Solution - Compound interest (basic)

74513.84

74513.84

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 23, 628$ , $r = 4 %$ , $n = 2$ , $t = 29$ .

Compute period rate and exponent: $\frac{r}{n} = 0.02$ , $n t = 58$ , so the growth factor is $3.1536243641$ .

Multiply principal by growth factor: $23, 628$ × $3.1536243641$ = $74513.84$ .

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