You have been accepted into a prestigious private university in Illinois for your doctoral program. Congratulations! Since no one from this school has ever graduated in only 4 years, you anticipate that you will need to make 11 semi-annual tuition payments of $35,000 each with the first cash flow 6 months from today. If you choose to discount these cash flows at an annual rate of 8%, what is the present value cost of tuition to attend your university of choice?