Question: Round answer to nearest cent Use the appropriate compound interest formula to compute the balance in the account after the stated period of time $16,000

Round answer to nearest cent

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 4% and quarterly compounding The balance in the account after 5 years is $ (Round to the nearest cent as needed.)

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