Gregory made periodic deposits into a savings account at the end of every month for 4 years. The investments were earning 4.50% compounded quarterly and grew to $13,000.00 at the end of 4 years.

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

$253.54

$247.78

$205.74

$242.26

b. How long will it take for the $13,000.00 to accumulate to $38,385.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?

7 years and 3 months

10 years and 3 months

6 years and 3 months

6 years and 6 months