Mr Smyth would like to set aside funds today for his newborn daughter’s school fees.

Mr Smyth would like to set aside funds today for his newborn daughter’s school fees. His daughter will commence school in exactly 6 years’ time. He anticipates he will need to pay $8000 per year for first 6 years after she starts at primary school and then $10,000 per year for another 6 years once she completes primary school and commences high school. Fees are paid at the beginning of each year. Mr Smyth can earn 10% pa compounded semi-annually on his savings. How much money does Mr Smyth need today to achieve his goal?

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