How do you calculate simple present value using a financial calculator?

I already know the formula for calculating PV. What I want to know is how you would use a financial calculator to solve a question such as...





What is the present value of $250 to be paid in 2 years if the interest rate is 15%?





I know the answer is $189.04. What I don't know is how to come up with this answer using my calculator instead of solving the formula by hand. Please tell me how to plug this in.How do you calculate simple present value using a financial calculator?
The formula is PV = FV / (1+ r)^n





That's Present Value (PV) = Future Value (FV) divided by 1 plus the interest rate (i) to the power of n, where n equals the number of periods





So on a regular calculator:





Divide $250 by 1.15 squared.





So first find the square of 1.15





1.15 X 1.15 = 1.3225





Then divide $250 by 1.3225 to get the answer





$250 / 1.3225 = $189.04





On a financial calculator (like the HP12C that I use), with present value functions on it, you enter:





$250 as the FV (Future Value)


15% as i (interest)


2 as N (number of periods)





Then calculate for the PV (Present Value)





The answer comes back as a negative $189.04. It's negative, as that is what you have to pay today, for a return of $250 in two years given an interest rate of 15%.