Mary is a single mother. She intends to set up an education fund for her daughters university study in Hong Kong. Her daughter is now a secondary school student. To pay for the future fees and expenses in university, she will need $48,000 four years later, $49,500 five years later, $55,440 six years later, and $63,500 seven years later. If Mary can put money into a fund that pays 5% interest, what lump-sum deposit must she place in the fund today in order to meet her daughters college funding in future?