Solution - Compound interest (basic)

34000.73

34000.73

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 21, 692$ , $r = 3 %$ , $n = 12$ , $t = 15$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0025$ , $n t = 180$ , so the growth factor is $1.5674317247$ .

Multiply principal by growth factor: $21, 692$ × $1.5674317247$ = $34000.73$ .

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