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Brief Exercise 6-07 Chris Fillmore’s lifelong dream is to own his own fishing boat to use...

Brief Exercise 6-07 Chris Fillmore’s lifelong dream is to own his own fishing boat to use in his retirement. Chris has recently come into an inheritance of $444,400. He estimates that the boat he wants will cost $312,700 when he retires in 6 years. Click here to view factor tables How much of his inheritance must he invest at an annual rate of 10% (compounded annually) to buy the boat at retirement?

**Would prefer how it is solved using financial calculator**

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Answer #1

rate positively .. let me know if you need any clarification..

we have to use financial calculator to solve this
put in calculator
FV 312,700
PMT 0
I 10%
N 6
Compute PV ($176,511.00)
therefore Answer = $176,511.00
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