What annual deposit must robert make, Accounting Basics

What annual deposit must robert make

Robert Hitchcock is 41 years old today and he wishes to accumulate $595,000 by his 63rd birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 41st through his 62nd birthdays. What annual deposit must Robert make if the fund will earn 10% interest compounded annually?

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Accounting Basics: What annual deposit must robert make

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Accounting Basics: What annual deposit must robert make

Reference No:- TGS047416

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Recent Questions Asked Accounting Basics

Q : Technical risks-business risks and competitive risks

Q : How much to expense for the current year

Q : Flotation costs and issue size

Q : Financial forecasting-percent of sales

Q : What annual deposit must robert make

Q : Cost of accounts receivable

Q : Income statement and the balance sheet

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Q : Determining the payback period-npv

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What annual deposit must robert make

Reference No:- TGS047416

Recent Questions Asked Accounting Basics

Q : Technical risks-business risks and competitive risks

Q : How much to expense for the current year

Q : Flotation costs and issue size

Q : Financial forecasting-percent of sales

Q : What annual deposit must robert make

Q : Cost of accounts receivable

Q : Income statement and the balance sheet

Q : Determining the financial performance

Q : Determining the payback period-npv

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