Solution - Compound interest (basic)

755384.15

755384.15

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 23, 014$ , $r = 13 %$ , $n = 12$ , $t = 27$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0108333333$ , $n t = 324$ , so the growth factor is $32.8228101935$ .

Multiply principal by growth factor: $23, 014$ × $32.8228101935$ = $755384.15$ .

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