Mark made regular equal deposits into a savings account at the end of every month for 5 years. The investments were earning 6.90% compounded quarterly and grew to $14,750 at the end of 5 years.

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

b. How long will it take for the $14,750 to accumulate to $37,995 if the interest rate remained the same and he continued making the same month-end deposits throughout the term? In years and months.

Lindsey wanted to ensure that he had $70,000 for his child's university education. As soon as his child was born, he started saving $1,175 every 6 months in an investment fund. If he achieved his investment target on his child's 18th birthday, and he made no deposit on the child's 18th birthday, calculate the following:

a. The nominal interest rate for the investment, compounded quarterly.

b. Calculate the effective interest rate for this investment.