Solution - Compound interest (basic)

243482.70

243482.70

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 23, 024$ , $r = 14 %$ , $n = 1$ , $t = 18$ .

Compute period rate and exponent: $\frac{r}{n} = 0.14$ , $n t = 18$ , so the growth factor is $10.5751691843$ .

Multiply principal by growth factor: $23, 024$ × $10.5751691843$ = $243482.70$ .

Was this explanation helpful?

How did we do?

Learn more with Tiger

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