Solution - Compound interest (basic)

1472221.51

1472221.51

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 19, 521$ , $r = 15 %$ , $n = 12$ , $t = 29$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0125$ , $n t = 348$ , so the growth factor is $75.4173201991$ .

Multiply principal by growth factor: $19, 521$ × $75.4173201991$ = $1472221.51$ .

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