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Leon Fillmore's lifelong dream is to own his own fishing boat to use in his...

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Accounting

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Leon Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Leon has recently come into an inheritance of $400,000. He estimates that the boat he wants will cost $339,600 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 4% (compounded annually) to buy the boat at retirement? (Round factor values to 5 decimal places, eg. 1.25124 and final answer to 0 decimal places, es. 458,581.) Investment amount TABLE 6.5 Present Value of an Annuity Due of 1 Unknown environment 'tabular' TABLE 6.1 Future Value of 1 (Future Value of a Single Sum) FVFm=(1+i)n Unknown environment 'tabular' Unknown environment 'tabular' TABI F 6.2 Prasent Value of 1 (Present Value of a Single Sum) 1 TABLE 6.3 Future Value of an Ordinary Annuity of 1 FVFOAn=i(1+i)n1 (7) Unknown environment 'tabular' Unknown environment 'tabular'

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