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A company will save $8,501 at the end of each quarter in a 10% annual rate account (assume quarterly compounding) to eventually obtain the $275,000

A company will save $8,501 at the end of each quarter in a 10% annual rate account (assume quarterly compounding) to eventually obtain the $275,000 needed to replace its equipment. How many years will it take to obtain the necessary funds?

	24 years
	5 years
	6 years
	20 years

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