The question is:
Find the amount due on each compound interest loan.
$7500 at 6.5% for 8 years 6 months if the interest is compounded:
a. Annually b. Quarterly c. Weekly
I know the formula is A=P(1+(r/m))^(mt)
but my question is, how do i write the ''8 years 6 months'' as my time (t)?
This explains how to write a time period as t in a compound interest equation.