In the syllabus, they give two projects to choose from.

Project L has a 3 year life with a $35.66 NPV and 10% discount rate.

Project S has a 2 year life with a $28.93 NPV and same discount rate.

On the BAII Plus, for Project L, I set N=3, FV=0, I=10, and PV=35.66. I hit computer PMT and I get -14.34.

For Project S, I set N=2, and PV=28.93 and leave the rest the same. I get PMT equals to -16.67.

This is the same answer as given in the syllabus except the syllabus has positive 14.34 and positive 16.67. We are supposed to choose the project with the larger EAA so that would be S.

But, since the BAII spat out negative numbers, I would have chosen S since its EAA is less negative.

What am I doing wrong? How should I think of the negative PMT value? It is late night where I am and I am not thinking straight and getting confused.