Solution - Compound interest (basic)

295993.15

295993.15

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 21, 889$ , $r = 11 %$ , $n = 4$ , $t = 24$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0275$ , $n t = 96$ , so the growth factor is $13.5224608458$ .

Multiply principal by growth factor: $21, 889$ × $13.5224608458$ = $295993.15$ .

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