Question: A small oil company is planning to replace its Coriolis flow-meters with Emerson Hastelloy flow-meters. The replacement process will cost the company $50,000 three years

A small oil company is planning to replace its Coriolis flow-meters with Emerson Hastelloy flow-meters. The replacement process will cost the company $50,000 three years from now. How much money must the company set aside each year beginning now (year 0) in order to have the total amount available immediately after making the last deposit at the end of year 3? Assume the company can invest its funds at 15% per year.

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