(Your oldest daughter is about to start kindergarten in a private school. Tuition is $10,000 per year, payable at the beginning of the school year. You expect to keep your daughter in private school through high school. You expect tuition to increase at a rate of 5% per year over the 13 years (K thru 12) of her schooling. What is the present value of your tuition payments if the interest rate is 5% per year?