Solution - Compound interest (basic)

3526.60

3526.60

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 796$ , $r = 7 %$ , $n = 1$ , $t = 22$ .

Compute period rate and exponent: $\frac{r}{n} = 0.07$ , $n t = 22$ , so the growth factor is $4.4304017411$ .

Multiply principal by growth factor: $796$ × $4.4304017411$ = $3526.60$ .

Was this explanation helpful?

How did we do?

Learn more with Tiger

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