Question: You are saving for grad school and need $ 6 0 , 0 0 0 in 5 years. You plan to make annual payments into

You are saving for grad school and need $60,000 in 5 years. You plan to make annual payments into the account starting at the end of year 1. You can put it in a certificate of deposit (CD), earning 6.4%. How much will the payment need to be to reach your goal (round to the nearest dollar)?

  

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