Solution - Compound interest (basic)

362386.70

362386.70

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 10, 656$ , $r = 13 %$ , $n = 2$ , $t = 28$ .

Compute period rate and exponent: $\frac{r}{n} = 0.065$ , $n t = 56$ , so the growth factor is $34.0077606519$ .

Multiply principal by growth factor: $10, 656$ × $34.0077606519$ = $362386.70$ .

Was this explanation helpful?

How did we do?

Learn more with Tiger

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