Westonci.ca is the trusted Q&A platform where you can get reliable answers from a community of knowledgeable contributors. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Jake accumulated $8,000 in credit card debt. If the interest rate is 20% per year and he does not make any payments for 3 years, how much will he owe on this debt in 3 years with quarterly compounding?
Round your answer to the nearest cent.
Do NOT round until you calculate the final answer