Solution - Compound interest (basic)

58927.66

58927.66

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 14, 876$ , $r = 6 %$ , $n = 12$ , $t = 23$ .

Compute period rate and exponent: $\frac{r}{n} = 0.005$ , $n t = 276$ , so the growth factor is $3.9612572294$ .

Multiply principal by growth factor: $14, 876$ × $3.9612572294$ = $58927.66$ .

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.