Solution - Compound interest (basic)

56154.24

56154.24

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 22, 933$ , $r = 13 %$ , $n = 4$ , $t = 7$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0325$ , $n t = 28$ , so the growth factor is $2.4486216732$ .

Multiply principal by growth factor: $22, 933$ × $2.4486216732$ = $56154.24$ .

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