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Use the appropriate compound interest formula to compute the balance in the account after the stated period of time. 16,000 is invested for 5 years
- Use the appropriate compound interest formula to compute the balance in the account after the stated period of time.
16,000 is invested for 5 years with an APR of 6% and quarterly compounding
The balance in the account after 5 years is $ ?
I need to round to the nearest cent.
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