Ryan is 40 years old today and would like to save an additional $500,000 by the time he retires at 60 years old. Ryan estimates that he will be able to earn 4% rate of return, compounding quarterly, on his retirement investments over time. How much money must Ryan deposit at the beginning of each quarter for the next 20 years to realise his retirement goal?

1. $4,068.74
2. $4,036.27
3. $6,250.00
4. $4,109.43
5. $9,019.23