Solution - Compound interest (basic)

7279.44

7279.44

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 3, 581$ , $r = 6 %$ , $n = 2$ , $t = 12$ .

Compute period rate and exponent: $\frac{r}{n} = 0.03$ , $n t = 24$ , so the growth factor is $2.0327941065$ .

Multiply principal by growth factor: $3, 581$ × $2.0327941065$ = $7279.44$ .

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