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Newman Hitchcock is 38 years old today and he wishes to accumulate $501,000 by his 61st...

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 8% 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.)

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