Answer:
$6510
Step-by-step explanation:
First thing that should come to mind is: What is 7% of $7000?
Well, if you don't know how to find a percent of something, this is the formula you use:
7000 x 0.07 = 490.
In the first year, they will receive 490 out of the 7000 they've invested.
7000 - 490 = 6510.
Therefore, the account balance at the end of the first year will be 6510.
