Question: Chen has nothing saved for college. He will need to pay 49,730 dollars per year to the school for 7 years. The first of these

Chen has nothing saved for college. He will need to pay 49,730 dollars per year to the school for 7 years. The first of these payments will be made in 6 years. Chen can earn 17.24 percent per year. How much does Chen need to save each year for 5 years to have exactly enough to pay for his education if he makes his first savings contribution later today and all savings contributions are equal?

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