Question
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
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 8 months
please answer this asap Thanks
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