A family wants to have a $210,000 college fund for their children at the end of 21 years. What contribution must be made at the end of each quarter if their investment pays 7.7%, compounded quarterly?

(a) State whether the problem relates to an ordinary annuity or an annuity due.

ordinary annuity

annuity due

(b) Solve the problem. (Round your answer to the nearest cent.)