =

The answer is 2,28.

• NUMERIC FRACTIONS
Example:
3 1
Calculate 4
− 2

Press 3 ÷ 4 − 1 ÷ 2 =
The answer is 0,25.
1 2 3
Calculate 2
+ 3
+ 5

Press 1 ÷ 2 + 2 ÷ 3 + 3 ÷ 5 =
The answer is 1,77.
• LOGARITHM to the base e: ln
Example:
Calculate ln 3.
Press 2ndF ln , (second key, second last row) 3 =
The answer is 1,10.
Example:
 1 253 
Calculate ln 1479
.
Press 2ndF ln ( 1 253 ÷ 1 479 ) =
The answer is −0,17.
• THE EXPONENTIAL FUNCTION: ex – The inverse of ln.
Example:
Calculate e1,10 .
Press 2ndF ex (2nd key, last row)
1.10 =
The answer is 3.
• MEMORY: M+
The calculator has 11 temporary memories (A-H and X-Z), one independent memory
(M) and one last answer memory (ANS).
To store a value in temporary memory, press STO and the variable in which you want
to store it.
BNU1501 10

Example: Store 17 in A.
Press 17 STO (fifth last row, second key) A (first key, sixth last row).

T A B D E G
1 7 = A
1 7 .0 0
appears on the screen.
If you want to recall the value stored in A, press RCL (first key, fifth last row) A .

T A B D E G
A =
1 7 .0 0
appears on the screen.
To add and store values in the independent memory use the M+ key.
Example: Add and store 19, 21 and 25 in the independent memory.
Press 19 M+ (third key, fifth last row).

21 M+

25 M+

To recall the answer, press RCL M+ .

The answer is 65.
To clear the register, press 2ndF M-CLR (first key, second row).

T A B D E G
M
M E M R E S E T
0 1
appears on the screen.
Press 0.
T A B D E G
M
C L R _ M E M O R Y ?
0
appears on the screen.
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Press 0.
T A B D E G

0 .0 0
appears on the screen.
nnn
• ERROR
If ERROR 1 appears on the screen after you have done a calculation press the  key
and the cursor will flicker where you made the mistake, press DEL and continue by
pressing = .
• PERCENTAGE (Fourth key, fourth last row)
Example:
Calculate 25% of R1 800.
Press 1 800 × 25 2ndF % .
The answer is 450,00.
• PERMUTATION
To use the factorial key n!
Example: Determine 5!
Press 5 2ndF n! (first key, sixth last row) =
The answer is 120.

Permutations n Pr
Example: Determine 10 P5 .

Press 10 2ndF n Pr (first key, fifth last row) 5 =

The answer is 30 240.

Combination n Cr
Example: Determine 4 C2 .
Press 4 2ndF n Cr (second key, fifth last row) 2 =
The answer is 6.
BNU1501 12

2 Financial calculator mode

SHARP EL-738

Number of
periods

Interest rate Future value

per year

Present
value Payment

SHARP EL-738F

Number of
periods
Future value
Interest rate
per year Payment

Present
value
13 BNU1501

(i) Normal mode

The NORMAL mode allows us to use the financial keys. The financial keys N , 1/Y ,
PV , PMT , FV can only be used when the exponent in the applicable formula consists
of a single number (not a product or sum of numbers).
Before using the financial keys, first clear the register by pressing 2ndF M-CLR 0, 0.

(ii) Interest
• Simple interest

I = P rt

∗ Determine the amount of interest received if R1 200 is invested for 4 years at 14%
simple interest per year.

I = P rt
= 1 200 × 14% × 4
= 1 200 × 0,14 × 4
= 672,00
The interest received is R672,00. We cannot use the financial keys because there is
no exponent in the formula.
Key in as
1 200 × 0.14 × 4 =
The answer is 672,00.

S = P (1 + rt)

∗ Determine the accumulated amount if R2 400 is invested for 42 months at a 9%

simple interest rate per year.
 
42
S = 2 400 1 + 9% ×
12
 
42
= 2 400 1 + 0,09 ×
12
= 3 156,00.
The accumulated amount is R3 156,00.
Key in as
2 400 ( 1 + 0.09 × 42 ÷ 12 ) =
The answer is 3 156,00.
BNU1501 14

∗ Determine the simple interest rate if R3 600 accumulates to R5 760 in five years’
time.
S = P (1 + rt)
5 760 = 3 600 (1 + r × 5)
5 760
1 + 5r =
3 600
5 760
5r = −1
3 600
 
5 760
r= −1 ÷5
3 600
= 0,12.
The simple interest rate is 12%.
Key in as
( 5 760 ÷ 3 600 − 1 ) ÷ 5 =
The answer is 0,12, that is, 12%.

