Timothy wants to accumulate $44,000 in a fund with payments of $2,200 made at the end of every quarter. The interest rate is 5.83% compounded quarterly.

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

23 payments

14 payments

17 payments

18 payments

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

6 years and 6 months

7 years and 4 months

7 years and 6 months

4 years and 6 months