Victor V12 User manual

V12 Manual
1
Owners Guide
V12 Financial Calculator
Preface
Congratulations on your purchase of the V12
financial calculator from Victor Technology.
Victor has been serving customers since 1918.
Today, Victor offers a complete line of printing,
handheld, desktop, scientific, and financial
calculators. For more information please see
our website at www.victortech.com or call us at
1-800-628-2420.
Victor: The Choice of Professionals
Copyright © 2007 by Victor Technology LLC
All rights reserved.

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Table of Contents
Chapter 1: Where to Start...................................5
Powering On and Off..............................................5
Controlling screen contrast.....................................5
Keyboard Dynamics ...............................................5
Entering Digits........................................................5
Decimal Placement ................................................5
Entering Large Amounts.........................................6
Entering Small Amounts.........................................6
Changing the Sign of a Number .............................7
Using the Clear Function........................................7
ALG and RPN Setting Functions............................7
RPN method...........................................................8
Sequential Calculations in RPN method.................8
Storage Capacity and Recalling Entered Data .......9
Chapter 2: The First Steps to Financial Functions
.....................................................................10
Using the Financial Storage Registers .................10
Saving to a Register.............................................10
Resetting Saved Data ..........................................10
Basic Interest Calculations ...................................10
Basic Financial Calculations.................................13
Positive and Negative Cash Flows.......................13
Payment Function ................................................14
The special relationship between i. and n. .........14
Determining Interest Rate: Solving for i. ............14
Determining Present Value: Solving for PV ........16
Determining Payment Amount: Solving for PMT .17
Determining Future Value: Solving for FV..........17
Determining Number of Periods: Solving for n. .18
Loan With a Balloon Payment ..............................19
Amortization Function...........................................20
Chapter 3: Other Financial Calculations .........22
NPV (Net Present Value) .....................................22
Grouped Cash Flows............................................24
Replacing Current Cash Flow Value Data............26
Determining Values with Depreciation..................27
Determining Bond Values………………………….29
Percentages…………………………………………31
Calendar Operations……………………………….34
Determining Number of Days between Dates…...35
Chapter 4: Other Operational Features ............37
Full Figure Display ...............................................39
Other Display Settings..........................................39
LST X ...................................................................40
x ↔ y....................................................................41
Statistical Features and Functions .......................42
Recovering Incorrectly Entered Statistical Data ...43
Standard Deviation Entries...................................44
Mean Values ........................................................44
Linear Estimates for x and y.................................45

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54
Weighted Mean Values ........................................46
Mathematical Features and Functions .................48
Power Features in ALG method ...........................52
Power Features in RPN method...........................52
Chapter 5: The Basics of Programming............53
Creating Your Own Program ................................53
Executing Your Own Program..............................57
Program Memory Basics ......................................57
Determining Program Line Instructions ................58
Program line 000 and the GTO 000 instruction: ...60
Performing a Program One Line at a Time...........61
Setting the Calculator to a Specific Program Line 63
Interrupting a Program During Execution .............63
Stopping a Program During Execution .................65
Chapter 6: Branch & Loop Programs................67
Branching with Conditions....................................67
Storing More Than One Program .........................71
Chapter 7: Editing Your Programs....................72
Inserting Instructions Into a Program....................73
Inserting Instructions at the End of a Program .....76
Chapter 8: Error Messages...............................77
Chapter 1: Where to Start
Powering On and Off
Turn the unit on by touching the ON button. To turn the unit off,
touch the ON button again. The calculator will automatically
power off after 7 minutes if left not used.
When the calculator is experiencing a low battery charge, a
battery icon will appear in the top left corner of the display screen.
Controlling screen contrast
To change the contrast of the display screen for optimal viewing,
hold down the b button and touch X or ÷ keys until desired
contrast is reached.
Keyboard Dynamics
Most buttons perform multiple functions. The primary function is
displayed on the center of the button, while alternative functions
of the same button are imprinted on the bottom side of the button,
below the button, or above the button. Alternate functions are
obtainable by using one of two colored prefix buttons prior to
entering the function desired. The colors of the prefix buttons
match the alternative functions. The prefix buttons are b (blue)
and r (red).
Entering Digits
To enter a digit, touch the number buttons and decimal place ..
button in the same order as they would appear on paper.
Decimal Placement
On the display, digits are separated with commas left of the
decimal place. To change the decimal point period icon to a
comma and the comma icon to a decimal point, turn the V12 off,
touch and hold the decimal point button . , and touch the ON

