Solution - Compound interest (basic)

70916.57

70916.57

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 24, 341$ , $r = 4 %$ , $n = 2$ , $t = 27$ .

Compute period rate and exponent: $\frac{r}{n} = 0.02$ , $n t = 54$ , so the growth factor is $2.9134614441$ .

Multiply principal by growth factor: $24, 341$ × $2.9134614441$ = $70916.57$ .

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