A church congregation has raised $37,625 for future outreach work. If the money is invested in a fund paying 7% compounded quarterly, what annual payment can be made for 10 years from the fund if the first payment is to be made 4 years from the date of investment in the fund? [the total time period is 14 years: 4 years for the deferred payment, and 10 years for the annual payments].

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