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Compute the equal annual amounts that Michael must deposit

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Reference no: EM132882948

Problem - Cash Flow Amounts - On December 31, 2026, Michael McDowell wants to have $60,000. He plans to make 6 deposits in a fund to provide this amount. Interest is compounded annually at 12%.

Required - Compute the equal annual amounts that Michael must deposit assuming that he makes the first deposit on:

1. December 31, 2021

2. December 31, 2020

Reference no: EM132882948

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