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Guy has nothing saved for college. He wants to pay $ 4 2 , 0 0 0 . 0 0 per year to the school

Guy has nothing saved for college. He wants to pay $42,000.00 per year to the school for 4 years. The first of these payments will be made in 5 years. Guy can earn 8.46 percent per year. How much does Guy need to save each year for 4 years to have exactly enough to pay for his education if he makes his first savings contribution later today and all savings contributions are equal?

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