Solution - Compound interest (basic)

150594.33

150594.33

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 24, 652$ , $r = 9 %$ , $n = 1$ , $t = 21$ .

Compute period rate and exponent: $\frac{r}{n} = 0.09$ , $n t = 21$ , so the growth factor is $6.1088077369$ .

Multiply principal by growth factor: $24, 652$ × $6.1088077369$ = $150594.33$ .

Was this explanation helpful?

How did we do?

Learn more with Tiger

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