Solution - Compound interest (basic)

52347.80

52347.80

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 24, 292$ , $r = 7 %$ , $n = 12$ , $t = 11$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0058333333$ , $n t = 132$ , so the growth factor is $2.1549399601$ .

Multiply principal by growth factor: $24, 292$ × $2.1549399601$ = $52347.80$ .

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