Solution - Compound interest (basic)

24669.07

24669.07

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 16, 697$ , $r = 5 %$ , $n = 1$ , $t = 8$ .

Compute period rate and exponent: $\frac{r}{n} = 0.05$ , $n t = 8$ , so the growth factor is $1.4774554438$ .

Multiply principal by growth factor: $16, 697$ × $1.4774554438$ = $24669.07$ .

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