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Morgan Fillmores lifelong dream is to own his own fishing boat to use in his retirement. Morgan has recently come into an inheritance of $424,900.
Morgan Fillmores lifelong dream is to own his own fishing boat to use in his retirement. Morgan has recently come into an inheritance of $424,900. He estimates that the boat he wants will cost $342,400 when he retires in 7 years. Click here to view factor tables How much of his inheritance must he invest at an annual rate of 8% (compounded annually) to buy the boat at retirement?
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