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button. Repeat this process again to reset these placements to
the standard display.
Entering Large Amounts
The V12 displays numbers up to 10 digits. Scientific notation
allows numbers longer than 10 digits to be entered. To perform
this function, enter the number with the decimal point moved to
the left. Keep track of how many positions the decimal point
moved. Next touch the EEX button and enter the number of
positions the decimal point was moved. Touch the ENTER key
to complete the entry.
Example
To enter a value of 7,894,300,000,000 the decimal place should
move 12 spaces to the left leaving a mantissa of 7.8943 with an
exponent of 12.
YALPSIDSEIRTNE
7.8943 EEX 12
7.894300 12
Displays the figure in scientific
notation.
These scientific notation numbers can be used in calculations
the same as any number.
Entering Small Amounts
Scientific notation allows numbers more than 10 decimal places
below zero to be entered. To perform this function, enter the
number with the decimal point moved to the right. Keep track of
how many positions the decimal point moved. Next touch the
EEX button and enter the number of positions the decimal point
was moved. Touch the CHS key to make the number negative.
Touch the ENTER key to complete the entry. For example, to
enter the number .00000000047823456 we move the decimal
point 10 positions. We enter 4.7823456, touch EEX, enter 10,
touch CHS, and touch ENTER The display will show 4.782345
-10.
Changing the Sign of a Number
The CHS button allows a changing of the sign of a number. If a
negative value is entered, or comes as a solution, touching the
CHS button will make it a positive. Likewise, touching the CHS
button after a positive value is displayed on the screen will
change its sign to a negative.
Using the Clear Function
Clearing replaces the displayed value with zero and replaces the
previous instruction with the r GTO 000 instruction when
programming. There are many ways of clearing data, outlined
here:
BUTTONS WILL CLEAR
.b CLEAR REG Storage registers, block and last x register,
and display screen
.b CLEAR FIN Financial registers
.b CLEAR ∑  Statistical registers (121- R)1
block registers and display screen
.b CLEAR PRGMProgram memory (when touched in program
mode)
CLX Display screen and x register
ALG and RPN Setting Functions
ALG MODE RPN MODE
4 ENTER 2 X.4 X 2 =

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The ALG method enables calculations for addition, subtraction,
multiplication, and division (with or without parentheses) in the
standard method.
To select the ALG method. Touch b ALG , and the ALG icon
will appear.
Sequential Calculations in ALG method
To complete a sequential calculation, touch = at the end of your
entries and not after every entry.
Example: 5 X 2 + 3 – 4 ÷ 3 = 3.00
RPN method
To select the RPN method, touch b RPN , and the RPN icon
appears.
With RPN method enabled, you can perform basic calculations
with two numbers and with multiplication, addition, division, or
subtraction. It is necessary to enter both numbers in the
equation, and then select the mathematical operation to be used.
Touching ENTER between number entries allows a separation
of the different values within the calculator, and after entering the
second value, selecting the mathematical operation completes
the calculation.
Sequential Calculations in RPN method
Once a solution from a previous entry has been found and is on
the display screen, enter the next value and select the
mathematical operation to be performed.
Example: 5 ENTER 2 X 3 + 4 - 3 ÷ .
Note: The display will show the answer: 3.00
Storage Capacity and Recalling Entered Data
Information entered into the calculator is stored to memory in
different registers within the calculator. There are registers for
data storage during calculations called blocks (covered later in
this manual) and also a LST X register that stores the value last
on the display screen before an operation when using the RPN
method.
In addition to these storage registers, up to 20 more information
registers are available for storing values manually. The registers
are called R0 through R9, and R . 0 through R . 9 (with the
decimal point in front of the number). Note: In this manual, ..
represents the decimal point key.
To store numbers into a register, touch STO , and then touch
the register number desired [either (0, 1, 2, 3, 4, 5, 6, 7, 8, or 9),
or ( ..0, . 1, . 2, . 3, . 4, . 5, . 6, . 7, . 8, . 9) ].
To recall a previously stored value, touch RCL , and similarly
select the desired stored value number, R0 through R9, and R ..
0 through R . 9.
To delete stored values, enter zero, touch STO , and select the
register to be deleted, R0 through R9, and R . 0 through R . 9.
(Note: Designating a new value instead of 0 also replaces the
old value set to the register)

