Answer:
$6501.27
Step-by-step explanation:
The compound interest formula tells you the amount A resulting from investment of principal P at rate r compounded n times a year for t years:
A = P(1+r/n)^(nt)
Filling in the given numbers and doing the arithmetic, we get ...
A = $1400(1 +.07/12)^(12·22) ≈ $6501.27
The account balance will be $6501.27.
