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Morgan fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Morgan has recemtly come into an inheritance of 416,000.
Morgan fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Morgan has recemtly come into an inheritance of 416,000. he estimates that the boat he wants will cost 339,700 when he retires in 4 years. Assuming quarterly compounding of amounts invested at 10%, how much of Morgan filmore's inheritance must be invested to have enough retirement to buy the boat?
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