Solution - Compound interest (basic)

21949.29

21949.29

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 17, 653$ , $r = 2 %$ , $n = 1$ , $t = 11$ .

Compute period rate and exponent: $\frac{r}{n} = 0.02$ , $n t = 11$ , so the growth factor is $1.2433743084$ .

Multiply principal by growth factor: $17, 653$ × $1.2433743084$ = $21949.29$ .

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.