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A college student who has not learned about the fundamentals of engineering economics charges many of his discretionary expenses during college to his credit card.
A college student who has not learned about the fundamentals of engineering economics charges many of his discretionary expenses during college to his credit card. At the end of the first year, he owes $2,200. The amount that he charges increases by 4% per year. Assuming the credit card charges 14% interest per year and the student does not make any payments before he graduates at the end of the 4th year, how much would he owe?
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