How long will take to accumulate

Reference no: EM132779633

Pat had made regular equal deposits into a savings account at the end of every month for 4 years. The investments were earning 5.10% compounded quarterly and grew to $14,250 at the end of 4 years.

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

Problem b. How long will it take for the $14,250 to accumulate to $30,520 if the interest rate remained the same and he continued making the same month-end deposits throughout the term? years months Express the answer in years and months, rounded to the next payment period

Reference no: EM132779633

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