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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 $428,900. He estimates that the boat he wants will cost $341,100 when he retires in 5 years. Click here to view factor tables. How much of his inheritance must he invest at an annual rate of 8% (compounded annually) to buy the boat at retirement? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g.458,581.) Investment amount $ LA 165563

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 $428,900. He estimates that the boat he wants will cost $341,100 when he retires in 5 years. Click here to view factor tables. How much of his inheritance must he invest at an annual rate of 8% (compounded annually) to buy the boat at retirement? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g.458,581.) Investment amount $ LA 165563

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Am. 343.

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 $428,900. He estimates that the boat he wants will cost $341,100 when he retires in 5 years. Click here to view factor tables. How much of his inheritance must he invest at an annual rate of 8% (compounded annually) to buy the boat at retirement? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 458,581.) Investment amount $ 165563
Transcribed Image Text: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 $428,900. He estimates that the boat he wants will cost $341,100 when he retires in 5 years. Click here to view factor tables. How much of his inheritance must he invest at an annual rate of 8% (compounded annually) to buy the boat at retirement? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 458,581.) Investment amount $ 165563
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