Solution - Compound interest (basic)

620664.50

620664.50

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 16, 616$ , $r = 13 %$ , $n = 12$ , $t = 28$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0108333333$ , $n t = 336$ , so the growth factor is $37.3534241381$ .

Multiply principal by growth factor: $16, 616$ × $37.3534241381$ = $620664.50$ .

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