SOLUTION: What is the Final Amount if P 12400 is invested at an interest of 8% compounded Bi-Monthly for 8 years?

Question 1197289: What is the Final Amount if P 12400 is invested at an interest of 8% compounded Bi-Monthly for 8
years?
Found 2 solutions by MathLover1, ikleyn:
Answer by MathLover1(20850)   (Show Source): You can put this solution on YOUR website!

First, convert as a percent to as a decimal

per year, bi-monthly -> times in year

=>the Final Amount

Answer by ikleyn(52855)   (Show Source): You can put this solution on YOUR website!
.

" bi-monthly " is undetermined jargon: the meaning is two-fold.

GOOGLE and dictionaries give two possible explanations for this term:

        "done, produced, or occurring twice a month or every two months."

Avoid using this term in Math problems, where absolute precision is required.

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As a joke, I say it every day, that Math composers of this forum got their mathematical education from reading puzzles.

Which means very low level of mathematical education, not sufficient for writing Math problems.

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