Solution - Compound interest (basic)

29570.28

29570.28

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 20, 740$ , $r = 12 %$ , $n = 4$ , $t = 3$ .

Compute period rate and exponent: $\frac{r}{n} = 0.03$ , $n t = 12$ , so the growth factor is $1.4257608868$ .

Multiply principal by growth factor: $20, 740$ × $1.4257608868$ = $29570.28$ .

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