Hi there,

I have a question I don't know the answer for, if you could please explain the answer to me that would be awesome. Thank you very much!

David is planning for his daughters future university education. He estimates that his daughter will need $15,000 per year for four years. The first payment of $15,000 would be at the beginning of year eleven. How much must David deposit today, at an interest rate of 8 percent, for his daughter to be able to withdraw $15,000 per year for four years?

A. $12,880

B. $23,012

C. $24,853

D. $27,792

E. $49,682