Solution - Compound interest (basic)

21774.63

21774.63

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 6, 311$ , $r = 14 %$ , $n = 4$ , $t = 9$ .

Compute period rate and exponent: $\frac{r}{n} = 0.035$ , $n t = 36$ , so the growth factor is $3.4502661115$ .

Multiply principal by growth factor: $6, 311$ × $3.4502661115$ = $21774.63$ .

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.