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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
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
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