Henry Hitchcock is 40 years old today and he wishes to accumulate $540,000 by his 65...

Transcribed Image Text:

Henry Hitchcock is 40 years old today and he wishes to accumulate $540,000 by his 65 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 40 th through his 64 th birthdays. What annual deposit must Henry make if the fund will earn 8% interest compounded annually? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 458,581.) Annual deposit $ Henry Hitchcock is 40 years old today and he wishes to accumulate $540,000 by his 65 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 40 th through his 64 th birthdays. What annual deposit must Henry make if the fund will earn 8% interest compounded annually? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 458,581.) Annual deposit $

Answer rating: 100% (QA)

Answer FICA Calculations You separated the regular wages subject to the norma... View the full answer