Solution - Compound interest (basic)

62079.73

62079.73

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 23, 693$ , $r = 14 %$ , $n = 4$ , $t = 7$ .

Compute period rate and exponent: $\frac{r}{n} = 0.035$ , $n t = 28$ , so the growth factor is $2.6201719571$ .

Multiply principal by growth factor: $23, 693$ × $2.6201719571$ = $62079.73$ .

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