Edgar accumulated $7,000 in credit card debt. If the interest rate is 20% per year, and...

Edgar accumulated $7,000 in credit card debt. If the interest rate is 20% per year, and he does not make any payments for 3 years, how much will he owe (in dollars) on this debt in 3 years by each method of compounding? (Simplify your answers completely. Round your answers to the nearest cent.)

(a)

compound quarterly

(b)

compound monthly

(c)

compound continuously

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Expert Solution

milcah answered 1 year ago

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