The equation A = P (1 +0.07/4 )⁴ᵗ represents the amount of money earned on a compound interest savings account with an annual interest rate of 7% compounded quarterly. If after 15 years the amount in the account is $13,997.55, what is the value of the principal investment? Round the answer to the nearest hundredths place.
a. $13,059.12
b. $10,790.34
c. $9,054.59
d. $4,942.96