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Chapter 2: The First Steps to
Financial Functions
Using the Financial Storage Registers
Five specialty registers are used for financial calculations only.
These are n , i , PV , PMT , and FV and are located along
the top row of buttons. Saving data to these storage registers
makes it possible to calculate financial problems such as loan
payments.
Saving to a Register
To set the numbers into the registers, enter the number to be
stored, and touch the button to which the number is to be stored.
To recall the number, touch RCL followed by the register you
would like to recall ( n , i , PV , PMT , or FV )
Resetting Saved Data
To replace current financial register values simply enter the new
value and press the register key. To clear all financial registers
at once, touch b clear FIN. Financial storage registers are also
reset when b REG is entered, or when the continuous memory
is reset.
Basic Interest Calculations
Simple interest can be calculated with either 365-day or 360-day
cycles. Either can be displayed and the total amounts of
principal plus the accrued interest may be found by touching +
in RPN method, or + x ↔ y = in ALG method.
To perform this operation on a 365-day cycle, touch R↓x↔y
to find and show interest accrued after determining the 360 day
interest.
Example
Calculate the simple interest on a 100,000 amount with 12%
annual interest for 180 days using the 360 day cycle and the 365
day cycle.
YALPSIDSEIRTNE
100000 CHS PV -100,000.00
Displays the amount.
180 n.
180.00
Displays the number of days for
which interest will be calculated
12 i.12.00
Displays the annual interest rate
.b INT
6,000.00
Displays the simple interest on a 360
day basis
R↓ x↔y
5,917.81
Displays the simple interest on a 360
day basis
In RPN method, touching + after the calculation places the
total principal and interest accrued into the display.
To display total principal and interest accrued in ALG method,
touch + x ↔ y = .
Example
You take out a loan of $900, which you have 90 days to repay.
You are lent the money at 4.3% simple interest, which is
calculated on a 360-day cycle. You want to find the total amount
of accrued interest you will owe in 90 days, the total amount you
will owe including principal.
ENTRIES (ALG) DISPLAY
900 CHS PV -900.00

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1312
Displays the amount.
90 n.
90.00
Displays the number of days for
which interest will be calculated
4.3 i.4.30
Displays the annual interest rate
b INT
9.68
Displays the simple interest on a 360
day basis
.+ x ↔ y =
909.68
Displays the simple interest plus
principal due on a 360 day basis
ENTRIES (RPN) DISPLAY
900 CHS PV -900.00
Displays the amount.
90 n.
90.00
Displays the number of days for
which interest will be calculated
4.3 i.4.30
Displays the annual interest rate
b INT
9.68
Displays the simple interest on a 360
day basis
+.
909.68
Displays the simple interest plus
principal due on a 360 day basis
Basic Financial Calculations
Before describing Basic Financial Calculations, it is important to
review and understand five basic terms and keys used with the
V12.
TERM / KEY DEFINITION
n.
The number of periods in the financial
loan, often expressed in days, months, or
years. The interest rate must be defined
per period.
i.
The interest rate per period. Often an
annual rate is converted to monthly by
dividing by 12, weekly by dividing by 52, or
daily by dividing by 365.
PV
The initial cash value received or paid or
the present value of a series of future
payments when discounted at an interest
rate.
PMT The payment made each period.
FV
The final cash value received or paid or
the future value of a series of payments
assuming an interest rate.
When using the V12, four of these five variables must be known
to perform a calculation. The unknown variable can then be
solved.
Positive and Negative Cash Flows
When performing financial calculations special care must be
taken to enter values with the proper sign. A payment or outflow
of cash must have a negative sign. A receipt of cash must have
a positive sign. For example, the initial cash received in a loan is
a positive amount. The payments are negative amounts.

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1514
Payment Function
Payments in compounding periods may be made either at the
beginning of a period (such as payments in advance, and
annuities due), or at the end of a period (such as regular
annuities or payments in arrears).
To select payment type:
Touch r END if the payment will be made at the end of the
period.
Touch r BEG if the payment will be made at the beginning of
the period.
Most transactions utilize an End of the period payment. Note:
This manual will only show examples using End of the period
payments.
If the BEGIN icon is not showing on the display, the payment
function is set to END.
The special relationship between i.and n.
In compound interest problems, the interest rate entered into i
must correlate to the compounding period n in time (as in years,
days, months, etc.)
Determining Interest Rate: Solving for i.
Touch b CLEAR FIN to reset financial registers
Enter the number of payment periods and touch n.
Enter the present value of the loan and touch PV.
Enter the payment value per period (a negative number)
and touch PMT.
Enter the future value of the amount owed at the end of
the payment periods, touch CHS to make the number
negative, and touch FV. Note: If the amount owed at
the end of the loan period will be zero, this step can be
skipped.
Touch the i key to calculate the interest rate per period.
Example
ENTRIES (RPN) DISPLAY
b FIN 0.00
Clears the financial registers.
360 n.
360.00
Enters 360 months for a 30 year
loan.
400000 PV 400,000.00
Enters the loan amount of $400,000.
2398.202 CHS PMT -2,398.20
Displays the monthly payment
i.
------------
The V12 is calculating the value.
0.50
Displays the monthly interest rate.
Example
8 % annual interest, which is compounded quarterly for 3 years:
n is number of quarters (3 * 4=12)
i is interest rate per quarter (8% ÷ 4 = 0.02%)
If interest rate was compounded monthly, n would be 8% ÷ 12
=0.006
Since many financial calculations utilize an annual interest rate
compounded monthly, the V12 has two functions to simplify the
entry of interest rate and periods. The r 12÷ function will
divide an annual interest rate by 12 and enter the result as the
monthly interest rate.
Example
24% annual interest which is compounded monthly
24 r 12÷ will enter an interest rate of 2% into the i. register.

