A university's college of engineering would like to determine how much it will cost to keep its computing equipment current. In today's dollars, the college estimates that it will cost $120,000 to replace old computing equipment. Due to decreasing prices on computers, it estimates that this cost will decrease each of the following years by 4%. What would the present worth of computing updates for years 15 be, assuming a required 13% real return on its investments? Click here to access the TVM Factor Table calculator. $