Solution - Compound interest (basic)

341710.47

341710.47

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 20, 552$ , $r = 13 %$ , $n = 1$ , $t = 23$ .

Compute period rate and exponent: $\frac{r}{n} = 0.13$ , $n t = 23$ , so the growth factor is $16.6266287665$ .

Multiply principal by growth factor: $20, 552$ × $16.6266287665$ = $341710.47$ .

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