Kelly wants to accumulate $30,000 in a fund with payments of $900 made at the end of every quarter. The interest rate is 5.83% compounded quarterly.

a. How many payments (rounded up to the next payment) will it take to accumulate this amount?

1) 33 payments

2) 20 payments

3) 27 payments

4) 28 payments

b. How long will it take to accumulate this amount?

1) 8 years and 0 months

2) 10 years and 3 months

3) 9 years and 0 months

4) 7 years and 0 months