Amanda would like to accumulate $52,000 for a down payment on a house. She has decided to make deposits on the first of every quarter in a savings account that pays 6% annual interest, compounded annually. You wish to know how much should her monthly payment be, if Amanda wishes to reach her goal in 5 years. Find c (the number of interest conversion periods per period interval)

a.

1/4

b.

3

c.

1/6

d.

1/2

e.

1