John Fillmores lifelong dream is to own his own fishing boat to use in his...
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John Fillmores lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $412,600. He estimates that the boat he wants will cost $310,900 when he retires in 6 years. Click here to view factor tables Assuming quarterly compounding of amounts invested at 12%, how much of John Fillmores 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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