Posted by
**Thara!** on
.

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 don't understand is how do we get the "n=36"...plz help!!!