Solution - Compound interest (basic)

30509.66

30509.66

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 24, 498$ , $r = 2 %$ , $n = 4$ , $t = 11$ .

Compute period rate and exponent: $\frac{r}{n} = 0.005$ , $n t = 44$ , so the growth factor is $1.2453938515$ .

Multiply principal by growth factor: $24, 498$ × $1.2453938515$ = $30509.66$ .

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