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Suppose Patrick Goldsmith deposited $1000 in an account that earned simple interest at an annual rate of 6% and left it there for 4 years.

Suppose Patrick Goldsmith deposited $1000 in an account that earned simple interest at an annual rate of 6% and left it there for 4 years. At the end of the 4 years, Patrick deposited the entire amount from that account into a new account that earned 6% compounded quarterly. He left the money in this account for 6 years. How much did he have after the 10 years? (Round your answer to the nearest cent.) $ X

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