Mr Chans son is four years old now and will be going to college in 14 years. Mr Chan would like to have $625,000 in a savings account to fund his education at that time. If the account promises to pay a fixed interest rate of 3% per year, how much money does Mr Chan need to put in the account today to ensure that he will have $625,000 in 14 years?

Group of answer choices

D. $413,199

B. $347,040

A. $249,869

C. $401,164