When Emily was born in 2002, her parents wanted to ensure that she could afford to go to university and have enough funds for her four years of university education. Therefore, as soon as she was born, they went to the bank to open an educational savings account that paid 8% annual interest. In 2002, the cost of tuition, books, fees, and other costs averaged $16,000 per year. These costs grew at an average rate of 5% per year and will grow at the same rate for the foreseeable future. Emily's parents made annual payments in this account regularly until she turned 18 at the end of August 2020 and was ready to start her first year of university. What is the amount of money that was available in the educational saving account at the beginning of September 2020 so that Emily could pay for all four years of her undergraduate education? Assume that during the four years she will deposit the yearly cost in an account paying 3% annual interest. (Note that the costs keep increasing at 5% during the four years) (Hint: start by calculating the cost of the first year of education when Emily turns 18.)