Solution - Compound interest (basic)

22420.56

22420.56

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 17, 699$ , $r = 6 %$ , $n = 2$ , $t = 4$ .

Compute period rate and exponent: $\frac{r}{n} = 0.03$ , $n t = 8$ , so the growth factor is $1.2667700814$ .

Multiply principal by growth factor: $17, 699$ × $1.2667700814$ = $22420.56$ .

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