Solution - Compound interest (basic)

63649.53

63649.53

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 1, 481$ , $r = 15 %$ , $n = 2$ , $t = 26$ .

Compute period rate and exponent: $\frac{r}{n} = 0.075$ , $n t = 52$ , so the growth factor is $42.9774002582$ .

Multiply principal by growth factor: $1, 481$ × $42.9774002582$ = $63649.53$ .

Was this explanation helpful?

How did we do?

Learn more with Tiger

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