A man is planning to retire in 25 years. He wishes to deposit a regular amount every three months until he retires, so that, beginning one year following his retirement, he will receive annual payments of $80,000 for the next 15 years. How much must he deposits if the annual interest rate is 8% compounded quarterly? (Note that the last deposit is made on the date of the end of 25th year, and first withdrawal is at the end of 26th year.) (Show work)