You are saving for the college education of your child. You estimate your child's college expenses to be $30,000 per year and payable at the beginning of each academic year. The annual interest rate is 5% and it is not expected to change. You will also have to pay $17,000 at the end of year 3 and $1,000 at the end of year 4.

At the point your child is about to start college, what is the present value of the child's education?