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How much of his inheritance must he invest at an annual rate

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Question - 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 $440,700. He estimates that the boat he wants will cost $340,900 when he retires in 7 years.

How much of his inheritance must he invest at an annual rate of 9% (compounded annually) to buy the boat at retirement?

Reference no: EM132612507

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