4) Nicole made periodic deposits into a savings account at the end of every month for 4 years. The investments were earning 6.00% compounded quarterly and grew to $10,750.00 at the end of 4 years.

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

$203.59

$198.83

$154.53

$194.27

b. How long will it take for the $10,750.00 to accumulate to $31,690.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?

6 years and 10 months

9 years and 10 months

5 years and 10 months

5 years and 12 months