Solution - Compound interest (basic)

60706.12

60706.12

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 13, 557$ , $r = 11 %$ , $n = 2$ , $t = 14$ .

Compute period rate and exponent: $\frac{r}{n} = 0.055$ , $n t = 28$ , so the growth factor is $4.4778430749$ .

Multiply principal by growth factor: $13, 557$ × $4.4778430749$ = $60706.12$ .

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