Sheba opened a retirement account with 36,500$. Her account grew at a rate of $7 \%$ per year compounded annually. She made no deposits or withdrawals on the account.

What was the account worth, at the end of 2 years, to the nearest dollar?

Answer

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Answer

Final Answer: The account was worth $\boxed{41789}$ at the end of 2 years, to the nearest dollar.

Steps

Step 1 ：Translate the problem into the formula for future value in compound interest: $FV = P * (1 + r/n)^{nt}$

Step 2 ：Substitute the given values into the formula: $FV = 36500 * (1 + 0.07/1)^{1*2}$

Step 3 ：Simplify the expression inside the parentheses: $FV = 36500 * (1.07)^2$

Step 4 ：Calculate the future value to the nearest dollar: $FV = 41789$

Step 5 ：Final Answer: The account was worth $\boxed{41789}$ at the end of 2 years, to the nearest dollar.