Question - Adams Madison needs $252,800 in 10 years.
How much must he invest at the end of each year, at 12% interest, to meet his needs?
Adams Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Adams has recently come into an inheritance of $438,200. He estimates that the boat he wants will cost $326,300 when he retires in 5 years.
Assuming quarterly compounding of amounts invested at 10%, how much of Adams Fillmore's inheritance must be invested to have enough at retirement to buy the boat?