Mitchell made periodic deposits into a savings account at the end of every month for 3 years. The investments were earning 6.90% compounded quarterly and grew to $13,500.00 at the end of 3 years.

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

$349.51

$338.80

$273.66

$328.67

b. How long will it take for the $13,500.00 to accumulate to $32,925.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?

4 years and 6 months

6 years and 6 months

3 years and 6 months

3 years and 9 months