Solution - Compound interest (basic)

435299.22

435299.22

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 24, 124$ , $r = 15 %$ , $n = 2$ , $t = 20$ .

Compute period rate and exponent: $\frac{r}{n} = 0.075$ , $n t = 40$ , so the growth factor is $18.0442389698$ .

Multiply principal by growth factor: $24, 124$ × $18.0442389698$ = $435299.22$ .

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