Solution - Compound interest (basic)

60274.39

60274.39

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 19, 001$ , $r = 8 %$ , $n = 1$ , $t = 15$ .

Compute period rate and exponent: $\frac{r}{n} = 0.08$ , $n t = 15$ , so the growth factor is $3.1721691142$ .

Multiply principal by growth factor: $19, 001$ × $3.1721691142$ = $60274.39$ .

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