A bank is offering a simple interest rate of 5% — that is, the bank will pay a fixed 5% of an initial investment as interest eac
h year. By contrast, a stockbroker is offering a 4% interest rate compounded annually: 4% of the total value of the investment at the end of the year. If $1000 is invested in the bank and $1000 is invested with the stockbroker, after 4 years, what will be the total value of the two investments combined? Round to the nearest dollar.
