Solution - Compound interest (basic)

60925.48

60925.48

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 21, 184$ , $r = 9 %$ , $n = 2$ , $t = 12$ .

Compute period rate and exponent: $\frac{r}{n} = 0.045$ , $n t = 24$ , so the growth factor is $2.876013834$ .

Multiply principal by growth factor: $21, 184$ × $2.876013834$ = $60925.48$ .

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