You are financing your college education with loans. You will borrow $15,000 immediately, &18,000 1 year from now, $20,000 2 years from now, and $21,000 3 years from now to pay your tuition (which comes due at the beginning of each academic year). Your loans accumulate interest at 6% per year with monthly compounding starting immediately. How much will you owe on the day your graduate?

a. $81,368

b. $85,436

c. $89,708

d. $94,193

e. $98,903