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Steve Fillmores lifelong dream is to own his own fishing boat to use in his retirement. Steve has recently come into an inheritance of $442,800.
Steve Fillmores lifelong dream is to own his own fishing boat to use in his retirement. Steve has recently come into an inheritance of $442,800. He estimates that the boat he wants will cost $325,100 when he retires in 6 years.
Assuming quarterly compounding of amounts invested at 10%, how much of Steve Fillmores inheritance must be invested to have enough at retirement to buy the boat?
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