Alexa and Erik 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 2.3%, compounded annually. Five years after their last contribution, they will begin the first of five, yearly, withdrawals of $36,800 to pay the university's bills. How large must their yearly contributions be?

Alexa and Erik 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 2.3%, compounded annually. Five years after their last contribution, they will begin the first of five, yearly, withdrawals of $36,800 to pay the university's bills. How large must their yearly contributions be?

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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