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Newman Hitchcock is 40 years old today and he wishes to accumulate $490,000 by his 64th birthday so he can retire to his summer place
Newman Hitchcock is 40 years old today and he wishes to accumulate $490,000 by his 64th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 40th through his 63th birthdays. What annual deposit must Newman make if the fund will earn 12% 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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