Alex and Alfonso plan to send their daughter to university. To pay for this they will contribute equal monthly payments to an account bearing interest at an annual rate of 7.7%, compounded monthly. They will make these payments for 12 years. Five years after their last contribution, they will begin the first of 60 monthly withdrawals of $2,750 to pay the university's installment bills. How large must their monthly contributions be? Answer = $ 992.06 x (Round to the nearest cent/penny.) Question Help: Video Post to forum Submit Question Alex and Alfonso plan to send their daughter to university. To pay for this they will contribute equal monthly payments to an account bearing interest at an annual rate of 7.7%, compounded monthly. They will make these payments for 12 years. Five years after their last contribution, they will begin the first of 60 monthly withdrawals of $2,750 to pay the university's installment bills. How large must their monthly contributions be? Answer - $ (Round to the nearest cent/penny.) Question Help: Video Post to forum Submit