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Your oldest daughter is about to start kindergarten in a private school. Tuition is $ 2 0 comma 0 0 0 per year, payable at

Your oldest daughter is about to start kindergarten in a private school. Tuition is $ 20 comma 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 7% per year over the 13 years of her schooling. What is the present value of your tuition payments if the interest rate is 7% per year? How much would you need to have in the bank now to fund all 13 years of tuition
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