Hydrex Mechanical Products plans to set aside

$160,000 now for possibly replacing its large synchronous refiner motors whenever it becomes necessary.

The replacement is expected to take place in 3-12 years. Determine how much the company will have in its investment set-aside account if it achieves a rate of return of 16% per year compounded quarterly. Find the amount in two different ways using each of the following:

(a) tabulated factors,

(b) TVM functions on a calculator, and

(c) spreadsheet functions.