Fund of specified size

On January 1, 2008, Surfside manufacturing borrowed 400,000 from a bank to pay for a new

equipment. The note requires that interest be paid annually and that the entire principal be paid in a single amount on December 31st. 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 deposit will be made on June 30 2008, and the last on December 31, 2008. How large must the quarterly deposits be to produce a fund of 440,000 on December 31,2008?