Question $21(1\mathrm{.}5$ points$)$

The parents of a newborn wish to ensure that enough money will be available to pay for their daughter's college education. Assume that college tuition, books, fees, and other costs will be $$21,000$ per year in $18$ years $($by the time she enters college$)$ and that costs continue to increase by an average of $1\mathrm{.}5\%$ per year thereafter. The tuition fee is due in the beggining of each academic year. Furthermore, assume that all the college savings are invested in an account paying $8\mathrm{.}5\%$ interest. How high is the amount of money she will need to have available at age $18$ to pay for all four years of her undergraduate education?

Instructions: Round the result to two decimal places and do not put the $"$$$"$ symbol in the answer box. For example if you get a result of $$94,123\mathrm{.}7230$ then write $94,123\mathrm{.}72$ in the answer box below.

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