Refer to the situation described in BE 5–12. How much will accumulate in three years by depositing $500 at the beginning of each of the next 12 quarters?

Data from in BE 5-12

You would like to contribute to a savings account over the next three years in order to accumulate enough money to take a trip to Europe. Assuming an interest rate of 4%, compounded quarterly, how much will accumulate in three years by depositing $500 at the end of each of the next 12 quarters?