At the beginning of January 2003, Elizabeth invested money in an account that collected interest, compounding more frequ

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At the beginning of January 2003, Elizabeth invested money in an account that collected interest, compounding more frequently than a year. Assume the annual percentage rate of interest remained constant. What is the total amount she has invested after seven years?

(1) her initial investment was $20,000
(2) the account accrued 7% annual interest.

Answer: E

Source: Magoosh