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How much of Chris Fillmore inheritance must be invested

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Question - Chris Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Chris has recently come into an inheritance of $416,400. He estimates that the boat he wants will cost $335,500 when he retires in 5 years.

Assuming quarterly compounding of amounts invested at 10%, how much of Chris Fillmore's inheritance must be invested to have enough at retirement to buy the boat?

Reference no: EM132612509

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