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Compute the monthly beginning of the periodic payment

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Question - Molly's son starts college in 6 years. She estimates the current deficit for her college education funds is $62,086. Assume that the after-tax annual rate of return that Molly is able to earn from her investment is 4.47 percent compounded monthly. She is going to invest additional amounts every month at the beginning of the period until her son starts college. Compute the monthly beginning of the periodic payment that is necessary to fund the current deficit.

Reference no: EM132967962

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