Step 1 :Given that the principal amount (P) is $39,000, the annual interest rate (r) is 2% or 0.02 in decimal, the number of times that interest is compounded per year (n) is 1 (since it's compounded annually), and the time the money is invested for in years (t) is 7 years.
Step 2 :We can use the compound interest formula A = P(1 + r/n)^(nt) to find the amount in the account after 7 years.
Step 3 :Substitute the given values into the formula: A = 39000(1 + 0.02/1)^(1*7)
Step 4 :Solving the equation gives A = 44798.741038321925
Step 5 :Rounding to the nearest cent gives the final amount in the account after 7 years as $44,798.74
Step 6 :\(\boxed{\$44,798.74}\) is the final amount in the account after 7 years if the interest is compounded annually.