Solution - Compound interest (basic)

111029.45

111029.45

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 3, 102$ , $r = 14 %$ , $n = 4$ , $t = 26$ .

Compute period rate and exponent: $\frac{r}{n} = 0.035$ , $n t = 104$ , so the growth factor is $35.7928580825$ .

Multiply principal by growth factor: $3, 102$ × $35.7928580825$ = $111029.45$ .

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.