baring in mind that i know nothing about your calculator.....
I is probably the "equivalent monthly compunded rate". You need to convert it to a semi-annual nominal rate using standard methods.
Here the question that i hope to get some help on...
After 10½ years of contributions of $2,000 at the end of every six (6) months to an RRSP, the accumulated amount stood at $65,727.82. What semi-annually compounded nominal rate and equivalent compounded monthly rate of return were earned by the funds in the RRSP?
Using my calculator I got this far...
0 PV
21 N
-2,000 PMT
65,727.82 FV
COMP
I
4.2507
4.2507 would be the periodic monthly rate, correct?
thanks,