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Can I get help figuring this out? Alan Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Alan has
Can I get help figuring this out?
Alan Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Alan has recently come into an inheritance of $427,400. He estimates that the boat he wants will cost $339,900 when he retires in 5 years. Click here to view factor table Assuming quarterly compounding of amounts invested at 8%, how much of Alan Fillmore's inheritance must be invested to have enough at retirement to buy the boat? (Round foctor values to 5 decimal places, eg. 1.25124 and final answer to 0 decimal places, eg. 458,581.) Step by Step Solution
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