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Leon Hitchcock is 41 years old today and he wishes to accumulate $495,000 by his 65th birthday so he can retire to his summer place
Leon Hitchcock is 41 years old today and he wishes to accumulate $495,000 by his 65th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 41 st through his 64 th birthdays What annual deposit must Lean make if the fund will earn 9% interest compounded annually? (Round factor values to 5 decimal places, eg. 1.25124 and final answer to 0 decimal places, es. 458,581.) 62570.44567 Annual deposit
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