Answer:
$4501.51
Step-by-step explanation:
Because you're compounding annually, which is only once per year, you can use a simple formula:
[tex]A(t)=P(1+r)^{t}[/tex]
Filling in our info gives us
[tex]A(t)=3100(1+.055)^7[/tex]
Do the adding inside the parenthesis and then raise 1.055 to the 7th power to get
A(t)= 3100(1.454679161)
A(t)= $4509.51
