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Matthew 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
Matthew 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 $13,250.00 at the end of 4 years.
a. Calculate the size of the month-end deposits.
$242.19
$236.35
$169.22
$230.74
b. How long will it take for the $13,250.00 to accumulate to $44,625.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?
7 years and 4 months
10 years and 4 months
6 years and 4 months
6 years and 6 months
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