Suppose Patrick Goldsmith deposited $1000 in an account that earned simple interest at an annual rate of 5% and left it there for 7 years. At the end of the 7 years, Patrick deposited the entire amount from that account into a new account that earned 5% compounded quarterly. He left the money in this account for 3 years. How much did he have after the 10 years? (Round your answer to the nearest cent.)
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