Kori and Ben plan to send their son to university. To pay for this they will contribute 9 equal yearly payments to an account bearing interest at the APR of 2.1%, compounded annually. Six years after their last contribution, they will begin the first of five, yearly, withdrawals of $33,600 to pay the university's bills. How large must their yearly contributions be? %$4
Kori and Ben plan to send their son to university. To pay for this they will contribute 9 equal yearly payments to an account bearing interest at the APR of 2.1%, compounded annually. Six years after their last contribution, they will begin the first of five, yearly, withdrawals of $33,600 to pay the university's bills. How large must their yearly contributions be? %$4
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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