Solution - Compound interest (basic)

115233.18

115233.18

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 24, 403$ , $r = 12 %$ , $n = 12$ , $t = 13$ .

Compute period rate and exponent: $\frac{r}{n} = 0.01$ , $n t = 156$ , so the growth factor is $4.7220905425$ .

Multiply principal by growth factor: $24, 403$ × $4.7220905425$ = $115233.18$ .

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