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You figure that the total cost of college will be $103,000 per year 18 years from today. If your discount rate is 8% compounded annually,

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You figure that the total cost of college will be $103,000 per year 18 years from today. If your discount rate is 8% compounded annually, what is the present value today of four years of college costs starting 18 years from today? The present value today of four years of college costs starting 18 years from today is $1. (Round to the nearest dollar.)

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