Solution - Compound interest (basic)

2997.23

2997.23

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 852$ , $r = 15 %$ , $n = 1$ , $t = 9$ .

Compute period rate and exponent: $\frac{r}{n} = 0.15$ , $n t = 9$ , so the growth factor is $3.5178762919$ .

Multiply principal by growth factor: $852$ × $3.5178762919$ = $2997.23$ .

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