Solution - Compound interest (basic)

181198.44

181198.44

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 13, 087$ , $r = 11 %$ , $n = 12$ , $t = 24$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0091666667$ , $n t = 288$ , so the growth factor is $13.8456823421$ .

Multiply principal by growth factor: $13, 087$ × $13.8456823421$ = $181198.44$ .

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