Solution - Compound interest (basic)

761474.59

761474.59

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 24, 696$ , $r = 15 %$ , $n = 12$ , $t = 23$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0125$ , $n t = 276$ , so the growth factor is $30.8339242213$ .

Multiply principal by growth factor: $24, 696$ × $30.8339242213$ = $761474.59$ .

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