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1716
The r 12x function will multiply a number of years by 12 and
enter the result as the number of monthly periods.
Example
30 year loan which is compounded monthly
30 r 12x will enter 360 periods into the n. register.
Determining Present Value: Solving for PV
Touch b CLEAR FIN to reset financial registers
Enter the number of payment periods and touch n.
Enter the interest rate and touch i..
Enter the payment value per period (a negative number)
and touch PMT.
Enter the future value of the amount owed at the end of
the payment periods, touch CHS to make the number
negative, and touch FV. Note: If the amount owed at
the end of the loan period will be zero, this step can be
skipped.
Touch the PV key to calculate the present value.
Example
YALPSIDSEIRTNE
.b FIN 0.00
Clears the financial registers.
360 n.
360.00
Displays 360 months for a 30 year
loan.
6 r i.
0.50
Displays the interest rate of 6% per
year or 0.5% per month.
2398.202 CHS PMT -2,398.20
Displays the monthly payment
PV
------------
The V12 is calculating the value.
400,000.00
Dis
p
la
y
s the loan amount or
p
resent
value. Actual amount may vary
slightly due to rounding
Determining Payment Amount: Solving for PMT
Touch b CLEAR FIN to reset financial registers
Use n or r 12x to enter number of periods or
payments
Use i or r 12÷ to enter periodic interest rate
Enter values for PV and FV
Touch r BEG or r END to select payment function
Touch PMT to calculate the amount of the payment
Example
ENTRIES DISPLAY
b FIN 0.00
Clears the financial registers.
360 n.
360.00
Displays 360 months for a 30 year
loan.
6 r i.
0.50
Displays the interest rate of 6% per
year or 0.5% per month.
400000 PV
400.000.00
Displays the loan amount or present
value.
PMT -2,398.20
Displays the monthly payment
Determining Future Value: Solving for FV
Touch b CLEAR FIN to reset financial registers
Use n or r 12x to enter number of periods or
payments
Use i or r 12÷ to enter annual interest rate
Enter values for PV and PMT

V12 Manual
1918
Touch r BEG or r END to select payment function
Touch FV to calculate the future value
Example
ENTRIES (RPN) DISPLAY
b FIN 0.00
Clears the financial registers.
360 n.
360.00
Displays 360 months for a 30 year
loan.
6 r i.
0.50
Displays the interest rate of 6% per
year or 0.5% per month.
400000 PV
400.000.00
Displays the loan amount or present
value.
2397.202 CHS PMT
-2,397.20
Displays the monthly payment.
Notice the amount is reduced by $1
from previous examples.
FV
-1,004.62
Displays the amount still owed at the
end of the loan period. In this
example, the payments over 30
years did not pay off the entire loan.
Determining Number of Periods: Solving for n.
To determine the number of compounding periods and the
number of payments:
Touch b CLEAR FIN to reset financial registers
Use i or r 12÷ to enter periodic interest rate.
Enter values for PV(present value), PMT (amount of
payment), FV (future value)
Select payment function by touching r BEG or r.
END
Touch n to calculate number of periods or payments
Example
ENTRIES (RPN) DISPLAY
b FIN 0.00
Clears the financial registers.
6 r i.
0.50
Displays the interest rate of 6% per
year or 0.5% per month.
400000 PV
400.000.00
Displays the loan amount or present
value.
2398.202 CHS PMT -2,398.20
Displays the monthly payment.
n.
360.00
Displays the number of periods
(months) required to pay off the loan.
Loan With a Balloon Payment
A common transaction is a loan with a balloon payment. In this
case, the borrower makes a fixed payment each period until the
end of the loan term. At the end of the term, the borrower makes
one large final payment. The example below illustrates a
$400,000 loan, at 6% annual interest paid monthly for 30 years
with a balloon payment of $70,000.
Example
ENTRIES (RPN) DISPLAY
b FIN 0.00
Clears the financial registers.
360 n.
360.00
Displays 360 months for a 30 year
loan.
6 r i.
0.50
Displays the interest rate of 6% per
year or 0.5% per month.

