A sinking fund is established by a working couple so that they will have $80,000 to pay for part of their daughter's education when she enters college. If they make deposits at the end of each 3-month period for 9 years, and if interest is paid at 9%, compounded quarterly, what size deposits must they make?

(a) State whether the problem relates to an ordinary annuity or an annuity due.

ordinary annuity

(b) Solve the problem. (Round your answer to the nearest cent.)