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Suppose you borrow money from your parents for college tuition on January 1, 2015. Your parents require four annual payments of $40,000 each, with the

Suppose you borrow money from your parents for college tuition on January 1, 2015. Your parents require four annual payments of $40,000 each, with the first payment due on January 1, 2019. They are charging you 8% annual interest. What is the cost of the college tuition?

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