Solution - Compound interest (basic)

23923.40

23923.40

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 4, 698$ , $r = 11 %$ , $n = 4$ , $t = 15$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0275$ , $n t = 60$ , so the growth factor is $5.0922513606$ .

Multiply principal by growth factor: $4, 698$ × $5.0922513606$ = $23923.40$ .

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