V12 Manual
2120
400000 PV
400.000.00
Displays the loan amount or present
value.
-70000 FV
-70,000.00
Displays the future value required to
pay off the loan (the balloon payment)
PMT
-2,328.52
Displays the monthly payment required
to reach a $70.000 balloon payment.
Amortization Function
To Amortize is to liquidate a debt, such as a mortgage by
installment payments. Amortization is the gradual elimination of
a liability, such as a mortgage, in regular payments over a
specified period of time. Such payments must be sufficient to
cover both principal and interest. With the Amortization Function
the V12 can calculate the total amount of principle (liability) and
interest paid after a specified number of installments.
The following steps are required to determine the Amortization
status of a loan:
• Push b CLEAR FIN first to reset financial registers of
previous data
• Using i or r 12÷ , enter periodic interest rate
• Enter the principal using PV
• Enter the periodic payment, then push CHS PMT
• Select r BEG or r END to set the payment function
• Enter the number of payments that will be amortized
using n.
• Push b AMORT (will display amount from payments
that will be applied to interest)
• Push x↔y (will display amount from payments that will
be applied to principal)
• Push R↓ R↓ (will display number of payments to be
amortized)
• Push RCL PV (will display remaining balance)
• Push RCL n (will display total number of payments
amortized
If you repeat the Amortization function after an initial calculation,
the V12 picks up where you left off. In other words, after you
calculate the interest and principle paid after one year, the V12
resets the present value of the loan to the principle after one
year. Calculation of Amortization will start from this point.
A common application of the Amortization function is to
determine the amount of interest and principle paid on a
mortgage for a given time period. The example below illustrates
a 30 year loan with a principle of $400,000, a 6% annual interest
rate, and monthly payment of $2,398.20. The task is to
determine the interest and principle paid after 5 years or 60
months.
Example
ENTRIES (RPN) DISPLAY
b FIN 0.00
Clears the financial registers.
6 r i.
0.50
Displays the interest rate of 6% per
year or 0.5% per month.
400000 PV
400.000.00
Displays the loan amount or present
value.
2398.20 CHS PMT
-2,398.20
Displays the payment required to pay
off the loan in 30 years (calculated in
an earlier example)

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2322
60 b AMORT
-116,109.58
Displays the total interest paid after
60 months.
x↔y
-27,782.42
Displays the total principle paid after
60 months
RCL PV
372,217.58
Displays the remaining principle after
60 months of payments
RCL n
60.00
Displays the number of payments
amortized (60 months)
12 b AMORT
-22,152.81
Displays the amount of interest paid
in the next 12 months of payments
(after the initial 60 months already
amortized)
x↔y
-6,625.59
Displays the amount of principle paid
in the next 12 months of payments
(after the initial 60 months already
amortized)
Chapter 3: Other Financial
Calculations
NPV (Net Present Value)
b NPV (net present value) represents the value of a series of
future cash flows discounted at a specified rate of return to
reflect the present value.
When NPV is positive, financial value increases.
When NPV is 0, financial value stays the same.
When NPV is negative, financial value decreases.
Therefore, the greater the value of NPV, the greater the increase
in financial value.
To find NPV, add the initial deposit (a negative cash flow) to
present value of future cash flow. (Here, i will describe the rate
of return, and NPV describes the result of the investment.)
Two keys not yet discussed in this manual are required to
perform NPV calculations. The CFo key is used to store the
initial cash flow. When touched, the contents of the x-register
are stored in R0. The CFj key is used to store additional cash
flows. When touched, the contents of the x-register are stored in
R1. If used again in the same cash flow problem, the contents of
the x-register are stored in first R2, then R3, R4, and so on.
Example
You want to buy a yacht for $23,000 and rent it to a skipper for a
share of tour revenue. You expect cash flows of the initial cost
($23,000), ($5000) in the first year for repairs, +$10,000 in the
second year from tours, +$15,000 in the third year, $17,000 in
the fourth year, and then you expect to sell the yacht in the fifth
year for $19,000. Your expected rate of return is 15%.
YALPSIDSEIRTNE
b REG 0.00
Clears the x register
23000 CHS r CF0
-23,000.00
Stores the initial cash out flow to buy
the yacht
5000 CHS r CFj
-5,000.00
Stores the first year cash flow
10000 r CFj
10,000.00
Stores the second year cash flow
15000 r CFj
15,000.00
Stores the third year cash flow

