Answer: There will be $ 1687.02 in the account after 7 years.
Step-by-step explanation:
Formula to find the accumulated amount (A) in account on principal amount (P) with rate of interest (r) in 't' years is given by :-
[tex]A=P(1+r)^t[/tex]
As per given, P = $1400
r= 2.7% = 0.027
t= 7 years
Then,
[tex]A= 1400(1+0.027)^7\\\\= 1400(1.027)^7\\\\= 1400(1.2050168)\\\\= 1400(1.2050168)\approx1687.02[/tex]
Hence, there will be $ 1687.02 in the account after 7 years.
