Joseph is a friend of yours. He has plenty of money but little financial sense. He received a gift of $16,000 for his recent graduation and is looking for a bank in which to deposit the funds. Partners' Savings Bank offers an account with an annual interest rate of 4.00% compounded semiannually, while Selwyn's offers an account with a 3.75% annual interest rate compounded continuously. Calculate the value of the two accounts at the end of one year, and recommend to Joseph which account he should choose.

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Part 1

The future value, FVn, of the $16,000 deposit with the Partners' Savings Bank is $

(Round to the nearest cent.)