Ms Maria wants to invest a lump sum with Nampost from 1 September 2016. She is informed that she would earn 8% per year on her investment. She is considering this investment so that she pays for the University meal fees of her son for the next four years. How much should Ms Maria set aside so that she would be able to afford the son's meal fees if the University gave the estimated meal fees as follows:

Period Cash flow

1 Sep 2017 $18 000

1 Sep 2018 $19 800

1 Sep 2019 $21 780

1 Sep 2020 $23 958