Solution - Compound interest (basic)

317883.72

317883.72

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 22, 984$ , $r = 12 %$ , $n = 12$ , $t = 22$ .

Compute period rate and exponent: $\frac{r}{n} = 0.01$ , $n t = 264$ , so the growth factor is $13.8306527853$ .

Multiply principal by growth factor: $22, 984$ × $13.8306527853$ = $317883.72$ .

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