Solution - Compound interest (basic)

11228.67

11228.67

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 6, 323$ , $r = 2 %$ , $n = 1$ , $t = 29$ .

Compute period rate and exponent: $\frac{r}{n} = 0.02$ , $n t = 29$ , so the growth factor is $1.7758446903$ .

Multiply principal by growth factor: $6, 323$ × $1.7758446903$ = $11228.67$ .

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