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17 March, 07:56

Edgar accumulated $5,000 in credit card debt. If the interest is 20% per year and he does not make any payment for 2 years. How much will he owe on this debt in 2 years by compounding continously?

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  1. 17 March, 08:23
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    5000*1.2 = 6000 1st year

    6000*1.2 = 7200 2nd year

    Answer: 7200$
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