A student investigates the respiration of germinating seeds using a simple respirometer. They also study the balanced chemical equation for the complete aerobic respiration of a fatty acid, palmitic acid (C₁₆H₃₂O₂):
C₁₆H₃₂O₂ + 23O₂ → 16CO₂ + 16H₂O
Describe the role of ATP in energy transfer within living organisms, including how ATP is synthesised and the features that make it a suitable universal energy currency. Use the equation above to explain how the respiratory quotient (RQ) for palmitic acid would be found, and explain what this RQ value indicates about the nature of the substrate being respired.