Izan and Meng plan to send their daughter to university. To pay for this they will contribute equal monthly payments to an account bearing interest at an annual rate of 4.3%, compounded monthly. They will make these payments for 12 years. Five years after their last contribution, they will begin the first of 60 monthly withdrawals of $2,380 to pay the university's installment bills. How large must their monthly contributions be?
Izan and Meng plan to send their daughter to university. To pay for this they will contribute equal monthly payments to an account bearing interest at an annual rate of 4.3%, compounded monthly. They will make these payments for 12 years. Five years after their last contribution, they will begin the first of 60 monthly withdrawals of $2,380 to pay the university's installment bills. How large must their monthly contributions be?
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Izan and Meng plan to send their daughter to university. To pay for this they will contribute equal monthly payments to an account bearing interest at an annual rate of 4.3%, compounded monthly. They will make these payments for 12 years. Five years after their last contribution, they will begin the first of 60 monthly withdrawals of $2,380 to pay the university's installment bills. How large must their monthly contributions be?
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