Newman Hitchcock is 37 years old today and he wishes to accumulate $536,000 by his 60 th 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 59 th birthdays. What annual deposit must Newman make if the fund will earn 10% 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.
Newman Hitchcock is 37 years old today and he wishes to accumulate $536,000 by his 60 th 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 59 th birthdays. What annual deposit must Newman make if the fund will earn 10% 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.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 39P
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Newman Hitchcock is 37 years old today and he wishes to accumulate $536,000 by his 60 th 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 59 th birthdays. What annual deposit must Newman make if the fund will earn 10% 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.)
I put 65845.4009 but it says that isn't correct so I'm confused, I used my calculator and not the tables.
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