Mr. jimenez deposited money into an account in which interest is compounded quarterly at a rate of 2.6%. how much did he deposit if the total amount in his account after 4 years was $7160.06, and he made no other deposits or withdrawals? formula is : a = p ( 1 + r/n ) ^ n * t answer choices: a. $6455 b. $6798 c. $6887 d. $6977

Option a.  

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have      

substitute in the formula above  and solve for P

step-by-step explanation:

6.48/4 4 goes into 6.48 1.62 times