Solution - Compound interest (basic)

22590.11

22590.11

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 17, 097$ , $r = 2 %$ , $n = 2$ , $t = 14$ .

Compute period rate and exponent: $\frac{r}{n} = 0.01$ , $n t = 28$ , so the growth factor is $1.3212909669$ .

Multiply principal by growth factor: $17, 097$ × $1.3212909669$ = $22590.11$ .

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