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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?

Respuesta :

mhanifa

Answer:

  • $16399.06

Step-by-step 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

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