Solution - Compound interest (basic)

57381.52

57381.52

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 20, 491$ , $r = 8 %$ , $n = 4$ , $t = 13$ .

Compute period rate and exponent: $\frac{r}{n} = 0.02$ , $n t = 52$ , so the growth factor is $2.8003281854$ .

Multiply principal by growth factor: $20, 491$ × $2.8003281854$ = $57381.52$ .

Was this explanation helpful?

How did we do?

Learn more with Tiger

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