Question: Radu borrowed $3,500 for 421 years. For the first 21/2 years, the interest rate on the loan was 6.50% compounded monthly. Then the rate became

Radu borrowed $3,500 for 421 years. For the first 21/2 years,

Radu borrowed $3,500 for 421 years. For the first 21/2 years, the interest rate on the loan was 6.50% compounded monthly. Then the rate became 3.75% compounded semi-annually. What total amount was required to pay off the loan if no payments were made before the expiry of the 421-year term? For full marks your final answer should be rounded to the nearest cent

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