When Herb turned 20 years old, he started working for a company that produced outboard engines for boats. While working for the company, he contributed $700 at the end of each three
months into a savings account that earned 2.35 % interest compounded quarterly for 25 years. At
the end of the 25th year of working for the company, company went bankrupt. Fortunately, Herb
found another job, but it didn’t pay him enough money as the previous jobs did, so he stopped
contributing money to the account altogether. If Herb retires at the age of 65 and starts pulling
money out of the account at the end of each three months, then how much money can he
withdraw at the end of each three months so that the account will last him until he turns 75 years
old?
"Do not use the TVM solver or Excel. Write out formulas used and calculated. Final answer should be in the form of a sentence."