Answer:
$5635.72
Step-by-step explanation:
Compound interest formula when interest is applied once per year:
A (final amount) = P(starting amount) * (1+r(rate))^t (time)
rate = 7%
to convert to a decimal, divide by 100
rate = 7/100 = 0.07
A = 14000 * (1+0.07)^5
= 19635.72
interest earned = final - initial = 19635.72 - 14000 = 5635.72
