Four annual tuition payments of $25,000$ are to be paid at a future date.

The payments will be funded by investing $1000$ at the beginning of each month. The last deposit will be made six months before the first tuition payment. Interest is payable at a nominal interest rate of $6\%$ convertible monthly.

Calculate the minimum number of monthly deposits required to fund the total tuition.

Possible Answers

$70$

$71$

$73$

$74$

There is not enough information to calculate the minimum number of monthly deposits.