Raymond expects his son to go to college 10 years later. Once the college begins, Raymond has to pay college fees of RM10,000 annually at the end of the year for the next 4 years. The fees will increase by 3% every year. How much should Raymond allocates a lump sum of money now so that by the 10thyear he could use the money to finance the entire duration of his son's college fees? Assume that the prevailing interest rate is at 10%.