Answer:
Around $11827.40
Step-by-step explanation:
The formula for compounded interest is [tex]A=P(1+\frac{r}{n})^{nt}[/tex], where A is the desired amount, P is the amount you invest, r is the decimal rate, n is the number of times per year you compound the interest, and t is the number of years. You know A to be 15000, r to be 8% or 0.08, n to be quarterly or 4, and t to be 3. To find P, you can set up the following equation:
[tex]15000=P(1+\frac{0.08}{4})^{4\cdot 3}[/tex]
[tex]15000=P(1.02)^{12}[/tex]
[tex]15000=1.2682P[/tex]
[tex]P\approx 11827.40[/tex] dollars
Hope this helps!
