The equation A=P(1+ (0.06)/4 )⁴ᵗ represents the amount of money earned on a compound interest savings account with an annual interest rate of 6% compounded quarterly. If after 15 years the amount in the account is $16,497.06, what is the value of the principal investment? Round the answer to the nearest hundredths place.
a. $13,195.22
b. $9,744.88
c. $6,752.18
d. $4,384.00
