The answer below is incorrect.

Newman Hitchcock is 37 years old today and he wishes to accumulate $531,000 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 37 th through his 61 th birthdays. What annual deposit must Newman make if the fund will earn 8% interest compounded annually? (Round factor values to 5 decimal places, eg. 1.25124 and final answer to 0 decimal places, eg. 458,581.) $ $ 7263 Annual deposit