Solution - Compound interest (basic)

21311.88

21311.88

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 3, 069$ , $r = 15 %$ , $n = 12$ , $t = 13$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0125$ , $n t = 156$ , so the growth factor is $6.9442440332$ .

Multiply principal by growth factor: $3, 069$ × $6.9442440332$ = $21311.88$ .

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