Solution - Compound interest (basic)

11591.65

11591.65

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 2, 976$ , $r = 6 %$ , $n = 2$ , $t = 23$ .

Compute period rate and exponent: $\frac{r}{n} = 0.03$ , $n t = 46$ , so the growth factor is $3.8950437169$ .

Multiply principal by growth factor: $2, 976$ × $3.8950437169$ = $11591.65$ .

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