The Bluebird Company Has a $12,000 Liability It Must Pay

The Bluebird Company has a $12,000 liability it must pay three years from today.The company is opening a savings account so that the entire amount will be available when this debt needs to be paid.The plan is to make an initial deposit today and then deposit an additional $3,500 a year for the next three years,starting one year from today.The account pays a 3% rate of return.How much does the Bluebird Company need to deposit today?

A) $867.74
B) $1,081.56
C) $1,108.09
D) $1,276.34
E) $1,642.28