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Andrea and Matt plan to send their daughter to university. To pay for this they...

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Finance

Andrea and Matt plan to send their daughter to university. To pay for this they will contribute 8 equal yearly payments to an account bearing interest at the APR of 9.7%, compounded annually. Five years after their last contribution, they will begin the first of five, yearly, withdrawals of $48,000 to pay the university's bills. How large must their yearly contributions be?

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