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?
1 answer:
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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