3/2.5 = 48/c what is c?
2 answers:
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The final amount that Victor will owe after one year, to the nearest cent is given by: Option C: $545.65
<h3>How to find the compound interest?</h3>If n is the number of times the interested is compounded each year, and 'r' is the rate of compound interest annually, then the final amount after 't' years would be:
For this case, we're provided that:
The interest rate is r = 13.66% = 13.66/100 = 0.1366 (converted percent to decimal)
It is compounding monthly, thus, 12 times a year, or n = 12
The initial amount that the credit card of Victor has = p = $1349.34
Time for which interest was compounded = a year = 1 = t
Thus, the final amount that Victor will owe after one year to the nearest cent is calculated as;
Thus, the final amount that Victor will owe after one year, to the nearest cent is given by: Option C: $545.65
Learn more about compound interest here: