You want to start saving money to pay for your sons college tuition. Your son will go to college 16 years from now and he will need $35,000 per year for 4 years starting in year 16. If the interest rate is 5% per year, how much of a lump-sum amount should you deposit now?

Group of answer choices

$64,135.61

$56,855.43

$67,342.39

$59,698.20