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Dewy is excited about going to medical school, and his grandfather is willing to pay for all of it. His grandfather has asked Dewy to
Dewy is excited about going to medical school, and his grandfather is willing to pay for all of it. His grandfather has asked Dewy to determine how much money he needs today, to cover the full cost of medical school over the next four years. The cost of medical school is 50,000 per year, with the year's tuition due at the beginning of the year. Dewy and his grandfather believe they can make a return of 7.25% per year on the invested funds. How much money does Dewy need to ask his grandfather for?
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