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How much can they withdraw each year in question

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The parents of a child set up a college fund for her. They contribute $450 monthly to the fund which pays 4.25 % interest compounded monthly. After 15 years she enters a college, and the parents start to withdraw annually from the fund in order to cover her college expenses. If they continue their contribution of $450 during the 4 years that she is attending college, how much can they withdraw each year so that the fund is depleted in the last year?

Reference no: EM13876775

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