You are trying to determine how much your family needs to set aside for the four years you plan to attend college for your tuition. You expect your tuition to increase your sophomore year by 11%, 12% your junior year, and 9% your senior year. Your family's savings account earns 4% for the first two years, then increases to 6% for the last two years. The annual cost of tuition at the beginning of your first year in college will be $11,000. How much money will you and your family have to deposit in a mutual fund account one year prior to your first year to pay for your tuition for the 4 years you will spend earring your degree in engineering?
a) $48,707
b) $46,060
c) $45,606
d) $49,777