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1000 is deposited into Fund X, which earns an annual effective rate of 6%. At the end of each year, the interest earned is withdrawn
1000 is deposited into Fund X, which earns an annual effective rate of 6%. At the end of each year, the interest earned is withdrawn from the fund. The annual withdrawals of interest are deposited into fund Y, which earns an annual effective rate of 9%. Determine the accumulated value of Fund Y at the end of 10 years. 1000 is deposited into Fund X, which earns an annual effective rate of 6%. At the end of each year, the interest earned is withdrawn from the fund. The annual withdrawals of interest are deposited into fund Y, which earns an annual effective rate of 9%. Determine the accumulated value of Fund Y at the end of 10 years
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