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

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Question 1197287: 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 josgarithmetic, ikleyn:
Answer by josgarithmetic(39616) About Me  (Show Source):
You can put this solution on YOUR website!

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The 8%, is YEARLY rate? One years contains 6 "bi-monthly" periods. 8 years of this is 8%2A6=48 such periods. The rate for each compounding period is 8%2F6=4%2F3=1.333 percent.


Answer by ikleyn(52775) About Me  (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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I just start thinking if it is just the time to write my message to the managers of this project,

asking them to remove such  " Math composers "  from their duties at this forum ?