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Gabby accumulated $12,000 in credit card debt. If the interest rate is 4% per year and she does not make any payments for 8 years, how much will she owe on this debt in 8 years by compounding continuously?
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Gabby accumulated $12,000 in credit card debt. If the interest rate is 4% per year and she does not make any payments for 8 years, how much will she owe on this debt in 8 years by compounding continuously?

User Sanmi
by
8.6k points

1 Answer

7 votes

Answer:

$16,525.53.

Explanation:

A=Pe^rt

P=$12,000

r=0.04

t=8 years

User M Fuat
by
9.0k points
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