Mr Lewis Nixon is 19 years old and studying in his first year at university. He plans to start working in 3 years time at which point he will begin depositing $3,000 per year in a BankEast Retirement Savings Account which pays interest of 12% p.a. compounded quarterly forever. He will make his first deposit immediately when he starts working. He then plans to continue making deposits every year until be retires at age 67 (inclusive).

How much money will Mr Nixon have accumulated in his retirement account by the time he makes his last deposit at age 67?