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A credit card charges an annual yield of 16.5% per year. Joey uses his card to buy $3,800 of gear, then avoids paying his bill
A credit card charges an annual yield of 16.5% per year. Joey uses his card to buy $3,800 of gear, then avoids paying his bill for 5 years and 9 months. At this point, the credit card company catches up with him. How much money does he owe? (Assume that there are no other purchases, payments, or fees.) Round your answer up to the nearest penny.
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