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Your son is about to start kindergarten in a private school. Currently, the tuition is $14,500 per year, payable at the start of the school

Your son is about to start kindergarten in a private school. Currently, the tuition is $14,500 per year, payable at the start of the school year. You expect annual tuition increases to average 5% per year over the next 13 years. Assuming that your son remains in this private school through high school and that your current interest rate is 8%, then the present value of your son's private school education is closest to:

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