Hey, I'm a student in finance and I don't understand well this question, could you please explain to me how to respond and the formula to use? Thanks in advance

"Your son is about to start kindergarten. You decide to put him in private school. Currently, the school fees are 12053 per year, payable at the beginning of the school year. You anticipate that these fees will increase by 2% per year for the next 12 years. Assuming that your son remains in private school until high school and that the annual interest rate is 2%, what is the present value of all private school fees?

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