Phillip made periodic deposits into a savings account at the end of every month for 4 years. The investments were earning 7.50% compounded quarterly and grew to $12,625.00 at the end of 4 years.

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

$232.14

$226.57

$164.48

$221.22

b. How long will it take for the $12,625.00 to accumulate to $43,065.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?

7 years and 6 months

10 years and 6 months

6 years and 6 months

6 years and 9 months