Final answer:
The present value of the $1,264.31 withdrawn is the initial deposit of $600, which reflects the amount invested 15 years ago at a 5% quarterly compounded interest rate.
Step-by-step explanation:
The question revolves around the concept of present value in finance, which calculates what a future amount of money is worth in today's dollars.
In the scenario described, compounded interest needs to be considered to find the present value of the $1,264.31 that was withdrawn after 15 years. Since the initial deposit was $600 and the interest rate was 5% compounded quarterly, the present value can be confirmed as $600. No additional present value calculation is needed as the initial deposit itself is the present value. The withdrawal simply reflects the future value of that deposit after it has accrued interest over time.
However, the provided information seems to contain a contradiction regarding the interest rates, which in the context of this question, should be ignored, as the actual scenario details a 5% interest rate, not 15%. The details provided about the bond at 8% interest rate are also irrelevant and should not be considered in this calculation.