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?

Statement #1: her initial investment was $20,000

Statement #2: the account accrued 7% annual interest

A:Statement 1 ALONE is sufficient to answer the question, but statement 2 alone is NOT sufficient.

B:Statement 2 ALONE is sufficient to answer the question, but statement 1 alone is NOT sufficient.

C:BOTH statements 1 and 2 TOGETHER are sufficient to answer the question, but NEITHER statement ALONE is sufficient.

D:Each statement ALONE is sufficient to answer the question.

E:Statement 1 and 2 TOGETHER are NOT sufficient to answer the question.