The management of Gibraltar Brokerage Services anticipates a capital expenditure of $22,000 in 3 years for the purchase of new computers and has decided to set up a sinking fund to finance this purchase. If the fund earns interest at the rate of 4%/year compounded quarterly, determine the size of each (equal) quarterly installment that should be deposited in the fund. (Round your answer to the nearest cent.) $ 177672.37