Question 1200903
<br>
However you entered the interest rate, it does not show in you post.<br>
But there is no need to re-post, because the method for finding the answer is straightforward.<br>
If the given interest rate is x percent, then that figure is an annual percentage rate; the monthly percentage interest rate is then x/12.<br>
The money is left in the account for 21 years, which is 21*12 = 252 months.<br>
The amount in the account after 21 years is the original amount, multiplied by the growth factor 252 times.<br>
Example: if the annual interest rate is 6%, then the monthly interest rate is 0.5%, which as a decimal is 0.005.  The monthly growth factor is then 1+0.005 = 1.005.  The amount in the account at the end of 21 years will then be<br>
{{{7000(1.005)^252}}}<br>
which to the nearest cent is $24,600.59<br>
Perform the same calculation with the interest rate given in your problem; make sure you express the monthly interest rate as a decimal, as in my example.<br>