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Back to 10.2 Evaluate and Graph Exponential Functions

10.2 Exercise 78

Avg difficulty 2.5

Use an exponential model to solve.

Edgar accumulated $5,000\$ 5,000 in credit card debt. If the interest rate is 20%20 \% per year, and he does not make any payments for 2 years, how much will he owe on this debt in 2 years by each method of compounding? ⓐ compound quarterly ⓑ compound monthly ⓒ compound continuously

OpenStax Intermediate Algebra 2e, 10.2 Evaluate and Graph Exponential Functions, exercise 78

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Adapted from Intermediate Algebra 2e © 2020 Rice University. Licensed under CC BY 4.0. Source: Intermediate Algebra 2e. Imported at revision 77a933c.