9. Your son is about to start kindergarten in a private school. Currently, the tuition is $12,000 per year, payable at the start of the school year (t=0). You expect annual tuition increases, on average, 6% per year over the next 13 years (t=1 to t=13). Assuming that your son remains in this private school through high school and that your current interest rate is 6%, then what is the present value of your son's private school education?