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 :)

12% = 0.12, and 0.12 can be substituted directly into the equation.

it's compounded monthly though?

To substitute the value for "i" (interest) into the equation, you need to convert the annual interest rate to a decimal and divide it by the number of compounding periods per year.

In the given example, the annual interest rate is 12%, which can be expressed as 0.12 in decimal form. The compounding is done monthly, so there are 12 compounding periods in a year.

To find the monthly interest rate, divide the annual interest rate by 12:
0.12 / 12 = 0.01

So, in this case, the value to substitute for "i" in the equation would be 0.01.