Question

Jenny has a $3,000 balance on her credit card with an 18% interest rate. If she makes no payments on her

card and no late fees were charged how long will it take her debt to double?

Answer 1

5 years

Explanation:

Firstly, Let's use a function to find how much Jenny owes every year.

Using f(t)=3,000(1.18)^t

We can find the amount of money jenny owes every year.

Now let's try to find how many years it would take her to double her credit card debt.

If we change t=5, we can see that the function gives us an output of 6,863.27 which is double the amount of which she currently owes.