Question: K Use the compound interest formula to determine the accumulated balance after the stated period. $1000 invested at an APR of 6% for 4

K Use the compound interest formula to determine the accumulated balance after the stated period. $1000 invested at an APR of 6% for 4 years. If interest is compounded annually, what is the amount of money after 4 years? (Do not round until the final answer. Then round to the nearest cent as needed.)

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