Solomon is planning to join Jimma University in the year 2023 for a postgraduate study. He will be required to pay Birr 8500 as a tuition fee upon joining the university, that is, on November 2023. To accumulate this amount, he has two combined alternative sources. The first is his father has promised to give him Birr 4500 right by November 2023. The second alternative is a deposit to be made by him starting from November 2021 for the remaining balance. Assume that the interest earning on the deposit is 12% compounded quarterly. How much should Solomon deposit starting from November 2021 to meet the remaining tuition fee?
a) Birr 3000
b) Birr 4000
c) Birr 5000
d) Birr 6000