Currently on January 1, 2017), Nolan Wants to Have $45,000

Multiple Choice

Currently on January 1, 2017) , Nolan wants to have $45,000 available on December 31 2022 to purchase a luxury car. To be able to have this amount available, Nolan will make equal quarterly deposits for the next six years in an investment account earning a 16% annual return compounded quarterly. Nolan will make these deposits at the end of March, June, September, and December. What is the amount to be deposited quarterly for the next six years that will provide for a $45,000 balance at the end of 2022?

A) $1,875
B) $1,253
C) $1,151
D) $210