Answer:
[tex]2,756.85[/tex]
Step-by-step explanation:
we know that
The compound interest formula is equal to
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
[tex]t=7\ years\\ P=\$2,400\\ r=2\%=2/100=0.02\\n=1[/tex]
substitute in the formula above
[tex]A=2,400(1+\frac{0.02}{1})^{1*7}[/tex]
[tex]A=2,400(1.02)^{7}[/tex]
[tex]A=2,756.85[/tex]
