Solution - Compound interest (basic)

14706.21

14706.21

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 10, 577$ , $r = 3 %$ , $n = 12$ , $t = 11$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0025$ , $n t = 132$ , so the growth factor is $1.3903954265$ .

Multiply principal by growth factor: $10, 577$ × $1.3903954265$ = $14706.21$ .

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Compound interest appears in savings, loans, and investments. Understanding it builds strong financial literacy.