Edgar accumulated $4,000 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 (in dollars) on this debt in 2 years by each method of compounding? (Simplify your answers completely. Round your answers to the nearest cent.)

Answers

Answer 1

Answer:

$7,459.12

Step-by-step explanation:

The formula for continuous compounding is

A = Pe^(rt), where P is the original amount, A is the accumulated amount, r is the interest rate as a decimal fraction, and t is the number of years.  We want to know how much he will owe on this original $5,000 credit card debt after 2 years.

A = $5,000e^(0.20*2)

  = $7,459.12

Step-by-step explanation:

hope this helps

Answer 2

Edgar accumulated $4,000 in credit card debt. If the interest rate is 30% per year. he will owe

A= $7,459.12

This is further explained below.

How much will he owe (in dollars) on this debt in 2 years by each method of compounding?

Generally, the equation for  continuous compounding  is mathematically given as

[tex]A = P*e^{rt}[/tex]

Therefore

[tex]A = 5,000*e^{0.20*2}[/tex]

A= $7,459.12

In conclusion, he will owe

A= $7,459.12

Read more about compound interest

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Related Questions


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Use the calculator provided and round your answer to the nearest whole number.

Answers

7•15=105
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100+105=205

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x=320,000 • 205% divided by 100%
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Richard and Stephen win some money and share it in the ratio 2:1. Richard gets £12 more than Stephen. How much did Stephen get?​

Answers

Answer:

12

Step-by-step explanation:

because ratio 2 to 1 = all =3 if Richard got 12 more than stephan that is the one more so In 2 to 1/1=12 so stephan gets 12

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Assignment
Active
Solving for Unknown Values
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Answers

Answer:

a diagram is necessary. please provide a diagram.

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Answers

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I’ve attached my work...
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Answers

Answer:

4.5

Step-by-step explanation:

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Answer:

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B. 72
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Answers

Answer:

29

Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

Answer:

-3.25

Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

Watch help video
In ADEF, the measure of ZF=90°; the measure of ZD=67°, and FD = 7.4 feet. Find
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X
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Answers

Answer:

A.

Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answer:

1.Location

2.shape

3.orientation

Step-by-step explanation:

Answer: Orientation

Step-by-step explanation:

Basically how the shape looks like on a graph for example a right side up triangle would look different from a upside down triangle

q/19 < 4

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Answers

Answer:

q<76

Step-by-step explanation:

hope this is the answer you were looking for!

A stack of one dozen cookies of diameter
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Answers

Answer:

.763 in for each cookie

Step-by-step explanation:

[tex]179.715 =\pi (2.5)^{2} h\\179.715= \pi (6.25)h\\179.715=19.635h\\h=9.153\\[/tex]

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Answers

29 cm is the heights
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Answers

Answer:

compass

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need answer. please help​

Answers

9x+1=7x+13
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UW=42+13
UW=55

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Answers

Answer:

-5

Step-by-step explanation:

Answer:

see the explanation

Step-by-step explanation:

I dont understand what you want here

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0>x>-10

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Answers

Answer:

Step-by-step explanation:

x= y+10

-----------------

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Answers

Answer:

[tex]c. \: 5x - 2y = 10 \\ \: \: \: \: \: 10x - 4y = 20 \\ [/tex]

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Answers

Answer:1.16 times

Step-by-step explanation:

Given

Bella can run a mile in 9.54 minutes

Linda can run a mile in 8.22 minutes

We know, [tex]\text{distance=speed}\times\text{ time}[/tex]

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Speed of Linda, for running a mile is

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So, Linda is faster than Bella, as her speed is more compared to Linda.

Linda is  [tex]\frac{9.54}{8.22}=1.16[/tex]  times faster than bella

suppose you borrow $300 at a yearly, or annual, simple intrest rate of 3.4% for 3 years. what values would you use for P,r, and t?

Answers

Answer:

P=300

r= 3.4%

t=3

Step-by-step explanation:

Factor out the GCF:
-9n^5 + 3n

Answers

Answer:

3n or -3n([tex]3n^{4}[/tex]-1)

Step-by-step explanation:

i hope its correct!!!

^^

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Step-by-step explanation:

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Answers

B= 120° because all triangles equal 180° so 19°+41° = 60 and 180° -60 equals 120°


A= 120 because B and A are vertical angles

Y= 22° because 120 +38= 158 and 180-158 = 22°

Answer:

a = 120

b = 120

y = 22

a and b and vertical angles

Step-by-step explanation:

angles A and B are vertical angles so they're equal.

you can find angle b because all the angles in a triangle add up to 180

19 + 41 + B = 180

b = 180 - 19 - 41

b = 120

and since theyre equal, that means

a = 120 as well.

since you know a = 120 you can find y.

120 + 38 + y = 180

y = 180 - 120 - 38

y = 22

what is the value of A​

Answers

Answer:

There's no picture for me to answer your question.

Step-by-step explanation:

Find the value of the marked angles in each of the following ( see image ).

Please show workings.

The only given angles are 62° and 85°.

The angle to look for is marked by “))”​

Answers

Answer:

(180-62)

118

180-118=62

180-85=95

180-(62+95)

180-157

23

Answer:

23°

Step-by-step explanation:

The inscribed is the cyclic quadrilateral.

The opposite angles are supplementary in cyclic quadrilaterals.

The angle opposite to 85° is:

180° - 85° = 95°

The missing angle of the triangle is:

180° - (62° + 95°) = 23°
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