Solution - Compound interest (basic)

31279.90

31279.90

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 23, 950$ , $r = 9 %$ , $n = 4$ , $t = 3$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0225$ , $n t = 12$ , so the growth factor is $1.3060499899$ .

Multiply principal by growth factor: $23, 950$ × $1.3060499899$ = $31279.90$ .

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