Solution - Compound interest (basic)

32363.43

32363.43

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 12, 070$ , $r = 9 %$ , $n = 12$ , $t = 11$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0075$ , $n t = 132$ , so the growth factor is $2.6813112807$ .

Multiply principal by growth factor: $12, 070$ × $2.6813112807$ = $32363.43$ .

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