Solution - Compound interest (basic)

58071.60

58071.60

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 15, 181$ , $r = 15 %$ , $n = 12$ , $t = 9$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0125$ , $n t = 108$ , so the growth factor is $3.8252818844$ .

Multiply principal by growth factor: $15, 181$ × $3.8252818844$ = $58071.60$ .

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.