A(t) = amount in t years
P = Principal (original investment)
r = annual interest rate (in decimal form)
n = number of times that interest is compounded each year
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
Substitute in the given values:
[tex]5000=P(1+\frac{0.08}{12})^{12\times15}[/tex][tex]5000=P(1.0067)^{180^{}}[/tex][tex]5000=P\times3.307[/tex][tex]P=1511.94[/tex]Hence the amount need to deposit is 1511.94 dollar.
