The first tuition payment is worth $30,000/(1.06)1/2 $29,139. The second tuition payment is worth $30,000/(1.06)3/2
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The first tuition payment is worth $30,000/(1.06)1/2 ≈ $29,139. The second tuition payment is worth
$30,000/(1.06)3/2 ≈ $27,489. Thus, the total present value is $56,628.
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