Benjamin made periodic deposits into a savings account at the end of every month for 3 years. The investments were earning 6.00% compounded quarterly and grew to $11,500.00 at the end of 3 years.

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

$301.61

$292.48

$243.25

$283.85

b. How long will it take for the $11,500.00 to accumulate to $32,860.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?

5 years and 6 months

7 years and 6 months

4 years and 6 months

4 years and 9 months