John Hitchcock is 40 years old today and he wishes to accumulate $518,000 by his 65 th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 40 th through his 64 th birthdaysWhat annual deposit must John make if the fund will earn 8% interest compounded annuallyRound factor values to 5 decimal places, e.g. 1.25124 and final answer to decimal places, 458,581 .)

annual deposit