Question: Joyce will be embarking on a part-time Masters degree programme in one year's time. The estimated cost of the 4-year programme is: At the beginning

Joyce will be embarking on a part-time Masters degree programme in one year's time.

The estimated cost of the 4-year programme is:

At the beginning of year Amount

1 S$11,000

2 S$12,000

3 S$13,000

4 S$14,000

Assuming that an investment will pay 4% annual interest, how much does Joyce need to set aside today to meet the tuition payments as they are due?

A. S$43,458

B. S$45,196

C. S$47,004

D. S$50,000

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