Based on the information given the accumulated balance after 7 years is $7,986.90.
P = Principal=$5873
r =Interest rate= 4.4% or 0.044
n =number of month= 12
t =time= 7 years
Accumulated balance after 7 years= 5873(1 +0.044/12 )^12×7
Accumulated balance after 7 years= 5873(1 + 0.003667)^84
Accumulated balance after 7 years= 5873(1 .003667)^84
Accumulated balance after 7 years = $7,986.90
Inconclusion the accumulated balance after 7 years is $7,986.90.
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