a) Ali received a loan of $8,700 at 5.50% compounded monthly. He settled the loan by making periodic payments at the end of every three months for 5 years, with the first payment made 3 years and 3 months from now. What was the size of the periodic payments?

$Round to the nearest cent

b)Ali then invested $11,500 in a fund earning 7% compounded monthly. He withdraws $600 from the fund at the end of every quarter with the first withdrawal being made 4 years from now. How long will it take for the fund to be depleted?

years_____months____ Express the answer in years and months, rounded to the next period