Your oldest daughter is about to start kindergarten in a private school. Tuition is

$ 30 comma 000$30,000

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

6 %6%

per year over the

1313

years of her schooling. What is the present value of your tuition payments if the interest rate is

6 %6%

per year? How much would you need to have in the bank now to fund all

1313

years of tuition?

The present value is

$nothing.

(Round to the nearest dollar.)