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How much must he invest at the end of each year

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Question - Adams Madison needs $252,800 in 10 years.

How much must he invest at the end of each year, at 12% interest, to meet his needs?

Adams Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Adams has recently come into an inheritance of $438,200. He estimates that the boat he wants will cost $326,300 when he retires in 5 years.

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

Reference no: EM132148273

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