Find the total amount in the two accounts combined

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You make a one-time deposit of $1,000 into an account (Account A) which pays out 8% effective annual interest at the end of each year. Each year, you take the interest payout and deposit it into an account (Account B) earning an effective annual interest rate of 5%. Find the total amount in the two accounts combined, 20 years after your original $1,000 deposit.

Reference no: EM13873672

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