Did my math teacher make a mistake?

[upper hinge]

I was wondering because wouldn’t the n-value have to be multiplied by 12, because its compounded 12 times in a year? (monthly)

[brisk wasp]

1. Wait patiently for a helper to come along.
2. Once someone helps you, say thank you and close the thread with:

+close

3. Feel free to nominate the person for helper of the week in #helper-nominations
4. Do not ping the mods, unless someone is breaking the rules.
5. If you're happy with the help you got here, and the server overall, you can contribute financially as well:

[astral cave]

12n would be if n represents years

but here, it asks for months, so using n as number of months is fine, in which case you want to raise 1.0029 to the number of months

[upper hinge]

ohh thanks so much for explaining!!

[frail swift]

@upper hinge has given 1 rep to @astral cave

[upper hinge]

+close