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A professor is trying to save for his two daughters future weddings. He makes an assumption that they will both get married on the same
A professor is trying to save for his two daughters future weddings. He makes an assumption that they will both get married on the same day in exactly years from today. The cost today of a wedding is $ and the cost grows annual at a rate of per year. The professor will make monthly contributions at the end of each month to a mutual fund that pays APR with monthly compounding The professor will make the last contribution the day of the wedding. The professor has already set aside $ in an account. To pay for BOTH weddings, how much will he have to contribute each month to fully pay for the weddings in cash?
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