Solution - Compound interest (basic)

12626.26

12626.26

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 9, 556$ , $r = 2 %$ , $n = 2$ , $t = 14$ .

Compute period rate and exponent: $\frac{r}{n} = 0.01$ , $n t = 28$ , so the growth factor is $1.3212909669$ .

Multiply principal by growth factor: $9, 556$ × $1.3212909669$ = $12626.26$ .

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