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How much of Tony Fillmore inheritance must be invested

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Question - Tony Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Tony has recently come into an inheritance of $420,900. He estimates that the boat he wants will cost $339,800 when he retires in 4 years.

Assuming quarterly compounding of amounts invested at 12%, how much of Tony Fillmore's inheritance must be invested to have enough at retirement to buy the boat?

Reference no: EM132251590

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