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Carol wants to buy a mountain cabin for her retirement. Carol recently came into an inheritance of $250,000. She estimates that the cabin she
Carol wants to buy a mountain cabin for her retirement. Carol recently came into an inheritance of $250,000. She estimates that the cabin she wants will cost $260,000 when she retires in 4 years. Click here to view the factor table. How much of her inheritance must she invest at an annual rate of 1% (compounded annually) to buy her cabin? (For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answer to 0 decimal places, e.g. 458,581) Investment amount $
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