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How much of his inheritance must he invest

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1. Jack Thompson's lifelong dream is to own his own fishing boat to use in his retirement. Jack has recently come into an inheritance of $400,000. He estimates that the boat he wants will cost $350,000 when he retires in 5 years. How much of his inheritance must he invest at an annual rate of 12% (compounded annually) to buy the boat at retirement? 

Reference no: EM131105562

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