An amount of $12 000 is invested for a period of 9 months at 3% p.a. compounded monthly. The compound interest formula to calculate the future value of an investment over a period of time is:

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 29P
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  1. An amount of $12 000 is invested for a period of 9 months at 3% p.a. compounded monthly. The compound interest formula to calculate the future value of an investment over a period of time is:

What would the n in the formula be? 

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