Makes his first contribution to savings today

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Reference no: EM131491390

Chen currently has nothing saved for college. He will need to pay 35,760 dollars per year to the school for 5 years. The first of these payments will be paid to the school in 5 years from today. Chen can earn 17.66 percent per year in his account. How much does Chen need to save each year for 4 years to have exactly enough to pay for his education if he makes his first contribution to savings today and all contributions to savings are equal?

Reference no: EM131491390

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