Question: Chen has nothing saved for college. He will need to pay 99,640 dollars per year to the school for 6 years. The first of these

Chen has nothing saved for college. He will need to pay

Chen has nothing saved for college. He will need to pay 99,640 dollars per year to the school for 6 years. The first of these payments will be made in 4 years. Chen can earn 4.95 percent per year. How much does Chen need to save each year for 3 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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