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Chris is investing 1,000 at the beginning of each year into Fund A. Fund A earns interest at a nominal interest rate of 12% compounded

Chris is investing 1,000 at the beginning of each year into Fund A. Fund A earns interest at a nominal interest rate of 12% compounded monthly. Fund A pays Chris interest monthly. Chris reinvests that interest in Fund B earning an annual effective rate of 8%. Calculate the total amount in Fund A and Fund B after 10 years.

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