To calculate the final value of the savings after 6 years with 3.5% interest per year, we can use the formula for compound interest:
$A = P(1 + r)^n$
where:
- A is the final amount,
- P is the principal amount (initial savings),
- r is the annual interest rate (in decimal form),
- n is the number of years.
Given:
- Principal amount, P = \$7,000 ,
- Annual interest rate, r = 3.5\% = 0.035 ,
- Number of years, n = 6 .
Substitute the values into the formula and solve for the final amount, A :
$A = 7000(1 + 0.035)^6$
$A = 7000(1.035)^6$
$A = 7000(1.228892)$
$A = 8602.244$
Therefore, the final value of the savings after 6 years with 3.5% interest per year is $\$8602.24$.
\boxed{8602.24}