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Eliah is planning for his son's college. He expects to need to need 6 annual payments of $48,000 each, with the first annual payment occurring
Eliah is planning for his son's college. He expects to need to need 6 annual payments of $48,000 each, with the first annual payment occurring 13 years from today. If Eliah wants to fully fund the entire bill with a single deposit today and the discount rate is 5%, how much should he deposit? Round your answer to the nearest dollar.
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