Chapter A3, Problem 54E

To determine

To calculate: The balance in the account given by $A=P{\left(1+\frac{r}{n}\right)}^N$ where principal amount $\left(P\right)$ is $\$7000$, annual percentage rate of $\left(r\right)$ is $5\%$ compounded $\left(n\right)$ is $365$ times per year and number of compounding $\left(N\right)$ is $1000$.