Solution - Compound interest (basic)

24698.34

24698.34

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 11, 272$ , $r = 8 %$ , $n = 2$ , $t = 10$ .

Compute period rate and exponent: $\frac{r}{n} = 0.04$ , $n t = 20$ , so the growth factor is $2.191123143$ .

Multiply principal by growth factor: $11, 272$ × $2.191123143$ = $24698.34$ .

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