You plan to accumulate $11,000 for a car in 4 years’ time. To do this, you will make 16 level deposits (quarterly) with the first deposit today. If you earn 11.5% per annum compounding quarterly, what regular deposit will be needed? (round to nearest cent; don’t use $ sign or commas)

Select one:

a. $551.12

b. $535.72

c. $1121.41

d. $2079.38