When his aunt died, Ariel inherited an annuity paying $5,300 every quarter into a savings account for five years. The terms of the will state that he cannot withdraw any money for the first five years, and then he can withdraw equal amounts at the end of each quarter for eight years. If interest is 2.95% compounded quarterly, what will be the size of each withdrawal?

Each withdrawal is

$________.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)