Final answer:
The balance in the account after 7 years with a $4,200 deposit and a 6% interest rate compounded monthly is $6,627.41.
Step-by-step explanation:
To calculate the balance of the account after 7 years, we can use the formula for compound interest:
Balance = Principal * (1 + (interest rate / number of compounding periods))^(number of compounding periods * number of years)
In this case, the principal (initial deposit) is $4,200, the interest rate is 6% (0.06 as a decimal), and the interest is compounded monthly (12 compounding periods in a year).
Using the formula, the balance after 7 years is:
Balance = $4,200 * (1 + (0.06 / 12))^(12 * 7) = $6,627.41