Interest compounded annually

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Reference no: EM13864592

Robert Hitchcock is 41 years old today and he wishes to accumulate $581,500 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 41st through his 63rd birthdays. What annual deposit must Robert 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.)

Reference no: EM13864592

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