A father wants to invest a sum of money (P) into an account today (at time 0), on his sons birth, so that the son can withdraw 10,000 TL at the start of each of 18^th, 19^th, 20^th, and 21^st year birthday to cover his college expenses for 4 years. How much should the father invest into the bank now if the bank pays 12% per year?

(Draw the cash flow and show all solutions).

1. 30,375 TL b) 5,425 TL c) 4,425 TL d) 75,625 TL