3. Hotel Ashoka will change the landscaping theme of the front lawn in 5 years for which $ 125,000 will be needed. How much must they save each year if they make deposits at year-ends in an account receiving 7% per annum? Assume annual compounding.

a) $ 30,486.34

b) $ 1,745.89

c) $ 21,736.34

d) $ 20,314.33