You have $ 1,000 invested in an account which pays 16 percent compounded annually. A commission agent (called a "finder") can locate for you an equally safe deposit which will pay 16 percent, compounded semi-annually, for 2 years. What is the maximum amount you should be willing to pay him now as a fee for locating the new account?
A. a. $5.63
B. b. $10.95
C. c. $17.15
D. d. $16.94
E. e. $20.15
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