Solution - Compound interest (basic)

11552.07

11552.07

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 2, 300$ , $r = 9 %$ , $n = 12$ , $t = 18$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0075$ , $n t = 216$ , so the growth factor is $5.0226375554$ .

Multiply principal by growth factor: $2, 300$ × $5.0226375554$ = $11552.07$ .

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