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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Thanh Hà 3 years 2021-07-17T23:14:53+00:00 1 Answers 14 views 0

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    2021-07-17T23:16:50+00:00

    9514 1404 393

    Answer:

      $6749.29

    Step-by-step explanation:

    The balance is given by …

      A = Pe^(rt)

      A = $5000·e^(0.10·3) ≈ $6749.29

    Edgar will owe $6749.29.

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