Solution - Compound interest (basic)

61067.93

61067.93

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 10, 591$ , $r = 11 %$ , $n = 12$ , $t = 16$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0091666667$ , $n t = 192$ , so the growth factor is $5.7660212995$ .

Multiply principal by growth factor: $10, 591$ × $5.7660212995$ = $61067.93$ .

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