(Answered) 1 jack thompsons lifelong dream is to own his own fishing

Accounting

1. Jack Thompson's lifelong dream is to own his own fishing boat to use in his retirement. Jack has recently come into an inheritance of $400,000. He estimates that the boat he wants will cost $350,000 when he retires in 5 years. How much of his inheritance must he invest at an annual rate of 12% (compounded annually) to buy the boat at retirement?

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