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

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: What is the Final Amount if P 12400 is invested at an interest of 8% compounded Bi-Monthly for 8 years?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

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) About Me  (Show Source):
You can put this solution on YOUR website!

First, convert R as a percent to r+as a decimal
r+=+R%2F100
r+=+8%2F100
r+=+0.08 per year, bi-monthly ->n=6 times in year
A+=+P%281+%2B+r%2Fn%29%5E%28nt%29
A=+12400%281+%2B+0.08%2F6%29%5E%286%2A8%29
A=+12400%281+%2B+0.013333333333333332%29%5E48
A=+12400%281.013333333333333332%29%5E48
A=+12400%281.8884773774741%29
A=23417.12=>the Final Amount


Answer by ikleyn(52851) 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.


////////////////


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.