Pete Morton is planning to go to graduate school in a program of study that will take three years. Pete wants to have $8,000 available each year for various school and living expenses. Use Exhibit 1-D. If he earns 3 percent on his money, how much must he deposit at the start of his studies to be able to withdraw $8,000 a year for three? (Round PVA factor to 3 decimal places and final answer to the nearest whole dollar.)
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