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Newman Hitchcock is 44 years old today and he wishes to accumulate $540,000 by his 69th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 44th through his 68th birthdays. What annual deposit must Newman make if the fund will earn 11% interest compounded annually?

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Accounting Basics, Accounting

Category:- Accounting Basics
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