Solution - Compound interest (basic)

8818.95

8818.95

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 7, 599$ , $r = 3 %$ , $n = 2$ , $t = 5$ .

Compute period rate and exponent: $\frac{r}{n} = 0.015$ , $n t = 10$ , so the growth factor is $1.160540825$ .

Multiply principal by growth factor: $7, 599$ × $1.160540825$ = $8818.95$ .

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