Johnny plans to set up an education fund for his son's future college tuition fee. After netting of all living costs, he is quite confident that he can deposit $$12,000$ in the account for $16$ years. A financial advisor says that the market interest rate will be $5\%$ for the first $8$ years, after which it will rise tp $7\%$ for the following $8$ years. How much will Johnny's son have when he enters college in $16$ years?

$$35,426$

$$26,194$

$$30,463$

$$43,450$

None of the answers are correct