On December 31, 2017, Michael McDowell desires to have $60,000. He plans to make six deposits in

Question:

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