CFAI Book 4 Question 12 Reading 45

Hello, What is going on here with the books explanation? Using these inputs FV = 10,000,000 PMT = 400,000 N=10 I/YR = 13.65 They say that PV = $7,999,688 I am getting PV = $4,896,931.51 on my HP10B and an online calculator. I CANNOT get that answer using hte EXACT same imputs. I can do PV all day long, but what is going on with this explanation from Appendix A-6??? THanks!

Yeah, i’m getting the same. Perhaps its a Errata in the text?

I checked the errata section and its not listed. I’m just making sure I’m not doing something wrong. I didnt think i was. Lots of corrections in the errata for CFAI reading 45. Thanks reineir

Yield is annual… Divide by 2 to get correct PV…

semi-ann. compounding: 13.65/2=6.825% will give you the answer.