Find the Principal That Must Be Deposited in an Account

Multiple Choice

Find the principal that must be deposited in an account with an annual interest rate of 4%, compounded monthly, so that after 15 years the balance is $4,000. Round your answer to the nearest cent.

A) $2,197.44
B) $2,221.06
C) $2,195.32
D) $2,195.25
E) $2,201.80