Solution - Compound interest (basic)

20010.34

20010.34

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 15, 908$ , $r = 1 %$ , $n = 2$ , $t = 23$ .

Compute period rate and exponent: $\frac{r}{n} = 0.005$ , $n t = 46$ , so the growth factor is $1.2578789249$ .

Multiply principal by growth factor: $15, 908$ × $1.2578789249$ = $20010.34$ .

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