ESTABLISHING A FUND OF SPECIFIED SIZE. On January 1, 19x6, Surfside Manufacturing borrowed $400,000 from a bank to pay for new equipment. The note requires that interest be paid annually and that the entire principal be paid in a single amount on December 31, 19x8. To provide for the final payment of principal and interest in the amount of $440,000, Surfside plans to make equal quarterly deposits in an investment fund that earns 8% per year compounded quarterly (2% per quarter). The first deposit will be made on June 30, 19x7, and the last on December 31, 19x8. How large must the quarterly deposits be to produce a fund of $440,000 on December 31, 19x8?