+0  
 
+2
37
1
avatar+15 

An investment of $24,000 is made in a government bond that will pay 1% bi-monthly interest (meaning that the investment will increase by 1% every two months). At the end of five years, what is the total number of dollars in this investment?

 Aug 10, 2023

Best Answer 

 #1
avatar+757 
+1

I suppose you mean compound interest. There are 30 bi-months in five years. We can turn this is 24000*1.01^30, which equals to 32348.37, when rounded to the nearest hundreth. 

 Aug 10, 2023
 #1
avatar+757 
+1
Best Answer

I suppose you mean compound interest. There are 30 bi-months in five years. We can turn this is 24000*1.01^30, which equals to 32348.37, when rounded to the nearest hundreth. 

history Aug 10, 2023

5 Online Users

avatar
avatar