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A small business has determined that the machinery they currently use will wear out in 16 years. To replace the new machine when it wears

A small business has determined that the machinery they currently use will wear out in 16 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 percent compounded quarterly and the cost of the machinery will be $250,000, how much will the company have to deposit today?

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