Juan made periodic deposits into a savings account at the end of every month for...
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Accounting
Juan made periodic deposits into a savings account at the end of every month for 4 years. The investments were earning 7.80% compounded quarterly and grew to $14,875.00 at the end of 4 years.
a. Calculate the size of the month-end deposits.
$271.90
$265.33
$189.97
$259.04
b. How long will it take for the $14,875.00 to accumulate to $36,435.00 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?
5 years and 3 months
8 years and 3 months
4 years and 3 months
4 years and 6 months
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