Solution - Compound interest (basic)

23593.11

23593.11

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 21, 584$ , $r = 9 %$ , $n = 4$ , $t = 1$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0225$ , $n t = 4$ , so the growth factor is $1.0930833188$ .

Multiply principal by growth factor: $21, 584$ × $1.0930833188$ = $23593.11$ .

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