Many credit card companies charge a compound interest rate of 1.8% per month on a credit card balance. Miriam owes $550 on a credit card. If she makes no purchases or payments, she will go more and more into debt. Which of the following sequences describes her increasing monthly balance?

A. 550.00, 649.00, 765.82, 903.67, 1,066.33, ...

B. 550.00, 559.90, 569.80, 579.70, 589.60, ...

C. 550.00, 559.35, 568.86, 578.53, 588.36, ...

D. 550.00, 559.90, 569.98, 580.24, 590.68, ...

E. 550.00, 550.99, 551.98, 552.98, 553.97, ...

Please also explain how (steps) to get the answer, thank you!

D. 550.00, 559.90, 569.98, 580.24, 590.68, ...

Step-by-step explanation:

So, her debt will increase of the interest rate of 1.8% on a credit card.

You have to multiply the rate by the amount that she owes. So, when you multiply 1.8% by $550 you get $9.90 amd you habe to add that to what she owes. You can't keep adding $9.90 because now her debt increased from $550 to $559.90. You now have to multiply $559.9 by 1.8% inorder to get her new amount of debt. If you multiply 1.8% by $550, then you are saying that she only has $550 as debt even though she now has $559.90 im debt. You must keep multiplying her new amount of debt by 1.8% to get her increasing monthly balance.

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step-by-step explanation: