To calculate how much the consumer would have saved in the savings account, we need to use the formula for compound interest:

$A = P \left(1 + \frac{r}{n}\right)^{nt}$

where:

• $A$ is the amount of money saved after interest,
• $P = 7,500$ is the initial principal (the amount the consumer invested),
• $r = 0.02$ is the annual interest rate (2%),
• $n = 12$ is the number of times the interest is compounded per year (monthly compounding),
• $t = 6$ is the number of years the money was invested.

Let's calculate this.

$A = 7,500 \left(1 + \frac{0.02}{12}\right)^{12 \times 6}$The consumer would have saved $8,455 after six years in the savings account.

Would you like further details or have any other questions?

Here are five related questions:

1. How would the amount change if the interest rate was 3% instead of 2%?
2. What if the consumer had invested $10,000 instead of $7,500? How much would they have saved?
3. How does compounding frequency (monthly vs. yearly) affect the final amount?
4. How long would it take to double the investment with a 2% interest rate compounded monthly?
5. How would the savings change if the consumer made additional contributions each month?

Tip: Always check how often the interest compounds, as more frequent compounding will increase your total returns!