Solution - Compound interest (basic)

38082.96

38082.96

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 11, 499$ , $r = 5 %$ , $n = 12$ , $t = 24$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0041666667$ , $n t = 288$ , so the growth factor is $3.3118499244$ .

Multiply principal by growth factor: $11, 499$ × $3.3118499244$ = $38082.96$ .

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