Solution - Compound interest (basic)

616622.46

616622.46

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 24, 824$ , $r = 11 %$ , $n = 2$ , $t = 30$ .

Compute period rate and exponent: $\frac{r}{n} = 0.055$ , $n t = 60$ , so the growth factor is $24.8397704451$ .

Multiply principal by growth factor: $24, 824$ × $24.8397704451$ = $616622.46$ .

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