Question: Mark is saving for his child s education. Initially, he contributed $ 1 5 , 0 0 0 into his savings account in the first

Mark is saving for his childs education. Initially, he contributed $15,000 into his savings account in the first year. However, due to rising expenses, he decides to decrease his annual contribution by $500 each subsequent year. At the end of 5 years, Mark wonders: If he would have contributed an equal amount every year instead of decreasing the amount over time, how much should he have contributed annually starting at the end of year 1 to have the same accumulated amount at the end of 5 years, assuming an annual interest rate of 6%?.Find the equivalent equal payment series for Mark's gradient contribution series. Answer to the nearest dollar.

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