Solution - Compound interest (basic)

14461.30

14461.30

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 6, 070$ , $r = 11 %$ , $n = 4$ , $t = 8$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0275$ , $n t = 32$ , so the growth factor is $2.3824213785$ .

Multiply principal by growth factor: $6, 070$ × $2.3824213785$ = $14461.30$ .

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