The higher interest rate of a cash advance on a credit card with an existing balance can be eliminated by paying the cash advanc
2 answers:
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Answer:
$49560
Explanations:The amount deposited is the principal
The principal, P = $24,000
Interest rate, r = 7.25% = 7.25/100 = 0.0725
Time, t = 10 years
Since the interest is compounded continuously, the amounte^ formula is given as:
Substitute P = 24000, r = 0.0725, and t = 10 into the formula above:
$49560 will be in the account after 10 years if no withdrawal or deposit is made