UB's gardening club is interested in establishing a fund to provide perpetual care service for the garden they just planted on the North campus. They estimate that it will cost $1,200 per year to maintain the garden. They will make a one-time deposit (i.e. today) into an account earning 8% per year to fund this effort. Which of the following best represents the amount of money the club would need to deposit today in order to provide perpetual care for their garden?

$960

$15,000

$120,000

$12,000