Solution - Compound interest (basic)

13008.97

13008.97

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 5, 793$ , $r = 3 %$ , $n = 12$ , $t = 27$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0025$ , $n t = 324$ , so the growth factor is $2.2456369141$ .

Multiply principal by growth factor: $5, 793$ × $2.2456369141$ = $13008.97$ .

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