A fund is to provide one deserving 1st year student financial support each year. Each year, the fund is to pay $8000 at the beginning of September, $7000 4 months later, and then $3000 4 months after that. This is to go on each year forever, and the annual effective rate of interest is 5%. If they are to have enough money for this exactly one year before the first September payment is to be made, how much money should be in the fund on that date? (a) $484,473 (b) $355,821 (c) $502,883 (d) $362,110 (e) $351,007