Invested to have enough at retirement to buy the boat

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Reference no: EM13927968

John Fillmore’s lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $446,300. He estimates that the boat he wants will cost $324,500 when he retires in 6 years. Assuming quarterly compounding of amounts invested at 8%, how much of John Fillmore’s inheritance must be invested to have enough at retirement to buy the boat?

Reference no: EM13927968

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Invested to have enough at retirement to buy the boat : John Fillmore’s lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $446,300. He estimates that the boat he wants will cost $324,500 when he retires in 6 years. Assuming quarterly comp..

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