Joey is planning for his son's college education to begin eight years from today. He estimates the yearly tuition, books, and living expenses to be $15,000 per year for a four-year degree. How much must Joey deposit today, at an interest rate of 7 percent, for his son to be able to withdraw $15,000 per year for four years of college? Assume first withdrawal on the first day of College (beginning of the year) and the tuition and other expenses remain constant.

A)		$4,952.16
B)		$5,298.81
C)		$34,920.55
D)		$60,000.00
E)		$31,640.77