Solution - Compound interest (basic)

640111.45

640111.45

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 20, 064$ , $r = 12 %$ , $n = 12$ , $t = 29$ .

Compute period rate and exponent: $\frac{r}{n} = 0.01$ , $n t = 348$ , so the growth factor is $31.9034813448$ .

Multiply principal by growth factor: $20, 064$ × $31.9034813448$ = $640111.45$ .

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