Morgan Garcia's lifelong dream is to own his own fishing boat to use in his retirement....

Transcribed Image Text:

Morgan Garcia's lifelong dream is to own his own fishing boat to use in his retirement. Morgan has recently come into an inheritance of $360,000. He estimates that the boat he wants will cost $270,000 when he retires in 4 years. Click here to view factor tables Assuming quarterly compounding of amounts invested at 8%, how much of Morgan Garcia's inheritance must be invested to have enough at retirement to buy the boat? (Round factor values to 5 decimal places, eg. 1.25124 and final answers to O decimal places, es 5,275) Investment amount $ 262242 Morgan Garcia's lifelong dream is to own his own fishing boat to use in his retirement. Morgan has recently come into an inheritance of $360,000. He estimates that the boat he wants will cost $270,000 when he retires in 4 years. Click here to view factor tables Assuming quarterly compounding of amounts invested at 8%, how much of Morgan Garcia's inheritance must be invested to have enough at retirement to buy the boat? (Round factor values to 5 decimal places, eg. 1.25124 and final answers to O decimal places, es 5,275) Investment amount $ 262242