Final answer:
The total amount in the account at the end of the 5-year period is $24,300.
Step-by-step explanation:
To calculate the amount in the account at the end of 5 years with a simple interest rate, we can use the formula: Interest = Principal x Rate x Time. In this case, the principal is $18,000, the rate is 7% (0.07), and the time is 5 years. Plugging in these values, we get:
Interest = $18,000 x 0.07 x 5 = $6,300
Finally, to find the total amount in the account at the end of the 5-year period, we add the interest to the principal:
Total Amount = Principal + Interest = $18,000 + $6,300 = $24,300