The average annual costs to support a child born today are estimated as follows:

The costs in the early years include child care expenses or foregone earnings of the care-giving parent. Rounded to the nearest dollar:
a. What is the aggregate total cost (ignoring the time value of money) of raising a child to age 19?
b. Whatisthetotaleconomicvalue,atthedateofbirthofachild,ofthesefuture expenditures, if money can earn 6% compounded monthly? Assume that the annual costs are paid in equal end-of-month amounts.
c. What will be the economic value at age 19 of the past expenditures, assuming money can earn 6% compounded monthly?

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Years 1-6 12,000 Years 7-12 1,000 Years 13-17 10,000 Years 18-19 15,000