Solution - Compound interest (basic)

34780.29

34780.29

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 20, 058$ , $r = 7 %$ , $n = 2$ , $t = 8$ .

Compute period rate and exponent: $\frac{r}{n} = 0.035$ , $n t = 16$ , so the growth factor is $1.7339860398$ .

Multiply principal by growth factor: $20, 058$ × $1.7339860398$ = $34780.29$ .

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