Solution - Compound interest (basic)

541387.97

541387.97

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 24, 091$ , $r = 14 %$ , $n = 2$ , $t = 23$ .

Compute period rate and exponent: $\frac{r}{n} = 0.07$ , $n t = 46$ , so the growth factor is $22.4726233818$ .

Multiply principal by growth factor: $24, 091$ × $22.4726233818$ = $541387.97$ .

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