James deposits a fixed quarterly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $60,000$⁢60,000 in 1717 years. Assuming an APR of 3.7%3.7% compounded quarterly, how much of the $60,000$⁢60,000 will James ultimately deposit in the account, and how much is interest earned?

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