Brooke and Collin plan to send their son to university. To pay for this they will contribute 10 equal yearly payments to an account bearing interest at the APR of 6.4%, compounded annually. Four years after their last contribution, they will begin the first of five, yearly, withdrawals of $51,300 to pay the university's bills. How large must their yearly contributions be? Submit Question

Brooke and Collin plan to send their son to university. To pay for this they will contribute 10 equal yearly payments to an account bearing interest at the APR of 6.4%, compounded annually. Four years after their last contribution, they will begin the first of five, yearly, withdrawals of $51,300 to pay the university's bills. How large must their yearly contributions be? Submit Question

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 33P

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