Cassie pays for her daughter’s college education by depositing $X into a fund at the beginning of each month for 20 years. The fund earns i = 0.07. Lori withdraws $35,000 from the fund at the beginning of the 18th, 19th, 20th, and 21st years, at which time the fund has a zero balance. Find X.

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Let P the amount deposited in the fund at the beginning of each mo... View the full answer