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.
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.
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 65SE: Jamal wants to save 54,000 for a down paymenton a home. How much will he need to invest in anaccount...
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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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