An engineer was promoted on Jan 1, 1991 to a higher paying assignment. He started a savings account in which he deposited $300 at the end of each month. The first deposit started at the end of January, 1991 and this process of saving will continue to his anticipated retirement in the year 2016 (25 years hence). Assuming the bank pays 8% interest, compounded quarterly, and his deposits remain constant over the entire period, how much money will be in the account when he retires?
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