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Makenzie and Peter plan to send their son to university. To pay for this they will contribute 11 equal yearly payments to an account bearing
Makenzie and Peter plan to send their son to university. To pay for this they will contribute 11 equal yearly payments to an account bearing interest at the APR of 7%, compounded annually. Six years after their last contribution, they will begin the first of five, yearly, withdrawals of $56,000 to pay the university's bills.
How large must their yearly contributions be?
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