9514 1404 393
Answer:
$283.53
Step-by-step explanation:
The compound interest formula is useful.
A = P(1 +r/12)^(12t)
gives the amount A when principal P is invested at annual rate r compounded monthly for t years.
Using your values, this is ...
A = $200(1 +0.07/12)^(12·5) ≈ $283.53
The investment would be worth $283.53 after 5 years.
