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Jennifer and Todd plan to send their daughter to university. To pay for this they will contribute 9 equal yearly payments to an account bearing
Jennifer and Todd plan to send their daughter to university. To pay for this they will contribute 9 equal yearly payments to an account bearing interest at the APR of 9.4%, compounded annually. Six years after their last contribution, they will begin the first of five, yearly, withdrawals of $30,800 to pay the university's bills. How large must their yearly contributions be?
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