Solution - Compound interest (basic)

9973.37

9973.37

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 2, 611$ , $r = 6 %$ , $n = 1$ , $t = 23$ .

Compute period rate and exponent: $\frac{r}{n} = 0.06$ , $n t = 23$ , so the growth factor is $3.8197496616$ .

Multiply principal by growth factor: $2, 611$ × $3.8197496616$ = $9973.37$ .

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