Using HP 10bII for Deferred Annuities
Enter 12 and press [Shift] [P/YR] (set to yearly)
Part 1 - Calculate Future Value after 30 years
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Enter 100,000 and press [PV]
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Enter 30 and press [Shift] [N x P/YR]
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Enter 8 and press [I/YR]
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Enter 0 and press [PMT]
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Enter [FV]
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Display -1093572.97
Part 2 - Calculate PMT for next 20 years
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Press [Shift] [STO]
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[PV] (to store this old future value to present)
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Enter 20 and press [Shift] [N x P/YR]
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Press 0 and then [FV] (to clear off the FV register)
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Press [PMT]
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Display 9,147.08
After 30 years, Jack will then be able to withdraw 9,147.08 per month for the next 20 years.