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John is giving his daughters, Mary and Carrie, $1,000 each per year permanently. They are now...

John is giving his daughters, Mary and Carrie, $1,000 each per year permanently. They are now 17 and 14 respectively. If the money to be given when they turn 18. How much does he need to save today so as to finance the payments if he assumes a monthly discount rate of 1%? Correct all your answers in 2 decimal places.

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