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Morgan Hitchcock is 39 years old today and he wishes to accumulate $470,000 by his 62 nd birthday so he can retire to his summer
Morgan Hitchcock is 39 years old today and he wishes to accumulate $470,000 by his 62 nd birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 39 th through his 61th birthdays. What annual deposit must Morgan make if the fund will earn 10% interest compounded annually? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
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