Peter accumulated $7,500 in credit card debt. If the interest rate is 3.5% per year and he does not make any payments for 10 years, how much will he owe on this debt in 10 years by compounding continuously

$10579.49

Step-by-step explanation:

The formula for amount gotten after a period of time (in years) on a principal which is compounded continuously is given as:

where P = principal (amount borrowed)

r = interest rate

t = number of years

Peter accumulated $7,500 in credit card debt with interest rate as 3.5% per year and he does not make any payments for 10 years.

Therefore, his debt is:

A = $10579.49

He will owe $10579.49 after 10 years

A= $10,643.01

Step-by-step explanation:

if you are rounded to the nearest cent

Identify the values of each variable in the formula. Remember to express the percent as a decimal.

A=?

P= $7,500

r= 0.035

t= 10 years

For compounding continuously, use the formula A=Pert.

Substitute the values in the formula and compute the amount to find

A= 7,500e

A= $10,643.01

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step-by-step explanation: