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6.7 John Fillmores lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of

6.7

John Fillmores lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $421,800. He estimates that the boat he wants will cost $341,400 when he retires in 5 years. How much of his inheritance must he invest at an annual rate of 12% (compounded annually) to buy the boat at retirement?

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