Solution - Compound interest (basic)

1226990.50

1226990.50

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 21, 311$ , $r = 15 %$ , $n = 1$ , $t = 29$ .

Compute period rate and exponent: $\frac{r}{n} = 0.15$ , $n t = 29$ , so the growth factor is $57.5754538755$ .

Multiply principal by growth factor: $21, 311$ × $57.5754538755$ = $1226990.50$ .

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