What is investment amount

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Reference no: EM13133790

John Fillmore'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 $350,380 when he retires in 6 years. Assuming quarterly compounding of amounts invested at 12%, how much of John Fillmore's inheritance must be invested to have enough at retirement to buy the boat? (Round the answer to zero decimal places, e.g. 125,250. Hint: Use the tables in the text.)

what is Investment amount?

Reference no: EM13133790

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