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Edgar accumulated $5,000 in credit card debt. If the interest rate is 10% per year and he does not make any payments for 3 years, how much will he owe on this debt in 3 years by compounding continuously?

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sqdancefan

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Answer:

  $6749.29

Step-by-step explanation:

The balance is given by ...

  A = Pe^(rt)

  A = $5000·e^(0.10·3) ≈ $6749.29

Edgar will owe $6749.29.

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