Math!
posted by Thara! .
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!!!
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