Answer:
(d) $19,389.84
Explanation:
You want to know the credit card balance after 2 years if the initial balance is $13,000 and the interest rate is 19.99% compounded continuously.
Continuous interest
The formula for the value of the account is ...
A = P·e^(rt)
where P is the principal amount borrowed, r is the annual interest rate, and t is the number of years.
For the given values, the account balance will be ...
A = $13000·e^(0.1999·2) ≈ $19389.84
The balance on the card will be $19,389.84, choice D.
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