SOLUTION: what is the future value of $4000 in a bank account for 8 years at 7 percent compounded bimonthly?

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Question 831902: what is the future value of $4000 in a bank account for 8 years at 7 percent compounded bimonthly?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
Bimonthly means twice a month so in 8 years there will be n=8%2A12%2A2=192
r=7%2F100%2F24=7%2F2400
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.
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F=P%281%2Bi%29%5En
F=4000%281%2B7%2F2400%29%5E192
F=4000%281.749246%29
F=6996.99
$6996.99