What am I doing wrong... Equivalent Annual Annuity

CFA Level II Corporate Finance
#1

I am trying to find out the EAA for two different projects, and its quite simple, but I can’t seem to get the correct answer.I am not sure if I am inputting something incorrectly into my calculator.

Inputting PV=6,406,450; N=4; I=16; CPT PMT, I keep getting $-1,655,353 for PMT??

This question is from the topic tests…

Find the annuitized value of the NPV based on 16% for each project: Project Life** Calculation **Equivalent Annual Cash Flow Four years

PV = 6,406,450; N = 4; I = 16; CPT PMT

(original project) = $2,289,506

#2

Ensure that FV = 0, P/Y = C/Y = 1 and you have payments set to END.

#3

I suspect you have P/Y=1 and C/Y=12. enlightened

#4

I did. Thanks for the help.