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Mary's son will be attending college in 7 years. Assume current tuition and fees are $48,049, and inflation for college costs averages 6.8 percent.

Mary's son will be attending college in 7 years. Assume current tuition and fees are $48,049, and inflation for college costs averages 6.8 percent. Mary can earn 3.6 percent on the money she invests for this purpose. Mary wants to know how much she will need to set aside today to pay the first year's tuition and fees. Round the answer to two decimal places.

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