Jack wants to accumulate $15,000 for a motor-bike in 4 years time. To do this, he will make 16 level deposits (quarterly) with the first deposit today. If he earns 15.0% per annum compounding quarterly, what regular deposit will be needed? (round to nearest cent; dont use $ sign or commas)

Select one:

a. $701.17

b. $1435.91

c. $675.83

d. $2612.16