Savings contributions are equal

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Reference no: EM131873226

Chen has nothing saved for college. He will need to pay 35,510 dollars per year to the school for 5 years. The first of these payments will be made in 4 years. Chen can earn 17.25 percent per year. How much does Chen need to save each year for 3 years to have exactly enough to pay for his education if he makes his first savings contribution later today and all savings contributions are equal?

Reference no: EM131873226

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