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