A certain account pays 1.5 percent compound interest every 3 months. A person invested an initial amount and did not invest any more money in the account after that. If after exactly 5 years, the amount of money in the account was T dollars, which of the following is an expression for the original number of dollars invested in the account? Choices
A) [(1.015)^4]T	B) [(1.015)^15]T	C) [(1.015)^20]T	D) [T/{(1.015)^15}]	E) [T/{(1.015)^20}]
The original formula of "annual compound interest rate" is:   t = number of years   i = annual interest rate   T = future value (FV)   P = Present value (PV)   After t year:   FV = PV[1 + i]^t   If interest rate is quarterly, then   new interest rate/period = i/4   new number of periods = t*4   The new formula is:   FV = PV[1 + i/4]^4t   Apply to this question:   T = PV[1 + 0.015]^20   Because i/4 = 1.5%   number of periods = 4*5= 
<gadget id="calculator">4*5</gadget>
<output>20</output>
20   So, PV= T/[1.015]^20   --Or--   PV = T*[1.015]^-20   ANSW[T/{(1.015)^20}]R:[T/{(1.015)^20}]
<result>E</result>
A certain account pays 1.5 percent compound interest every 3 months. A person invested an initial amount and did not invest any more money in the account after that. If after exactly 5 years, the amount of money in the account was T dollars, which of the following is an expression for the original number of dollars invested in the account?