$250,000 will be needed by the Body Corporate in 15 years time to replace the lift in an apartment block. It is expected that a fixed compound rate of 5% can be arranged. How much should the Body Corporate invest each year to ensure that sufficient funds will be available at the required time?
a) $11,585.57
b) $37,078.88
c) $6,176.62
d) $15,833.33