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Newman Hitchcock is 40 years old today and he wishes to accumulate $490,000 by his 64 th birthday so he can retire to his summer

Newman Hitchcock is 40 years old today and he wishes to accumulate $490,000 by his 64 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 63 th birthdays. What annual deposit must Newman make if the fund will earn 9% interest compounded annually?

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