Solution - Compound interest (basic)

60068.25

60068.25

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 11, 086$ , $r = 6 %$ , $n = 1$ , $t = 29$ .

Compute period rate and exponent: $\frac{r}{n} = 0.06$ , $n t = 29$ , so the growth factor is $5.418387899$ .

Multiply principal by growth factor: $11, 086$ × $5.418387899$ = $60068.25$ .

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