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

Paper Details

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