How to Use ICONV on the BA II Plus

ICONV is three variables — NOM, EFF and C/Y — and solves in either direction. It answers “what does 12% nominal really earn when compounded monthly?”

Step by step

  1. 1

    Open ICONV

    2ND + 2 opens the worksheet at NOM.

    [2ND][ICONV]

  2. 2

    Enter the nominal rate and C/Y

    NOM = 12 [ENTER], then [↓] [↓] to C/Y, 12 [ENTER].

    12[ENTER][↓][↓]12[ENTER]

  3. 3

    CPT the effective rate

    [↑] lands on EFF; [CPT] fills it in.

    [↑][CPT]

  4. 4

    Reverse direction works too

    Enter EFF, set C/Y, then [CPT] on the NOM row.

Worked example (T9): EFF = 12.68

NOM = 12%, C/Y = 12: EFF = (1 + 0.12/12)^12 − 1 = 12.6825…% → displayed 12.68 (12.682503 at DEC = 6). Monthly compounding adds 0.68 points over the year.

[2ND][ICONV]12[ENTER][↓][↓]12[ENTER][↑][CPT]

Web practice cannot replace the physical calculator in a proctored exam — only calculators on the exam organizer’s current list are allowed.

Frequently asked questions

When do I need EFF instead of NOM?

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Whenever compounding is not annual: comparing accounts with different C/Y, computing true annual returns, or converting between quoted rates.

Does ICONV use P/Y?

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No — only C/Y. P/Y belongs to the TVM worksheet; ICONV is purely a rate converter.