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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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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