b. Sabina is currently in Class 8 in a reputed school and she wants to attend University 5 years from now. Her father, who is a service holder, predicts that his daughter will need $2,500 at the beginning of each of the 4 University years to pay for tuition fees and personal expenses. To pay for the expenses of his daughter, Sabinas Father wants to put a lump sum single amount today in the bank that will generate the required $2,500 each year during the university years. What minimum amount should her father put in the bank account today that will enable her to get the desired amount on time? (Assume the interest rate/discount rate is 12%.)