Answer
The final amount after 5 years is approximately $564$.
Work Step by Step
RECALL:
Eponential growth is represented by the formula
$y=C(1+r)^x$
where
C = initial/original amount
r - growth rate
x = number of time intervals
The given exponential growth has:
C = 402
r = $7\%$
x = 5 years
Substitute these value into the given formula above to have:
$y=402(1+7\%)^5
\\y=402(1+0.07)^5
\\y=402(1.07^5)
\\y=563.8257957
\\y\approx 564$
