Stacy and Jeremy plan to send their son to university. To pay for this they will contribute 10 equal yearly payments to an account bearing interest at the APR of 7%, compounded annually. Six years after their last contribution, they will begin the first of five, yearly, withdrawals of $59,800 to pay the university's bills. 

How large must their yearly contributions be?

Answer rating: 100% (QA)

Withdrawal Required for tuition expenses P 59800 interest rat... View the full answer