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Rick makes deposits of $2,500 into an account at the beginning of each year for...

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Accounting

Rick makes deposits of $2,500 into an account at the beginning of each year for 7 years. Each year, when the interest is credited, he withdraws the interest and redeposits it into a second account. Both accounts have an annual effective rate of interest of 8%. What is the combined value of Rick's investments at the end of 7 years?

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