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Sagot :
ANSWER
$8,595.21
EXPLANATION
The compound interest formula is,
[tex]A=P\left(1+\frac{r}{n}\right)^{nt}[/tex]Where P is the deposited amount, r is the interest rate, n is the number of times the interest is compounded per year, t is the time in years, and A is the balance after t years.
We have to find P, so we have to solve the equation above for P,
[tex]P=\frac{A}{\left(1+\frac{r}{n}\right)^{nt}}[/tex]We have that:
• A = $21,000
,• r = 0.06
,• n = 4 (the interest is compounded quarterly)
,• t = 15 years
Replace the known values and solve,
[tex]P=\frac{21,000}{\left(1+\frac{0.06}{4}\right)^{4\cdot15}}=\frac{21,000}{(1+0.015)^{60}}=\frac{21,000}{1.015^{60}}=\frac{21,000}{2.443220}\approx8595.21[/tex]Hence, her parents gave her $8,595.21.
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