Can you also explain why when converting 8% compounded quartely, over to montly it is 2% (how do you convert this?) THANK YOU! NO EXCEL TOO IF POSSIBLE!

Suppose $1,500 is deposited into a savings account today (t = 0) and $1,500 is deposited at the end of every 3 months for the next 4 years (the last deposit is at the end of 4 years). If the interest rate is 8% compounded quarterly, how much will be in the account at the end of 10 years. Choose the closest alternative. $32,640 $35,572 $40,572 $45,870 * Change to $48,282.24 $51,654