Answer :
We can write the equation for an anually compound interest as:
[tex]FV=PV\cdot(1+r)^n[/tex]In this case, we want to calculate the present value, so we rearrange like:
[tex]PV=\frac{FV}{(1+r)^n}=\frac{2250}{(1+0.028)^{15}}=\frac{2250}{1.028^{15}}\approx\frac{2250}{1.513}\approx1486.91[/tex]Her initial deposit was $1,486.91.