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.)

Why is it easier for new entrants to get involved in radical innovations when compared to incumbent firms? a. unlike incumbent firms, new entrants do not have to face the high entry barriers, initially. b. new entrants are embedded in an innovation ecosystem, while incumbent firms are not. c. unlike incumbent firms, new entrants do not have formal organizational structures and processes. d. incumbent firms do not have the advantages of network effects that new entrants have.