Question: 15. Chen currently has nothing saved for college, which he will start in 4 years from today. He will need to pay 54,060 dollars per

15. Chen currently has nothing saved for college, which he will start in 4 years from today. He will need to pay 54,060 dollars per year to the school for 6 years. The first of these payments will be paid to the school in 5 years from today. Chen can earn 13.64 percent per year in his account. How much does Chen need to save each year for 4 years to have exactly enough to pay for his education if he makes his first contribution to savings today and all contributions to savings are equal?

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