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?
Express your answer to the nearest whole number.
+129850 "Bi - monthly" can either mean "twice a month" or "once every two months"
If the first definition is meant, we have 5 * 12 * 2 = 120 compounding periods and the amt is
24000 * ( 1.01)^120 = $79209
If the second definition, we have 5 * 6 = 30 compunding periods and the amt is
24000 * ( 1.01)^30 = $32348
