In the formula A=p(1+i)^n,
I can not remember how to sub a value for "i" (interest) into the equation.
For example,
A $1000 investment is made in a trust fund that pays 12%/a compounded monthly. How long will it take the investment to grom to $5000?
A- 5000
p- 1000
i- ?
What do I divide 0.12 by to sub it into the equation?
Thanks in advance :)
2 answers
12% = 0.12, and 0.12 can be substituted directly into the equation.
it's compounded monthly though?
1 answer