Problem:
Suppose that the parents of a young child decide to make annual deposits into savings account with the first deposit on the 5th birthday and the last on the 15th birthday. Then on the 18th birthday a withdrawal was made of $2000, on the 19th birthday a withdrawal was made of $2400, on the 20th birthday a withdrawal was made of $2800 and on the 21st birthday a withdrawal was made of $3200. If the effective annual interest rate is 8% during this time, what are the annual deposits in years 5-15?
Explain comprehensively and show all workings.