Ginny is planning for her son's college education to begin five years from today. She estimates the yearly tuition, books, and living expenses to be $5,000 per year for a four-year degree. How much must Ginny deposit today, at an interest rate of 8 percent, for her son to be able to withdraw $5,000 per year for four years of college? Assume the first beginning of Year 5. In other words, she will pay the first payment on the first day of school. a. $20,000 b. $13,620 c. $12,273 d. $12,173

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