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John Fillmores lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $436,500.
John Fillmores lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $436,500. He estimates that the boat he wants will cost $323,100 when he retires in 5 years. How much of his inheritance must he invest at an annual rate of 10% (compounded annually) to buy the boat at retirement? (Round answers to 0 decimal places, e.g. $458,581.) Investment amount
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