Solution - Compound interest (basic)

12637.36

12637.36

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 2, 924$ , $r = 10 %$ , $n = 2$ , $t = 15$ .

Compute period rate and exponent: $\frac{r}{n} = 0.05$ , $n t = 30$ , so the growth factor is $4.3219423752$ .

Multiply principal by growth factor: $2, 924$ × $4.3219423752$ = $12637.36$ .

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