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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

  1. 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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