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Assuming that he makes the first deposit

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On December 31, 2017, 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, 2012
2. December 31, 2011

Reference no: EM13874051

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