I have a question on the compound interest problem: $1000 and 18% compounds monthly. why is the exponent 6 instead of 12 when there are 12 months in one year?
I assume that you will hold that money for only 6 months, right?
I have a question on the compound interest problem: $1000 and 18% compounds monthly. why is the exponent 6 instead of 12 when there are 12 months in one year?
I assume that you will hold that money for only 6 months, right?