Johnny Rotten has two children, ages 6 and 3 right now. They plan to attend Anarchy University starting on their respective 18th birthdays. Tuition and fees now at AU are Â£15,000 per year. Johnny can invest toward this goal at 7%, and the tuition inflation rate is expected to be 4%. Each child will spend four years in school. What is the present value of the college costs?

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