Answer:
$962.0
Step-by-step explanation:
The formula for amount is ;
[tex]A=P(1+\frac{r}n} )^{nt}[/tex]
where
A= amount at the end of the period= $2000
P=minimum amount necessary to fund the payments
r= annual interest rate = 5% = 0.05
n= number of compounding per year , 1
t= time period = 15 years
Applying the values to the formula as;
[tex]2000=P(1+\frac{0.05}{1} )^{1*15} \\\\\\2000=P(1.05)^{15} \\\\\\2000/2.079=P\\\\\\962.0=P[/tex]
