What amount must be set aside on a boy’s seventh birthday, which will provide 24 quarterly payments of ₱3,500.00 for school expenses, if the first payment is to be made on his 16th birthday? Assume that money is 10% compounded quarterly?
A. ₱113,221.63
B. ₱64,162.39
C. ₱62,597.45
D. ₱26,376.75