I am still at college. I need to solve this problem.
The total amount to receive in 1 year is 17500 CAD. And the university pays its students each 2 weeks (26 payments per year).
How much does a student have to receive for 4 months? I have calculated this in 2 ways (both seem ok) but results are different. Which one is the right one and why?
a) 17500CAD / 12 months = 1458.33CAD each month 1458.33CAD x 4 months = 5833 (total amount of money in 4 months) If money has to be given each 2 weeks: 5833 / 8 = 729.125 CAD b) 17500 / 26 = 673.08 each 2 weeks 673.08 x 8 = 5384.62 (total amount of money in 4 months)
I think the right one is a), because b) is assuming the student has been receiving money for the whole year (26 payments). But it is not the case.