(Answered) Greg plans to set aside money for his young daughters

Statistics

Greg plans to set aside money for his young daughter's college tuition. He will deposit money in an ordinary annuity that earns 7.8% interest, compounded monthly. Deposits will be made at the end of each month.

How much money does he need to deposit into the annuity each month for the annuity to have a total value of $73,000 after 15 years?

Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.

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