Final Answer:
The balance after 7 years would be approximately $3684.61.
Step-by-step explanation:
To calculate the balance after 7 years, we can use the formula for compound interest:
A = P(1 + r)^n
where:
A is the final balance
P is the principal amount ($2800)
r is the annual interest rate (4%)
n is the number of years (7)
Substituting the values:
A = $2800(1 + 0.04)^7
A ≈ $3684.61
Therefore, the balance in the account after 7 years would be approximately $3684.61.