Solution - Compound interest (basic)

30728.02

30728.02

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 22, 848$ , $r = 10 %$ , $n = 4$ , $t = 3$ .

Compute period rate and exponent: $\frac{r}{n} = 0.025$ , $n t = 12$ , so the growth factor is $1.3448888242$ .

Multiply principal by growth factor: $22, 848$ × $1.3448888242$ = $30728.02$ .

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