Solution - Compound interest (basic)

119582.17

119582.17

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 16, 958$ , $r = 11 %$ , $n = 4$ , $t = 18$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0275$ , $n t = 72$ , so the growth factor is $7.0516670647$ .

Multiply principal by growth factor: $16, 958$ × $7.0516670647$ = $119582.17$ .

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.