Solution - Compound interest (basic)

28180.85

28180.85

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 24, 257$ , $r = 1 %$ , $n = 12$ , $t = 15$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0008333333$ , $n t = 180$ , so the growth factor is $1.1617616707$ .

Multiply principal by growth factor: $24, 257$ × $1.1617616707$ = $28180.85$ .

Was this explanation helpful?

How did we do?

Learn more with Tiger

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