Solution - Compound interest (basic)

30667.43

30667.43

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 6, 216$ , $r = 7 %$ , $n = 4$ , $t = 23$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0175$ , $n t = 92$ , so the growth factor is $4.9336285266$ .

Multiply principal by growth factor: $6, 216$ × $4.9336285266$ = $30667.43$ .

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