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17000 r CFj
17,000.00
Stores the fourth year cash flow
19000 r CFj
19,000.00
Stores the final cash inflow at time of
sale
RCL n.
5.00
Displays the number of cash flows
entered after the initial
15 i.15.00
Stores the expected rate of return
b NPV 9,242.52
Since NPV is positive, this investment would be attractive.
Grouped Cash Flows
It is possible to calculate NPV for 80 unique cash flows using the
CFj key. In addition, the number of cash flows included in a
calculation can go beyond 80 when some of the cash flows are
repetitive and consecutive. In these situations, the Nj key is
invoked by entering the number of repeat cash flows followed by
r Nj . For example, if a cash flow of $1000 occurs 5 times in a
row, the entries would be 5000 CHS r CFj 5 r Nj .
Example: A landlord buys and rents a building to a tenant for 8
years. The landlord pays $500,000 for the building and rents the
building for a net cash flow of $60,000 for the first year, $100,000
per year for 3 years and $120,000 per year for the next 4 years.
In the 9th year, the landlord expects to sell the property for
$400,000. The landlord’s desired rate of return is 15% per year.
What is the NPV of this investment?
Example
ENTRIES (RPN) DISPLAY
.b REG 0.00
Clears the stora
g
e and financial
registers.
500000 CHS r CFo
-500,000.00
Displays -$500,000 as the initial cash
flow.
60000 r CFj
60,000.00
Displays $60,000 as the year 1 cash
flow.
100000 r CFj
100,000.00
Displays $100,000 as the year 2
cash flow.
3 r Nj
3.00
Displays the number of consecutive
times the $100,000 cash flow will
occur.
120000 r CFj
200,000.00
Displays $100,000 as the year 5
cash flow.
4 r Nj
4.00
Displays the number of consecutive
times the $120,000 cash flow will
occur.
400000 r CFj
400,000.00
Displays $400,000 as the final cash
flow amount
15 i.
15.00
Displays the 15% desired rate of
return
RCL n.
4.00
Displays the number of unique cash
flow amounts entered
b NPV
60,301.37
Displays the net present value of
$60,301.37. Since the number is
positive, this is an investment that
exceeds the desired rate of return.

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2726
Replacing Current Cash Flow Value Data
Individual cash flow values stored in the V12 can be replaced.
To replace a current cash flow value:
Enter the amount
Touch STO
Enter the number of the CFjregister to be replaced
Example
Starting from the previous example (A landlord buys and rents a
building to a tenant for 8 years. The landlord pays $500,000 for
the building, etc.), the landlord changes his assumptions. He
now believes the net cash flow will be only $110,000 per year in
years 5 through 8 instead of $120,000 per year.
ENTRIES (RPN) DISPLAY
110000 STO 3
110,000.00
Displays $110,000 as the new cash
flow amount stored in the 3rd register
CF3
b NPV
43,977.94
Displays the revised net present
value of $43,977.94.
To replace the number of consecutive equal cash flows, (the Nj
of a CFj):
Touch RCL n to recall how many cash flow amounts
are stored.
Save the number of the cash flow value (the j) into the n
register
Enter the revised number of times the value occurs
consecutively
Touch r Njto store the revision
Enter the original number of cash flows back into the n
register (otherwise the NPV calculation will be wrong)
Example
Starting from the previous example, the landlord now believes
the tenant will rent for 6 years instead of 4 at $110,000 per year
(an additional 2 years).
ENTRIES (RPN) DISPLAY
RCL n.
4.00
Displays the number of unique cash
flows entered. (This number will be
required later)
3 n.
3.00
Displays the storage of 3 in the n
register (because it is the 3rd cash
flow CF3for which we will change the
frequency)
6 r Nj 6.00
Displays the new value of N3.
4 n.
4.00
Restores the original number of
unique cash flows entered into the n
register.
b NPV
74,709.45
Displays the revised net present
value of $74,709.45
Determining Values with Depreciation
There are several ways of calculating depreciation including
declining-balance, straightline, and sum-of-years numbers.
To calculate based on any of these types:
Enter beginning cost with PV
Enter salvage value with FV (if this value is 0, enter 0
FV)
Enter expected life of asset (years) with n.

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For declining-balance calculations only: enter the
percentage rate followed by i . For example, 200%
declining balance rate (double declining) is entered
200 .i.
Enter the number of the year for which you wish to
calculate the depreciation
Touch b DB for declining balance option
Touch b SL for straightline option
Touch b SOYD for sum of years number option
No matter which depreciation method is used the remaining
depreciated value may be displayed by touching x ↔ y .
Example
Your company purchases a car for $3,500, which depreciates
over 6 years. The salvage value is expected to be $900. Find
the amount of depreciation and remaining depreciable value 1
year and after 4 years of car ownership using the declining-
balance method at double the straight-line rate (200%).
YALPSIDSEIRTNE
3500 PV
3,500.00
Stores the purchase price of $3,500
as the Present Value
900 FV
900.00
Stores the salvage value of $900 as
the Future Value
6 n.
6.00
Stores 6 years as the number of
periods for which depreciation will be
calculated
200 i.
200.00
Stores 200% as the accelerated rate
at which depreciation will be
calculated.
1 b DB 1,1667.67
Displays the depreciation for year
one
x↔y
1,433.33
Displays the amount left to be
depreciated after one year
4 b DB
137.04
Displays the depreciation for year
four
x↔y
00.00
Displays the amount left to be
depreciated after four years
Determining Bond Values
To calculate bond price and the interest accrued since its last
interest date, as well as its yield to maturity, use b PRICE and
bb YTM functions.
Use these methods to calculate bond price and yield for 30/360
day bonds (municipal bonds, corporate bonds, and bonds with
annual coupon payments.
To Calculate Standard Bond Price ( b PRICE )
Enter coupon rate; touch PMT
Enter desired yield to maturity; touch i.
Enter purchase date (settlement date); touch ENTER
Enter redemption date; touch b PRICE
The price displayed is the Bond Price as a percent of Part. This
number is now stored to the PV register. The interest accrued
since last interest date is also stored, to show this touch x ↔ y
To add the interest to the Bond Price in RPN method, touch +;
in ALG method, touch + x↔y =.
Example

