An economics student is about to graduate from UPF. They can choose between two options:

Option 1: Start working now

• They start working immediately and then work for 40 years.
• Their annual wage is €50,000, with no growth. 

 Option 2: Do a one-year master’s degree in economics

• This year, they do not work and study for their master's degree, paying a tuition cost of C euros.
• From next year on, they will work for 39 years. Their initial annual wage is also €50,000, and it now increases by 2% per year.

Assume: (1) the interest rate is expected to remain at 10% forever and there is no expected inflation, and (2) the student is risk-neutral and only cares about the present value of lifetime labor income net of tuition.

What is approximately the maximum tuition C the student would be willing to pay for this master’s?

NOTE: select the closest number to the exact answer.