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3.Use the appropriate compound interest formula to compute the balance in the account after the stated period of time. Show your work. A. $16,000 is

3.Use the appropriate compound interest formula to compute the balance in the account after the stated period of time. Show your work.

A. $16,000 is invested for 7 years with an APR of 6% and quarterly compounding.

B.$22,000 is invested for 5 years with an APR of 5% and daily compounding.

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