A couple are contemplating sending their 11-year-old son to boarding school for Years 11 and 12,commencing five years from now.If they plan to give their son $200 per month pocket money for two years,commencing five years from now,how much per month will they need to save at an interest rate of 6% per annum,compounded monthly? (Assume that the first payment of pocket money is made exactly five years from now.)

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The Answer of A couple are contemplating sending their 11-year-old son to boarding school for Years 11 and 12,commencing five years from now.If they plan to give their son $200 per month pocket money for two years,commencing five years from now,how much per month will they need to save at an interest rate of 6% per annum,compounded monthly? (Assume that the first payment of pocket money is made exactly five years from now.)

A Couple Are Contemplating Sending Their 11-Year-Old Son to Boarding