John Hitchcock is 42 years old today and he wishes to accumulate $523,000 by his...
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Accounting
John Hitchcock is 42 years old today and he wishes to accumulate $523,000 by his 66th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 42nd through his 65th birthdays. What annual deposit must John make if the fund will earn 11% 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.)
| Annual deposit |
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