You want to withdraw AUD$20,000 from your bank account at end of each year for the next 4 years (that is, four withdrawals). How much do you need to deposit now, assuming that the interest rate offered by the bank is 3% pa?

Select one:

A.AUD 70,919

B.AUD 80,000

C.AUD 74,341

D.AUD 68,347

E.AUD 72,315