John starts his career at 21 years old and expects to retire 44 years later at the age of 65. His first annual salary is $72,000 that will increase at 1.5% per year until he finishes his part-time MBA at 28 years old. With his MBA, John expects salary to increase at 3% per year until retirement. At the end of each year, he deposits 10% of his annual salary into a retirement saving plan that pays 6% interest per year compounded monthly. On the first day of his retirement, John converts his whole retirement saving plan into a registered retirement income fund (RRIF) that earns 8% interest per year compounded quarterly. The RRIF will pay John $Y per quarter, the first payment being paid on the day he buys the RRIF, for 25 years. Find Y