Answer: she should deposit $914.16
Explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
r = 6% = 6/100 = 0.06
n = 12 because it was compounded 12 times in a year.
t = 1.5 years
A = $1000
Therefore,.
1000 = P(1+0.06/12)^12 × 1.5
1000 = P(1 + 0.005)^18
1000 = P(1.005)^18
1000 = 1.0939P
P = 1000/1.0939
P = $914.16