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 $ into his savings account in the first year. However, due to rising expenses, he decides to decrease his annual contribution by $ each subsequent year. At the end of 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 to have the same accumulated amount at the end of years, assuming an annual interest rate of Find the equivalent equal payment series for Mark's gradient contribution series. Answer to the nearest dollar.
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