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Question: Suppose Patrick Goldsmith deposited $1000 in an account that earned simple interest at an annual rate of 7% 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 7% compounded quarterly. He left the money in this account for 6 years. How much did he have after the 10 years?

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