Solution - Compound interest (basic)

161150.24

161150.24

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 10, 622$ , $r = 12 %$ , $n = 4$ , $t = 23$ .

Compute period rate and exponent: $\frac{r}{n} = 0.03$ , $n t = 92$ , so the growth factor is $15.1713655566$ .

Multiply principal by growth factor: $10, 622$ × $15.1713655566$ = $161150.24$ .

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