Solution - Compound interest (basic)

31115.50

31115.50

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 24, 368$ , $r = 13 %$ , $n = 1$ , $t = 2$ .

Compute period rate and exponent: $\frac{r}{n} = 0.13$ , $n t = 2$ , so the growth factor is $1.2769$ .

Multiply principal by growth factor: $24, 368$ × $1.2769$ = $31115.50$ .

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