Solution - Compound interest (basic)

18634.39

18634.39

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 1, 690$ , $r = 11 %$ , $n = 1$ , $t = 23$ .

Compute period rate and exponent: $\frac{r}{n} = 0.11$ , $n t = 23$ , so the growth factor is $11.0262671885$ .

Multiply principal by growth factor: $1, 690$ × $11.0262671885$ = $18634.39$ .

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