"Find the interest earned when $4500 is invested for 6 years at 4% p.a. compounded monthly"
Sorry if the question seems novice, but i really got stuck on it. After realizing that the normal compounding formula wouldn't work, i got wondering, how is the question solved? After fiddling for a bit, i also realized that simply dividing 4% / 12 months (and then making the n periods * 12) didn't work. (it did woops, see answer below)
I have seen something online about compounding periods but unfortuntely I didn't understand that either (is that to do with my issue?)
Thank you :)