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## Edgar accumulated $5,000 in credit card debt. If the interest rate is 10% per year and he does not make any payments for 3 years, how much w

Question

Edgar accumulated $5,000 in credit card debt. If the interest rate is 10% per year and he does not make any payments for 3 years, how much will he owe on this debt in 3 years by compounding continuously?

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Mathematics
3 years
2021-07-17T23:14:53+00:00
2021-07-17T23:14:53+00:00 1 Answers
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## Answers ( )

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Answer:$6749.29

Step-by-step explanation:The balance is given by …

A = Pe^(rt)

A = $5000·e^(0.10·3) ≈

$6749.29Edgar will owe $6749.29.