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(Annuity payments) To pay for your child's education, you wish to have accumulated $15,000 at the end of 9 years. To do this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 6 percent compounded annually, how much must you deposit each year to obtain your goal? The amount of money you must deposit each year in order to obtain your goal is $ (Round to the nearest cent.) (Annuity number of periods) How long will it take to pay off a loan of $49,000 at an annual rate of 11 percent compounded monthly if you make monthly payments of $600 ? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is years. (Round to one decimal place.)