Question: Eliah is planning for his son's college. He expects to need to need 7 annual payments of $31,000 each, with the first annual payment occurring

Eliah is planning for his son's college. He expects to need to need 7 annual payments of $31,000 each, with the first annual payment occurring 13 years from today. If Eliah wants to fully fund the entire bill with a single deposit today and the discount rate is 5%, how much should he deposit? Round your answer to the nearest dollar.

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