question 22\n5 pts\nelena purchased a stamp collection for $7,222 five years ago. if it appreciated 7.1%…

Explanation:

Step1: Identify the compound - interest formula

The formula for compound - growth is $A = P(1 + r)^n$, where $A$ is the final amount, $P$ is the principal amount, $r$ is the annual interest rate (as a decimal), and $n$ is the number of years.

Step2: Convert the percentage to a decimal

$r=7.1%=0.071$, $P = 7222$, and $n = 5$.

Step3: Substitute the values into the formula

$A=7222\times(1 + 0.071)^5$. First, calculate $(1 + 0.071)^5=(1.071)^5$. $(1.071)^5=1.071\times1.071\times1.071\times1.071\times1.071\approx1.41579$. Then, $A = 7222\times1.41579$. $A\approx7222\times1.41579 = 10224.84538$.

Step4: Round to two decimal places

Rounding $10224.84538$ to two decimal places gives $10224.85$.

Answer:

$10224.85$