3. Annette has two children whose names are Max and Alice. Max will enter the college in

next three years. The tuition fee for Max is 75,000 per semester which will be paid

at the beginning of each semester for four years. Alice will enter the college in the next

four years. The tuition fee for Alice is 80,000 per semester which will be paid at the

beginning of each semester for six years. If the interest rate is 4.5% annually, how much

Annette has to deposit today in order to pay all her children's tuition fee in the future?

(You must have the timeline in your calculation file; otherwise, there will be 0.5 point

deduction if you do not provide the timeline in your calculation file). (2 points)