You wish to accumulate $200,000 in the college fund account for your daughter Ivy, who was only born yesterday and is supposed to start her university studies in 18 years. You can invest at a 7.5% annual rate. How much must you invest at the end of each year, if the first deposit is made at the end of the first year? Round your answer to the nearest dollar.

Select one:

a. $11,111

b. $5,606

c. $54,410

d. $5,215