Kori and Ben 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 2.1%, compounded annually. Six years after their last contribution, they will begin the first of five, yearly, withdrawals of $33,600 to pay the university's bills. How large must their yearly contributions be? %$4

Kori and Ben 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 2.1%, compounded annually. Six years after their last contribution, they will begin the first of five, yearly, withdrawals of $33,600 to pay the university's bills. How large must their yearly contributions be? %$4

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 6E

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