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Tony Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Tony has recently come into an inheritance of $420,900.
Tony Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Tony has recently come into an inheritance of $420,900. He estimates that the boat he wants will cost $339,800when he retires in4years.
Assuming quarterly compounding of amounts invested at12%, how much of Tony Fillmore's inheritance must be invested to have enough at retirement to buy the boat?(Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)
Investment amount$: ?
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