Leon Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Leon has recently come into an inheritance of $402,200. He estimates that the boat he wants will cost $317,000 when he retires in 5 years. Click here to view factor tables Assuming quarterly compounding of amounts invested at 8%, how much of Leon Fillmore's inheritance must be invested to have enough at retirement to buy the boat? (Round factor values to 5 decimal places, eg. 1.25124 and final answers to O decimal places, eg. 458,581.)
Leon Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Leon has recently come into an inheritance of $402,200. He estimates that the boat he wants will cost $317,000 when he retires in 5 years. Click here to view factor tables Assuming quarterly compounding of amounts invested at 8%, how much of Leon Fillmore's inheritance must be invested to have enough at retirement to buy the boat? (Round factor values to 5 decimal places, eg. 1.25124 and final answers to O decimal places, eg. 458,581.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 10P
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Transcribed Image Text:Leon Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Leon has recently come into an inheritance of
$402,200. He estimates that the boat he wants will cost $317,000 when he retires in 5 years.
Click here to view factor tables
Assuming quarterly compounding of amounts invested at 8%, how much of Leon 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 O decimal places, eg.
458,581.)
Investment amount
%24
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