Edgar accumulated $4,000 in credit card debt. If the interest rate is 20% 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.) (a) compound quarterly $ (b) compound monthly

Edgar accumulated $4,000 in credit card debt. If the interest rate is 20% 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.) (a) compound quarterly $ (b) compound monthly

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter10: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 455PT: Megan invested $21,000 in a savings account. If the interest rate is 5%, how much will be in the...

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