Final answer:
To calculate the amount of money in the account after 13 years, you can use the formula for compound interest. Plugging in the given values, the amount would be approximately $19,636.
Step-by-step explanation:
To calculate the amount of money in the account after 13 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
- A is the final amount
- P is the principal amount (initial investment)
- r is the annual interest rate (7% in this case)
- n is the number of times the interest is compounded per year (daily in this case)
- t is the number of years (13 in this case)
Substituting the given values into the formula:
A = 8800(1 + 0.07/365)^(365*13)
A ≈ $19,636 (rounded to the nearest dollar)