QUESTION 16 For the following problems, choose from these formulas: Formula 1 A = P +Prt Formula 31 A = P(1+ APR) (Y) Formula 2 P= P = A 1+rt Formula 4 A (1+ APR)) In your answer, describe whether you used formula 1, formula 2, formula 3, or formula 4. Show supporting work, round your answer to the nearest cent, and include units with your answer. (a) If you invest $5,000 in an account that earns an APR of 3% with quarterly compounding, what will be the account balance after 10 years? (b) If you invest $5,000 in an account that earns an APR of 3% simple interest, what will be the account balance after 10 years? (c) If you want an account balance of $15,000 after 10 years, what amount do you need to invest initially into an account that earns an APR of 6% with monthly compounding? For the toolbar, press Al T+510 BEYOF ALTHENL510/Mad

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