Richard wants to accumulate $33,000 in a fund with payments of $2,200 made at the end of every month. The interest rate is 6.58% compounded monthly.

a. How many payments (rounded up to the next payment) will it take to accumulate this amount?

19 payments

11 payments

14 payments

15 payments

b. How long will it take to accumulate this amount?

3 years and 3 months

3 years and 3 months

3 years and 3 months

1 years and 3 months