Solution - Compound interest (basic)

655724.71

655724.71

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 24, 685$ , $r = 15 %$ , $n = 12$ , $t = 22$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0125$ , $n t = 264$ , so the growth factor is $26.5636909015$ .

Multiply principal by growth factor: $24, 685$ × $26.5636909015$ = $655724.71$ .

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