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Marcelo invested $66,100 in a mutual fund at 4.2% compounded annually. After 4 years, the interest rate was changed to 8.6% compounded monthly. a) How much was the value of the fund 6 years after the rate change? $ b) How much was the total compound interest earned during the whole term?

Marcelo invested $66,100 in a mutual fund at 4.2% compounded annually. After 4 years, the interest rate was changed to 8.6% compounded monthly. a) How much was the value of the fund 6 years after the rate change? $ b) How much was the total compound interest earned during the whole term?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Marcelo invested $66,100 in a mutual fund at 4.2% compounded annually. After 4 years, the interest rate was changed to 8.6% compounded monthly. a) How much was the value of the fund 6 years after the rate change? b) How much was the total compound interest earned during the whole term? $
Transcribed Image Text:Marcelo invested $66,100 in a mutual fund at 4.2% compounded annually. After 4 years, the interest rate was changed to 8.6% compounded monthly. a) How much was the value of the fund 6 years after the rate change? b) How much was the total compound interest earned during the whole term? $
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