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October 26, 2014

Homework Help: Math!

Posted by Thara! on Saturday, March 20, 2010 at 3:19pm.

What amount 18 months ago is equivalent to $2300, 1.5 year from now if money earn 7% compounded monthly during the interving time?

i know: FV=$2300 j=7% m=12 and ?n=36?
i=7%/12
PV=FV(1+i)^-n
PV=2300(1+.07/12)^-36
PV=1865.48
The answer is $1865.45

What i dont understand is how do we get the "n=36"...plz help!!!

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