John Fillmore's lifelong dream is to own his own fishing boat to use in his...
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John Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $428,900. He estimates that the boat he wants will cost $341,100 when he retires in 5 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? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Investment amount \$
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John Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $428,900. He estimates that the boat he wants will cost $341,100 when he retires in 5 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? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Investment amount \$ 