Solution - Compound interest (basic)

26766.88

26766.88

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 11, 501$ , $r = 5 %$ , $n = 4$ , $t = 17$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0125$ , $n t = 68$ , so the growth factor is $2.3273525104$ .

Multiply principal by growth factor: $11, 501$ × $2.3273525104$ = $26766.88$ .

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.