Solution - Compound interest (basic)

22920.76

22920.76

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 17, 675$ , $r = 1 %$ , $n = 12$ , $t = 26$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0008333333$ , $n t = 312$ , so the growth factor is $1.2967896715$ .

Multiply principal by growth factor: $17, 675$ × $1.2967896715$ = $22920.76$ .

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