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Edgar accumulated $ 5 , 0 0 0 in credit card debt. If the interest rate is 2 0 % per year and he does

Edgar accumulated $

5, 000

in credit card debt. If the interest rate is

20 %

per year and he does not make any payments for

2

years, how much will he owe on this debt in

2

years with monthly compounding? Round your answer to the nearest cent.Do NOT round until you calculate the final answer

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