Answer:
the amount after 7 years is $8,115.21
Step-by-step explanation:
The computation of the amount after 7 years is shown below:
As we know that
Future value = Present value × (1 + rate of interest)^number of years
= $5,600 × (1 + 5.3%÷ 365)^7× 365
= $5,600 × (1+ 0.000145205
)^2555
= $8,115.21
Hence, the amount after 7 years is $8,115.21
We simply applied the above formula so that the correct value could come
And, the same is to be considered
