Solution - Compound interest (basic)

24909.15

24909.15

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 2, 462$ , $r = 15 %$ , $n = 2$ , $t = 16$ .

Compute period rate and exponent: $\frac{r}{n} = 0.075$ , $n t = 32$ , so the growth factor is $10.1174450903$ .

Multiply principal by growth factor: $2, 462$ × $10.1174450903$ = $24909.15$ .

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