Kristen made periodic deposits into a savings account at the end of every month for 5 years. The investments were earning 6.60% compounded quarterly and grew to $10,625.00 at the end of 5 years.

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

$153.07

$150.09

$105.00

$147.21

b. How long will it take for the $10,625.00 to accumulate to $32,795.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?

8 years and 1 months

12 years and 1 months

7 years and 1 months

7 years and 4 months