A Credit Card Charges Interest at a Rate Of $21 \%$

question 27

Short Answer

A credit card charges interest at a rate of $21 \%$ per year, compounded monthly. If a senior in college charges her last tuition bill of $\$ 4500$ nd intends to pay it 3 years later (after she gets a high-paying engineering job), how much will she have to pay? $\$$$\underline{\quad\quad}$

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Definitions:

Relative Frequency

The ratio of the number of times a particular value occurs to the total number of observations.

Probabilities

Measures of the chance or likelihood that certain events or outcomes will occur, represented quantitatively.

Perfectly Balanced

A term often used in data analysis or statistics to describe a situation where elements are distributed equally or in perfect symmetry.

Trial

An attempt or test to perform a task, or the use of something in experiment to determine its efficiency or effectiveness.