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A credit card has a nominal annual interest rate of 18%, and interest is compounded monthly. The cardholder uses the card to make a $30 purchase.

Which expression represents the balance on the card after 5 years, in dollars, assuming no further charges or payments are made?

A credit card has a nominal annual interest rate of 18%, and interest is compounded monthly. The cardholder uses the card to make a $30 purchase. Which expressi class=

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Answer:

30 [tex](1 + \frac{.18}{12})^{5*12}[/tex]

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