Using the compund interest formula:
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
Where:
P = Principal = 2000
r = Interest rate = 5% = 0.05
n = Number of times interest is compounded = 1
t = time = 7
so:
[tex]\begin{gathered} A=2000(1+\frac{0.05}{1})^{1\cdot7} \\ A\approx2814 \end{gathered}[/tex]
Answer:
$2814
