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:

Bed-wetting

An involuntary urination while asleep after the age at which bladder control usually occurs.

Deep Sleep

A stage of sleep characterized by slow brain waves, limited muscle activity, and slowed breathing, which is crucial for restorative sleep.

Enuresis

A medical term for involuntary urination, especially by children at night, commonly referred to as bedwetting.

Prefrontal Cortex

A part of the brain located at the front of the frontal lobe, associated with complex cognitive behavior, personality expression, decision making, and moderating social behavior.