Answer
3158 dollars
Step-by-step explanation
Amount obtained from compounded interest is given as
A = P (1 + r)ᵗ
A = Amount to be obtained from the investment at compound interest
P = Initial amount invested = 2200
r = Rate = 0.053
t = Time = 7 years
A = P (1 + r)ᵗ
A = 2200 (1 + 0.053)⁷
A = 2200 (1.053)⁷
A = 2200 (1.4355)
A = 3158 dollars
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