anonymous
  • anonymous
A bank credit card charges interest at the rate of 24% per year, compounded monthly. If a senior in college charges $2,600 to pay for college expenses, and intends to pay it in one year, what will she have to pay? (Round your answer to the nearest cent.)
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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anonymous
  • anonymous
1year * 24%/year = 24% $2600(1+24%) = $2600*(1.24) = $3224
anonymous
  • anonymous
thats what we tried but it says wrong answer...
anonymous
  • anonymous
I think you have to use the formula a=Pe^rt

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anonymous
  • anonymous
But that is compounded continuously?
anonymous
  • anonymous
sorry formula was A=P(1+r/k)^kt got the correct answer... thanks for your help!! correct answer was 3297.43

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