V12 Manual
3130
What Bond Price should you pay on September 17, 2009 for a
4.9% US Treasury Bond that matures on November 2, 2017 if
you desire a yield of 6.65%?
YALPSIDSEIRTNE
b REG 0.00
Clears the registers
4.9 PMT 4.9
Enters coupon rate
6.65 i.6.65
Enters yield to maturity
r M.DY
6.65
Sets date format to month-day-
year value
9.172009 ENTER 9.17
Enters purchase date
11.022017 b PRICE
89.14
Enters maturity date and
calculates bond price (as a %
of Par)
+.
90.98
Calculates total bond price
including accrued interest
To Calculate Bond Yield to Maturity (b YTM )
Enter quoted Bond price (asa % of Par); touch PV
Enter coupon rate; touch PMT
Enter purchase date; touch ENTER
Enter redemption date; touch b YTM
Example
Using the Bond described above, what is the Yield to Maturity if
the market quote for the Bond is 91.42?
YALPSIDSEIRTNE
91.42 PV 91.42
Enters market quote
4.9 PMT 4.90
Enters coupon rate
9.172009 ENTER 9.17
Enters purchase date
11.022017 b YTM
6.26
Enters Maturity Date and
calculates yield to maturity
To Calculate Bond Price and Yield for 30/360 Day Basis Bonds
with a semiannual coupon, please reference V12 programming
guide at www.VictorV12.com/programs.
To Calculate Price and Yield for Bonds with Annual Coupons,
please reference V12 programming guide at www.VictorV12.com.
Percentages
There are three buttons used for solving problems involving
percents: Delta Percentage∆% ,Percentage % and Percent of
Total %T.
Delta percentage calculates the percent difference between
numbers using the first number as a base. To find the delta
percentage∆% of two values in both RPN and ALG method:
Enter the base value
Touch =.or ENTER
Enter the second number
Touch∆%
Example

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Calculate the percent difference between 100 and 25:
YALPSIDSEIRTNE
100 ENTER/= 100.00
Stores the base value
25∆%
-75.00
Displays the result: 25 is 75%
less than 100
To find the percentage % of a value in ALG method:
Enter the base value
Touch x.
Enter the percentage
Touch %.
Touch =.
Example
In ALG method, calculate 35% of $1,200:
ENTRIES (ALG) DISPLAY
CLX
00.00
Clears the display and x
register
1200 1200
Displays the base number
X 35 %.0.35
Displays the percent multiple
=.420.00
Displays the result
To find the percentage % of a value in RPN method:
Enter the base value
Touch ENTER
Enter the percentage
Touch %.
Example
In RPN method, calculate 35% of $1,200:
ENTRIES (RPN) DISPLAY
CLX
00.00
Clears the display and x
register
1200 ENTER 1200.00
Displays the base number
35 %.420.00
Displays the result
Percent of Total (%T) calculates what percent one number is of
a second number using the first number as a base. To find the
Percent of Total %T of two values in both RPN and ALG method:
Enter the base value
Touch =.or ENTER
Enter the second number
Touch %T
Example
Calculate the Percent of Total for 200 and 50:
YALPSIDSEIRTNE
200 ENTER/= 200.00
Stores the base value
50 %T
25.00
Displays the result: 50 is 25%
less than 200

