Solution - Compound interest (basic)

24552.01

24552.01

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 19, 513$ , $r = 1 %$ , $n = 4$ , $t = 23$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0025$ , $n t = 92$ , so the growth factor is $1.2582388162$ .

Multiply principal by growth factor: $19, 513$ × $1.2582388162$ = $24552.01$ .

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