At the end of each year, Mr. Fox deposits $3000 in an RRSP. The interest rate is 7.2%/a, compounded annually. He contributes to this RRSP for 20 years, at the end of which time he retires. Upon retiring, Mr. Fox decides to transfer and reinvest all of this RRSP to another saving account called RIF. The interest rate for the RIF is 8.4% p.a, compounded quarterly. Mr. Fox wishes to deplete the RIF fund after 15 years. Then what will be the quarterly payment from the RIF?*

$3,704.39

$3,457.43

None of the Answers is correct

$3,333.95

$3,580.91

$3,210.47