A person invests $5,000 in a mutual fund that earns a 10% annual interest rate, compounded monthly.
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A person invests $5,000 in a mutual fund that earns a 10% annual interest rate, compounded monthly. The fund has a management fee of 1% per year. The person intends to keep the investment for 7 years. What will be the total value of the investment at the end of 7 years, considering the management fee?
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