What annual deposit must robert make if the fund

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Robert Hitchcock is 39 years old today and he wishes to accumulate $561,500 by his 60th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 39th through his 59th 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,)

Reference no: EM13850350

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