Solution - Compound interest (basic)

266076.64

266076.64

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 8, 268$ , $r = 15 %$ , $n = 2$ , $t = 24$ .

Compute period rate and exponent: $\frac{r}{n} = 0.075$ , $n t = 48$ , so the growth factor is $32.1815000818$ .

Multiply principal by growth factor: $8, 268$ × $32.1815000818$ = $266076.64$ .

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.