Required Reinvestment Income

Hi all, I am having trouble understanding how to solve the below question using a financial calculator as shown in my review notes.

Jane Walker has set a 7% yield as the goal for the bond portion of her portfolio. To achieve this goal, she has purchased a 7%, 15-year corporate bond at a discount price of 93.50. What amount of reinvestment income will she need to earn over this 15-year period to achieve a compound return of 7% on a semiannual basis?

The given explanation for this answer is:

935(1.035)30 = $2,624

Bond coupons: 30 × 35 = $1,050

Principal repayment: $1,000

2,624 − 1,000 − 1050 = $574 required reinvestment income

After thinking about this method, it makes sense to me, but can someone show me how it could also be solved using a financial calculator to find the FV of the reinvested coupon payments? I can’t seem to get this same answer using the calculator, so I don’t know what I am doing wrong.

Thank you!

The coupons were likely reinvested at different rates to produce a total reinvestment income of $574. You could use the TVM worksheet to calculate an average compound reinvestment rate over the life of the bond.

For the 2,624:

P/Y=2 C/Y=2
30 N 7 I PV -935 0 PMT CPT FV 2,624.35