An elite law school will charge you $$39,000\mathrm{.}00$ for your first year of tuition. This is due at the beginning of the year. You anticipate tuition to increase by $3\mathrm{.}34\%$ each year going forward. You will spend three years in the law program.

You are unsure what discount rate to use to value the opportunity. You have a conservative discount rate, $5\mathrm{.}05\%,$ and an aggressive rate of return, $7\mathrm{.}39\%.$

Using the conservative discount rate, what is the value of the tuition the day you start the law school?