Pavel just reach the age of 25. He starts a retirement fund and will deposit $1,300 at the end of every quarter for the next 10 years. In total, he will make 40 quarterly payments of $1,300 each and his last (40-th) deposit will be made at the end of the 10th year, on his 35-th birthday. He will leave the fund to grow until he reaches 65 years old (i.e., for another 30 years). The interest rate is guaranteed to be 4%, compounded quarterly. How much does he expect to accumulate when he turns 65 years old?