You plan to accumulate $23,000 for a car in 3 years time. To do this, you will make 12 level deposits (quarterly) with the first deposit today. If you earn 9.4% per annum compounding quarterly, what regular deposit will be needed? (round to nearest cent; dont use $ sign or commas)

Select one:

a. $1642.78

b. $1681.39

c. $6388.58

d. $3407.02