A Financial Calculator That's Maybe Too Powerful?
Written: Sep 04 '04 (Updated Oct 29 '04)
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Pros: Very powerful, flexible financial calculator
Cons: Your PDA and Excel make this redundant
The Bottom Line: The 19B is an excellent calculator. However, you'll use Excel for anything you can't do on a 12C, and it's clumsy. DON'T BUY THIS IF YOU'RE NOT IN THE INDUSTRY.
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| buffoonery's Full Review: Hewlett Packard-19BII Scientific Calculator |
Normally, such a question would be anathema: how can one have too much power in a calculator? Answer: when it makes the calculator clumsy to use.
Bona fides here: I'm a finance professional and I use the types of functions contained in the HP 19BII every day.
The HP Business Consultant II, otherwise known as the HP 19BII Financial Calculator, is an extremely powerful financial calculator. It will do just about relatively routine function that is required of a finance professional on a daily basis--anything short of using Excel, that is. It is intended for people in the finance industry and, if you're not in the industry or a student, don't buy this.
The calculator is shaped like a little notebook and opens up. On the left is a keypad with letters and numbers for the address book, calendar, etc. On the right is a screen and the keys required to use the functions. Interestingly, at the top is a series of six blank keys. What are those for? More later.
The 19B will do just about anything you ask of it. The 340 page plus manual is clearly written and has many examples. A sample of the functions:
Percentage changes.
Time Value of Money (many different methods, e.g. home mortgages, leases, IRA's, etc.)
Cash Flow (IRR, NPV, modified IRR)
Bonds and Depreciation (many kinds)
Statistics (standard deviation, histograms, regression, etc.
Foriegn Exchange
and, of course, numerous arithmetical and mathematical functions (logs, trig, etc.)
Obviously, if you don't understand the above functions, this calculator is not for you. This is intended for professionals who understand the functions, or students who are learning them. It isn't for rookies.
What's neat about the 19B is that a little menu will pop up when you want to solve for many variables. That's what the little blank keys are for at the top. You're given a choice of several different functions. Say you want to do bonds. Key in the type--semi annual, annual, etc.--then another little menu comes up, and you put in the appropriate value--settlement and maturity dates, call value, yield, price--and it will solve for the remaining variable. Very cool.
And that leads up to a very cool feature of the 19B, which is its "Solver" function. Find a formula you use on a regular basis. You set up the formula, set up the menus, and you can recall this formula whenever you want to with the calculator solving for the remaining variable.
The left side keys permit you to use this as a date and appointment book and to store many business lists such as names and addresses, or use it for your expense account, etc.
You may print iformation from this using an HP 82240 Infrared Printer, including not just your address lists, but an amortization table as well.
You can switch back and forth from Reverse Polish Notation and algebraic functionality. You won't need to do that, though, because only sissies use algebraic.
The HP 19B requires three N-size alkaline batteries.
With all this functionality, one would think this would be the calculator of choice for finance professionals. It isn't. Why? Because it is too big, too clumsy, and redundant.
First, the HP 19B is really too large to shove into your front pants pocket.
Second, it's also heavy, so if you carry it around with some notebooks, you might drop it and break it open. This is a real problem because the battery compartment piece is wont to break and I had to go back to HP for a replacement and that process was a serious pain in the behind.
The HP12C, on the other hand, is built like a tank.
Third, it's just clumsy. I need to use exponential and percent change functions a lot, and they're not readily apparent on the right side board. It's easier on the 12C
Finally, it's redundant. Anybody who is anybody in finance uses a PC, which has all functions you need. In other words, a finance professional needs a calculator to do functions on the fly, anything else gets the Excel treatment. If you're like me, you'll use either your PDA or Outlook for your calendar and addresses, Excel for anything mildly complicated, and your 12C for the rest.
I own both a 12C and a 19B. I NEVER use my 19B, and I work in the industry, and the calculator of choice is the HP 12C. It's a fine calculator, and does an awful lot, but anything beyond simple calculations will be done on Excel. Save your money and buy a 12C and a PDA if you need it. Students may find this very useful, but I don't recommend it to finance professionals who have access to Excel and Outlook.
PS For those so inclined, here is my 12C review: http://www.epinions.com/content_149849869956
Recommended:
No
Purchase Price: 100
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