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Kate invests $500 at the beginning of each year for 12 years into a fund earning an effective annual interest rate of 5%. Interest is
Kate invests $500 at the beginning of each year for 12 years into a fund earning an effective annual interest rate of 5%. Interest is paid on the fund at the end of each year. Kate takes each interest payment and reinvests it in another fund earning a rate of 4%.
Find the combined value of Kate's two funds at the end of year 12.
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