(Solution) - On December 31 2014 Michael McDowell desires to have 60 000 -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

Paper Format: APA

Pages: 5 Words: 1375

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On December 31, 2014 Michael McDowell desires to have $60,000. He plans to make six deposits in a fund to provide this amount. Interest is compounded annually at 12%.

Required
Compute the equal annual amounts that McDowell must deposit assuming that he makes the first deposit on
1. December 31, 2009
2. December 31, 2008