• Compound interest
We use our financial keys to do the calculations because there is only one exponent in
the formula:

S = P (1 + i)n

NB: The interest rate must be entered into the calculator as a percentage
and NOT as a decimal because the calculator has been preprogrammed to
automatically divide the interest rate by a hundred. Remember that it is con-
vention to enter either the present value or future value as a negative amount.

∗ Calculate the future value if R5 000 is invested for five years at 15% per year com-
pounded monthly.

S = P (1 + i)n
 5×12
0,15
= 5 000 1 +
12
= 10 535,91

The future value is R10 535,91.

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Key in as
2ndF CA (to clear the register).
First enter the number of compounding periods.
2ndF P/Y (second key, seventh last row) 12 ENT (sixth key, fifth last row)

ON/C

+/− 5 000 PV

15 I/Y

5 2ndF ×P/Y (first key, seventh last row) N

To check if you have entered the correct values press RCL and the financial key
that you want to check. If the value is incorrect, enter the new value, press the
financial key and continue.
COMP FV
The answer is 10 535,91.
∗ Determine the time under consideration if R5 000 is invested at 15% per year, com-
pounded half yearly, and the accumulated amount is R10 000.

S = P (1 + i)n
 n
0,15
10 000 = 5 000 1 +
2
n = 4,79

The time under consideration is 4,79 years. Key in as

2ndF CA
2ndF P/Y 2 ENT

ON/C

+/− 10 000 FV

5 000 PV
15 l/Y

COMP N
N = 9.5844 appears on the screen. Because the number of compounding periods is
half yearly, divide the answer by two.
Press ÷ 2 = .
4.79 appears on the screen.
BNU1501 16

(iii) Annuities
• Present value
 
(1 + i)n − 1
P =R
i (1 + i)n

∗ Calculate the present value when quarterly payments of R1 600 each are made for
five years at an interest rate of 20% per year, compounded quarterly.

(1 + 0,05)20 − 1
P = 1 600
0,05 (1 + 0,05)20
= 19 939,54.

The present value is R19 939,54. Key in as

2ndF CA
2ndF P/Y 4 ENT

ON/C

+/− 1 600 PMT

5 2ndF ×P/Y N

20 I/Y

COMP PV The answer is 19 939,54.

• Future value
 
(1 + i)n − 1
S=R
i

∗ Determine the future value when monthly payments of R400 each are made for five
years at 16% interest per year, compounded monthly.
⎡ 60 ⎤
0,16
⎢ 1+ − 1⎥
⎢ 12 ⎥
S = 400 ⎢ ⎥
⎣ 0,16 ⎦
12
= 36 414,21.

The future value is R36 414,21.

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Key in as
2ndF CA
2ndF P/Y 12 ENT

ON/C

+/− 400 PMT

5 2ndF ×P/Y N

16 I/Y

COMP FV
The answer is 36 414,21.
• Amortisation
∗ Draw up an amortisation schedule for a loan of R5 000 which is repaid in annual
payments over five years at an interest rate of 15% per year. The payments are
calculated: 
0,15 (1,15)5
R = 5 000
1,155 − 1
Key in as
= 1 491,58
2ndF CA
2ndF P/Y 1 ENT

ON/C

+/− 5 000 PV

5 2ndF ×P/Y N

15 I/Y

COMP PMT 1 491.58 appears on the screen

The payments are R1 491,58.
BNU1501 18

Press AMRT (sixth last row, first key) 1 ENT

 (Down arrow) 1 ENT
Press  BALANCE = −4 258.42 appears on the screen.

Press  PRINCIPAL = 741.58 appears on the screen.

Press  INTEREST = 750.00 appears on the screen.
Press [  2 ENT ] twice

E N T T A B D E G

A M R T P 2 =
2 .0 0
appears on the screen.
Press  BALANCE = −3 405.60

Press  PRINCIPAL = 852.82

Press  INTEREST = 638.76
Press [  3 ENT ] twice

E N T T A B D E G

A M R T P 2 =
3 .0 0
appears on the screen.
Press  BALANCE = −2 424.86

Press  PRINCIPAL = 980.74

Press  INTEREST = 510.84
Press [  4 ENT ] twice
Press  BALANCE = −1 297.01

Press  PRINCIPAL = 1 127.85

Press  INTEREST = 363.73
Press [  5 ENT ] twice
Press  BALANCE = 0.02

Press  PRINCIPAL = 1 297.03

Press  INTEREST = 194.55