Question: The answer is $3,416.80 Please show step by step and formulas used. Problem 32.5 Thomas invests X into Fund 1 at the beginning of each

The answer is $3,416.80 Please show step by step and formulas

The answer is $3,416.80

Please show step by step and formulas used.

Problem 32.5 Thomas invests X into Fund 1 at the beginning of each year for 10 years. Fund 1 pays interest annually into Fund 2. Fund 1 earns 7% annually while Fund 2 earns 6% annually. After 10 years, Thomas has a total of 50,000. Calculate X

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