Solution - Compound interest (basic)

48902.37

48902.37

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 22, 722$ , $r = 11 %$ , $n = 12$ , $t = 7$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0091666667$ , $n t = 84$ , so the growth factor is $2.1522036124$ .

Multiply principal by growth factor: $22, 722$ × $2.1522036124$ = $48902.37$ .

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