Solution - Compound interest (basic)

78256.64

78256.64

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 7, 750$ , $r = 8 %$ , $n = 12$ , $t = 29$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0066666667$ , $n t = 348$ , so the growth factor is $10.0976312445$ .

Multiply principal by growth factor: $7, 750$ × $10.0976312445$ = $78256.64$ .

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