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Calculate the size of the month-end deposits

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Helen made periodic deposits into a savings account at the end of every month for 4 years. The investments were earning 7.80% compounded quarterly and grew to $11,875.00 at the end of 4 years.

Question a. Calculate the size of the month-end deposits.

Option 1: $217.06

Option 2: $211.82

Option 3: $151.66

Option 4: $206.80

Question b. How long will it take for the $11,875.00 to accumulate to $42,285.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?

Option 1: 7 years and 9 months

Option 2: 10 years and 9 months

Option 3: 6 years and 9 months

Option 4: 6 years and 12 months

Reference no: EM132600913

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