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Edgar accumulated $9,000 in credit card debt. If the interest rate is 30% per year and he does not make any payments for 2 years, how much will he owe on this debt in 2 years by compounding continuously?
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Aug 24, 2022
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Edgar accumulated $9,000 in credit card debt. If the interest rate is 30% per year and he does not make any
payments for 2 years, how much will he owe on this debt in 2 years by compounding continuously?
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Areke
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Answer:
$16399.06
Explanation:
Given
Debt amount P = $9000
Interest rate r = 30% = 0.3
Time t = 2 years
Compound number = continuous
Use formula
A = Pe^(rt)
A = 9000*e^(0.3*2) = $16399.06
Rohit Singh Sengar
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Aug 30, 2022
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Rohit Singh Sengar
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