Solution - Compound interest (basic)

19317.44

19317.44

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 14, 610$ , $r = 1 %$ , $n = 2$ , $t = 28$ .

Compute period rate and exponent: $\frac{r}{n} = 0.005$ , $n t = 56$ , so the growth factor is $1.3222070192$ .

Multiply principal by growth factor: $14, 610$ × $1.3222070192$ = $19317.44$ .

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