XYZ Company establishes a fund from which a payment of $100 will be made at the end of each year to each employee who qualifies. Ten employees will qualify at the end of the first year; 15 at the end of the second year; 20 at the end of the third year and so on, increasing by 5 per year until the number of qualified employees is 50 at the end of the year, after which it will remain constant.

The effective annual rate of interest is 3%. In which of the following ranges is the lump sum that must be deposited into the fund at the beginning of the first year to provide all future payments?

A

< $135,000

B

$135,000 but < $145,000

C

$145,000 but < $155,000

D

$155,000 but < $165,000

E

$165,000