Solution - Compound interest (basic)

3899.47

3899.47

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 1, 639$ , $r = 3 %$ , $n = 4$ , $t = 29$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0075$ , $n t = 116$ , so the growth factor is $2.3791748391$ .

Multiply principal by growth factor: $1, 639$ × $2.3791748391$ = $3899.47$ .

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