The balance in the account after 13 years is $8233.79.
<h3>Compound interest: Calculating balance in an account</h3>
From the question, we are to use the compound interest formula to compute the balance in the account
From the compound interest formula, we have that
A = P(1 + r/n)^nt
Where A is the amount
P is the principal
r is the interest rate
n is the number of times compounded per year
and t is the time.
From the given information,
P = $7000
r = 3.3%= 0.033
n = 1
t = 13
Putting the parameters into the formula
A = P(1 + r/n)^nt
A = 7000(1 + 0.033/1)^(1×5)
A = 7000(1 + 0.033)^5
A = $8233.79
Hence, the balance is $8233.79
Learn more on Compound interest here: brainly.com/question/25545513
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