Using compound interest, it is found that they must deposit $9,143.47 in order to have the desired amount.
<h3>What is compound interest?</h3>
The amount of money earned, in compound interest, after t years, is given by:
In which:
- A(t) is the amount of money after t years.
- P is the principal(the initial sum of money).
- r is the interest rate(as a decimal value).
- n is the number of times that interest is compounded per year.
For this problem, the parameters are:
A(15) = 30000, r = 0.08, n = 4
Then we solve for P to find the initial deposit:
P = $9,143.47.
More can be learned about compound interest at brainly.com/question/25781328
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