Newman Fillmores lifelong dream is to own his own fishing boat to use in his...
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Newman Fillmores lifelong dream is to own his own fishing boat to use in his retirement. Newman has recently come into an inheritance of $437,200. He estimates that the boat he wants will cost $320,700 when he retires in 6 years.
How much of his inheritance must he invest at an annual rate of 9% (compounded annually) to buy the boat at retirement? (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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