Solution - Compound interest (basic)

64547.04

64547.04

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 21, 584$ , $r = 10 %$ , $n = 12$ , $t = 11$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0083333333$ , $n t = 132$ , so the growth factor is $2.9905041091$ .

Multiply principal by growth factor: $21, 584$ × $2.9905041091$ = $64547.04$ .

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