Helen made periodic deposits into a savings account at the end of every month for 4 years. The investments were earning 7.80% compounded quarterly and grew to $11,875.00 at the end of 4 years.

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

$217.06

$211.82

$151.66

$206.80

b.How long will it take for the $11,875.00 to accumulate to $42,285.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?

7 years and 9 months

10 years and 9 months

6 years and 9 months

6 years and 12 months