He owes his debt in 5 years by compounding continuously will be 10,332.56 dollars.
What is compound interest?
Compound interest is the interest on a loan or deposit calculated based on the initial principal and the accumulated interest from the previous period.
Jackson accumulated $9,000 in credit card debt.
If the interest rate is 2.8% per year and he does not make any payments for 5 years.
He owes on his debt in 5 years by compounding continuously will be
[tex]\rm A = P (1+r)^t\\\\A = 9000(1+0.028)^5\\\\A = \$10332.56[/tex]
More about the compound interest link is given below.
https://brainly.com/question/25857212
