3.41 Spectrum Lab Products, a supplier of high quality lab equipment, borrowed $3 million to renovate one of its testing labs. The loan was repaid in 2 years through quarterly payments that increased by $50,000 each time. At an interest rate of 12% per year compounded quarterly, what was the size of the first quarterly payment? Solve using (a) tab- ulated factors, and (b) a spreadsheet and the GOAL SEEK tool