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Leon Fillmores lifelong dream is to own his own fishing boat to use in his retirement. Leon has recently come into an inheritance of $404,800.
Leon Fillmores lifelong dream is to own his own fishing boat to use in his retirement. Leon has recently come into an inheritance of $404,800. He estimates that the boat he wants will cost $342,000 when he retires in 4 years. Assuming quarterly compounding of amounts invested at 8%, how much of Leon Fillmores inheritance must be invested to have enough at retirement to buy the boat?
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