A small business has determined that the machinery they currently use will wear out in 17 years. To replace the new machine when it wears out, the company wants to establish a savings account today. If the interest rate on the account is 1.1 percent per quarter and the cost of the machinery will be $300,000, how much will the company have to deposit today?

Multiple Choice

• $145,743.10

• $142,574.77

• $249,087.31

• $144,282.21

• $144,475.77