Solution - Compound interest (basic)

8056.24

8056.24

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 2, 441$ , $r = 12 %$ , $n = 12$ , $t = 10$ .

Compute period rate and exponent: $\frac{r}{n} = 0.01$ , $n t = 120$ , so the growth factor is $3.3003868946$ .

Multiply principal by growth factor: $2, 441$ × $3.3003868946$ = $8056.24$ .

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