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1 answer:
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Answer:
$10579.49
Step-by-step explanation:
The formula for amount gotten after a period of time (in years) on a principal which is compounded continuously is given as:
where P = principal (amount borrowed)
r = interest rate
t = number of years
Peter accumulated $7,500 in credit card debt with interest rate as 3.5% per year and he does not make any payments for 10 years.
Therefore, his debt is:
A = $10579.49
He will owe $10579.49 after 10 years