Solution - Compound interest (basic)

5829.60

5829.60

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 4, 740$ , $r = 3 %$ , $n = 1$ , $t = 7$ .

Compute period rate and exponent: $\frac{r}{n} = 0.03$ , $n t = 7$ , so the growth factor is $1.2298738654$ .

Multiply principal by growth factor: $4, 740$ × $1.2298738654$ = $5829.60$ .

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