Question

Farrel accumulated $9,000 in credit card debt. If the interest rate is 4.1% per year and he does not make any payments for a year. How much will he owe on this debt in 9 years by compounding continously?​

Answer 1

Answer:

$12,921.09

Step-by-step explanation:

1. 9,000*1.041(added 4.1 percent to whole debt)=$9369

2. 9,369*1.041=9,753.13

3. 9,753.13*1.041=10,153.01

4. 10,153.01*1.041=10,569.28

5. 10,569.28*1.041=11,002.62

6. 11,002.62*1.041=11,453.73

7. 11,453.73*1.041=11,923.33

8. 11,923.33*1.041=12,412.19

9. 12,412.19*1.041=12,921.09

$12,921.09