Question $110$ Points

Ahmad is considering the costs of going to medical school. Beginning next year he expects medical school tuition to run $$45,000$ for the first year $($paid at the end of each year$)$ and he estimates that tuition will increase by $6\%$ each year. If he is able to invest his money in an account paying $8\%$ interest per year, what is the present value of four years of medical school tuition.