Solution - Compound interest (basic)

69187.89

69187.89

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 14, 937$ , $r = 11 %$ , $n = 12$ , $t = 14$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0091666667$ , $n t = 168$ , so the growth factor is $4.6319803894$ .

Multiply principal by growth factor: $14, 937$ × $4.6319803894$ = $69187.89$ .

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.