Newman hitchcock is 38 years old today and he wishes to, Accounting Basics

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Newman hitchcock is 38 years old today and he wishes to

Problem

Newman Hitchcock is 38 years old today and he wishes to accumulate $501,000 by his 61st birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 38th through his 60th birthdays. What annual deposit must Newman make if the fund will earn 11% interest compounded annually?

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