John's son will start college in 7 years. John estimated a today's value of funds to finance college education of his son as $237,000.  Assume that after-tax rate of return that John is able to earn from his investment is 9.21 percent compounded annually. He does not have this required amount now. Instead, he is going to invest equal amounts each year at the beginning of the year until his son starts college. Compute the annual beginning of-the-year payment that is necessary to fund the estimation of college costs.

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