Solution - Compound interest (basic)

62860.89

62860.89

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 2, 196$ , $r = 15 %$ , $n = 1$ , $t = 24$ .

Compute period rate and exponent: $\frac{r}{n} = 0.15$ , $n t = 24$ , so the growth factor is $28.6251761911$ .

Multiply principal by growth factor: $2, 196$ × $28.6251761911$ = $62860.89$ .

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