Use the following compound interest formula to complete the problem. 2007-11-01-00-00_files/i011.jpg victor has a credit card with an apr of 13.66%, compounded monthly. he currently owes a balance of $1,349.34. assuming that victor makes no purchases or payments, how much will he owe after one year, to the nearest cent? a. $1,349.34 b. $1,533.66 c. $1,545.65 d. $1,364.70

The correct answer is C. $ 1545.65

Step-by-step explanation:

Principle = $ 1349.34

Rate = 13.66 %

t = No. of times the interest is compounded in one year

⇒ t = 12  ( since it is given that the interest is compounded monthly so the interest is compounded 12 times in one year)

n = 1 year

where n = no. of years and t = No. of times the interest is compounded in one year

= 1349.34 × 1.15

= $ 1545.65

So, the correct answer is C

i think you would have to divide the money he had saved, which is $2,000 by the time he plans on exercising which is 40 hours, and the answer you get should tell you the answer to your question.