Final answer:
The accumulated value of the annuity due is approximately $29,484.00.
Step-by-step explanation:
To find the accumulated value of an annuity due, you can use the formula:
A = PMT x ((1+r)^n - 1) / r
Where:
A = accumulated value
PMT = payment amount per period
r = interest rate per period
n = number of periods
In this case, the payment amount per month is $300, the interest rate is 6% compounded monthly (or 0.06/12 = 0.005), and the number of periods is 7 years x 12 months = 84 months.
Plugging in these values into the formula, we get:
A = 300 x ((1+0.005)^84 - 1) / 0.005
Calculating this expression gives us an accumulated value of approximately $29,484.00.