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Enter the two digits of the month (01 to 12)
Touch the decimal point key
Enter the two digits of the day (01 to 31)
Enter the four digits of the year
Touch r M.DY
Example
Invoke the Month-Day-Year mode and enter the date January 5,
2001.
YALPSIDSEIRTNE
01.052001 r M.DY 1.05
Stores the date
The second calendar method is called Day-Month-Year and is
set by touching r.D.MY. To enter a date in Day-Month-Year
format:
Enter the two digits of the day (01 to 31)
Touch the decimal point key
Enter the two digits of the month (01 to 12)
Enter the four digits of the year
Touch r D.MY
Example
Invoke the Day-Month-Year mode and enter the date January 5,
2001.
YALPSIDSEIRTNE
05.012001 r D.MY 5.01
Stores the date
To calculate a date in the future or past:
Enter the start date and touch r D.MY
Enter number of days to be added or subtracted from the
start date
If subtracting days, don’t forget to use CHS
Touch r DATE
Example
You have a time-share vacation starting on July 20, 2008, for 90
days. When will your stay be over? (Using day-month-year
function)
YALPSIDSEIRTNE
20.072008 r D.MY 20.07
Stores the date
90 r DATE
18,10,2008 6
Displays the result as the 18th
day in the 10th month in year
2008 on the 6th day of the
week (October 18, 2008
Saturday)
Determining Number of Days Between Dates
To calculate the number of days between a set of dates:
Invoke your preferred calendar mode by touching r.
M.DY or r D.MY.
Enter the start date and touch ENTER
Enter the end date and touch ENTER
Touch r ∆DYS
To display the number of days based on a 360 day year
press x ↔ y.
Example
With month-day-year function, the amount of simple interest
accrued from January 15, 2008 through December 25, 2011 can
be calculated with either actual amount of days between dates or
by the 30-day month date function. You can calculate the
amount of days each way.
YALPSIDSEIRTNE
r M.DY Puts the calculator in Month-
Day-Year mode
Calendar Operations
The V12 stores dates using two methods. The first is called
Month-Day-Year and is set by touching r.M.DY. To enter a
date in Month-Day-Year format:

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3736
01.152008 ENTER
1.15
Stores the date January 15,
2008
12.252011 r ∆DYS
1,440.00
Stores the date December 25,
20011 and displays the days
between dates.
x↔y
1,420.00
Displays the result using a 360
day year
Chapter 4: Other Operational Features
Another function of the V12 calculator is continuous memory of
storage registers (financial. LSTx, block, and data), and
information on the current status of the current function (display
format, payment mode, and date format). Continuous memory is
in effect even while the unit is off, and for a short amount of time
while the batteries are out, to allow for battery replacement
without losing data. Dropping or otherwise damaging the
calculator may cause continuous memory to be reset.
Status Icons
There are nine icons on the lower portion of the display that
notify calculator status during different operational procedures.
RPN, ALG, b, r, BEGIN, D.MY, C, PRGM
Decimal Place Display Settings
To change the number of decimal places shown on the display
screen, touch b and enter a value (0-9) to specify how many
numbers will be displayed after the decimal. However many
digits are displayed, they will be rounded for the display yet the
entire number will be stored inside the calculator.
Example
YALPSIDSEIRTNE
b.2
Sets the calculator to display
two digits right of the decimal
point
5.7654368 ENTER
5.77
Stores the number with two
decimal places
b.3 5.765

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3938
Displays the figure with three
digits to the right of the
decimal point
b.5
5.76544
Displays the figure with five
digits to the right of the
decimal point
b.2
5.77
Displays the figure with two
digits to the right of the
decimal point
The decimal place setting is kept until continuous memory is
reset. Turning the unit off and does not change the decimal
place setting.
Scientific Notation Display Settings
With Scientific notation, the first non-zero digit of a value is
moved the immediate left of the decimal point and all other digits
are moved to the right. The resulting figure is called the
mantissa. The number of decimal place movements required is
called the exponent. For example, the figure 567.89 can be
expressed in scientific notation as 5.6789 2 (with 5.6789 as the
mantissa and 2 as the exponent since the decimal point was
moved two positions). Likewise, the figure .056789 can be
expressed in scientific notation as 5.6789 -2.
To convert a number to scientific notation:
Enter the number
Touch b ..
To exit scientific notation mode:
Touch b followed by the number of decimal places
you wish to display
Example
Convert 567.89 to scientific notation and then set the display
back to 2 decimal places
YALPSIDSEIRTNE
567.89 ENTER 567.89
Displays the initial value
b ..
5.678900 02
Displays the figure in scientific
notation
b 2
567.89
Displays the value using 2
decimal places
Full Figure Display
To view all ten digits of a figure without decimal points touch b.
PREFIX and hold down prefix as long as you wish to view the
numbers.
Example
Convert 567.89 to scientific notation and then view the full figure
with no decimal points.
YALPSIDSEIRTNE
567.89 ENTER 567.89
Displays the initial value
b ..
5.678900 02
Displays the figure in scientific
notation
b PREFIX
5678900000
Displays all 10 digits with no
decimal point
Other Display Settings