Please solve it step by step and mention the formulas and strategies used.

Chris invests 500 at the beginning of each year into Fund A. Fund A earns interest at a nom- inal 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 7%. Calculate the total amount in Fund A and Fund B after 10 years. (A) 35, 042 (B) 36, 126 (C) 37, 295 (D) 38, 782 (E) 39,573 Chris invests 500 at the beginning of each year into Fund A. Fund A earns interest at a nom- inal 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 7%. Calculate the total amount in Fund A and Fund B after 10 years. (A) 35, 042 (B) 36, 126 (C) 37, 295 (D) 38, 782 (E) 39,573