Solution - Compound interest (basic)

585270.22

585270.22

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 8, 824$ , $r = 15 %$ , $n = 2$ , $t = 29$ .

Compute period rate and exponent: $\frac{r}{n} = 0.075$ , $n t = 58$ , so the growth factor is $66.3270873864$ .

Multiply principal by growth factor: $8, 824$ × $66.3270873864$ = $585270.22$ .

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