Solution - Compound interest (basic)

19254.68

19254.68

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 10, 583$ , $r = 2 %$ , $n = 4$ , $t = 30$ .

Compute period rate and exponent: $\frac{r}{n} = 0.005$ , $n t = 120$ , so the growth factor is $1.819396734$ .

Multiply principal by growth factor: $10, 583$ × $1.819396734$ = $19254.68$ .

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