You Borrowed $50, 000 Which You Must Repay in 10

Multiple Choice

You borrowed $50, 000 which you must repay in 10 years.You plan to make an initial deposit today, then make 9 more deposits at the beginning of each the next 9 years, but with the deposits increasing at the inflation rate.You expect to earn 5% on your funds, and you expect a 3% inflation rate.To the nearest dollar, how large must your initial deposit be to enable you to reach your $50, 000 target?

A) $3, 008
B) $3, 342
C) $3, 676
D) $4, 044
E) $4, 448