1)

Eric made regular equal deposits into a savings account at the end of every month for 3 years. The investments were earning 4.80% compounded quarterly and grew to $11,000 at the end of 3 years.

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

Round to the nearest cent

b. How long will it take for the $11,000 to accumulate to $40,530 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

2)

Inch Inc. took a loan of $1,550,000 to build a new office. Calculate the quarterly compounding interest rate charged on the loan if $57,706.24 was repaid at the beginning of every 6 months and the loan was paid off in 22 years.

%

Round to two decimal places.