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Alexis and Ahmed plan to send their son to university. To pay for this they will contribute 9 equal yearly payments to an account bearing
Alexis and Ahmed 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 7.2%, compounded annually. Five years after their last contribution, they will begin the first of five, yearly, withdrawals of $33,900 to pay the university's bills. How large must their yearly contributions be?
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