Solution - Compound interest (basic)

24107.41

24107.41

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 1, 402$ , $r = 13 %$ , $n = 12$ , $t = 22$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0108333333$ , $n t = 264$ , so the growth factor is $17.1950115629$ .

Multiply principal by growth factor: $1, 402$ × $17.1950115629$ = $24107.41$ .

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