Solution - Compound interest (basic)

44852.15

44852.15

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 23, 408$ , $r = 3 %$ , $n = 1$ , $t = 22$ .

Compute period rate and exponent: $\frac{r}{n} = 0.03$ , $n t = 22$ , so the growth factor is $1.9161034089$ .

Multiply principal by growth factor: $23, 408$ × $1.9161034089$ = $44852.15$ .

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