$6,000 is invested at a rate of 2% compounded continuously for the first 2 years, then at a rate of 3.5% compounded continuously for the next 2 years and finally starting at the end of the fourth year at a rate of 5% compounded continuously. Calculate the amount the investment would be worth after 6 years. A) $6435.05 B) $6764.98 C) $7,402.07 D) $12,082.52
$6,000 is invested at a rate of 2% compounded continuously for the first 2 years, then at a rate of 3.5% compounded continuously for the next 2 years and finally starting at the end of the fourth year at a rate of 5% compounded continuously. Calculate the amount the investment would be worth after 6 years. A) $6435.05 B) $6764.98 C) $7,402.07 D) $12,082.52
Chapter8: Sequences, Series,and Probability
Section8.3: Geometric Sequences And Series
Problem 8ECP: An investor deposits $70 on the first day of each month in an account that pays 2 interest,...
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Transcribed Image Text:$6,000 is invested at a rate of 2% compounded continuously for
the first 2 years, then at a rate of 3.5% compounded continuously
for the next 2 years and finally starting at the end of the fourth
year at a rate of 5% compounded continuously. Calculate the
amount the investment would be worth after 6 years.
A) $6435.05
B) $6764.98 C) $7,402.07 D) $12,082.52
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