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You discover that you need a new laptop that costs $1,000. You charge the laptop to your credit card which charges a 20% annual interest

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You discover that you need a new laptop that costs $1,000. You charge the laptop to your credit card which charges a 20% annual interest rate, If you make no payments on the credit card for 8 years, how much will you owe on the card? Assume annual compounding. (Round to nearest penny, e.g. 1234.56)

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