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How long will take for quarterly deposits

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Reference no: EM132892184

Problem 1: How long will it take for quarterly deposits of $425.00 to accumulate to be $16 440.00 at an interest rate of 8.48% compounded quarterly? (Final answer in years and months e.g., 7 years and 4.24 months)

Option 1: 7 Years and 6.14 Months

Option 2: 7 Years and 3 Months

Option 3: 7 Years and 0.55 Months

Option 4: 7 Years and 0.136 Months

Option 5: 7 Years and 0.64 Months

Reference no: EM132892184

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