Liam is 1 years old and Tilly is 5 years old Both children will start college when they turn 18. Liam will take 3 years to graduate and you will pay tuition of £15,000 per year at the beginning of each school year. Tilly will take 5 years to graduate and you will pay tuition of £10,000 per year, payable at the beginning of each school year. The interest rate is 4%. What is the present value of the tuition fees that you will have to pay for Liam?

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