Lowell Corporation Wishes to Establish a Sinking Fund to Retire

Short Answer

Lowell Corporation wishes to establish a sinking fund to retire a $200,000 debt that is due in 12 years. If the investment will earn interest at the rate of 9%/year compounded quarterly, find the amount of the quarterly deposit that must be made in order to accumulate the required sum. Round your answer to the nearest cent.
R = $__________