Newman Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Newman has recently come into an inheritance of $418,500. He estimates that the boat he wants will cost $344,000 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 5% (compounded annually) to buy the boat at retirement? (Round factor values to 5 decimal places, eg. 1.25124 and final answers to 0 decimal places, e.g. 458,581.) Investment amount $ eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer