How do I export in Final Cut to get the best quality and least file size?

I have a 2:20 video, and I'm hoping to get it down to less than 50MB with a nice quality on 560X420 resolution (or something around there).

What options should I click on when I export the image?

It's my first time using Final Cut, and I'm starting to get the hang of it... I just don't know all the little details yet.

TrashCanDan said:

Export using Compressor. mpeg4.

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Oh, ok. Well can you elaborate?

I opened it up with Compressor, and the file shows up and I can preview it. Where do I go from there?

It's my first time using this program, and after looking around I can't figure out which mpeg4 option to choose. Could you walk me through it, please?

Whigga Spitta said:

compressor has such an array of options because there really isn't ONE BEST OPTION.

play around with it (it will take time) by creating different presets, changing image quality, compression type, audio compression, etc. until you find a combination that is most useful for this particular project.

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Yea, I can see that there are tons of choices and there's not one best one, but do you have any suggestions?