How Long Will It Take for Quarterly Deposits of $425

question 83

Multiple Choice

How long will it take for quarterly deposits of $425 to accumulate to be $16440 at an interest rate of 8.48% compounded quarterly? (Final answer in years and months e.g., 7 years and 4.24 months)

• A) 7 years 1.64 months
• B) 7 years .136 months
• C) 7 years 6.14 months
• D) 28 years .55 months
• E) 28 years .64 months