Farid placed RM5,000 in a bank account for six years. The bank offered an interest rate of 6% compounded monthly for the first four years and r% compounded annually for the rest of the period. If the amount in the account at the end of six years was RM6,855.40, find r.

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Farid placed RM5,000 in a bank account for six years. The bank offered an interest
rate of 6% compounded monthly for the first four years and r% compounded annually
for the rest of the period. If the amount in the account at the end of six years was
RM6,855.40, find r.
Transcribed Image Text:Farid placed RM5,000 in a bank account for six years. The bank offered an interest rate of 6% compounded monthly for the first four years and r% compounded annually for the rest of the period. If the amount in the account at the end of six years was RM6,855.40, find r.
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