Matilda is planning for her daughters university education to begin five years from today. She estimated the annual tuition to be R40 000 per year for a three-year degree.

Calculate how much Matilda must deposit today, at an interest rate of 8% per annum, compounded annually, for her daughter to be able to withdraw R40 000 per year for three years of university. (You can assume an interest rate of 8% throughout the period.