Solution - Compound interest (basic)

131525.20

131525.20

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 24, 583$ , $r = 15 %$ , $n = 1$ , $t = 12$ .

Compute period rate and exponent: $\frac{r}{n} = 0.15$ , $n t = 12$ , so the growth factor is $5.3502501055$ .

Multiply principal by growth factor: $24, 583$ × $5.3502501055$ = $131525.20$ .

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