Reading 14 - Example 2 Scenario 3

CFA Level II FRA
#1

The textbook says that the PV of $4514.89 for 20 years at 6% is $51785.46

When I calculate the following in my calculator:
PMT = 4514.89
N=20
I/YR=6
FV=0

Then compute PV - I get $51217.04?? Not $51785.46 as stated in the textbook?

I also get a different answer for Scenario 4.

Is anyone else having this problem?

#2

Press [2ND] [I/Y] and scroll down. I guess your C/Y is set to 4.

Change P/Y and C/Y back to 1 and retry.

#3

Thank you so much! Much appreciated!

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