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 1.6 percent per quarter and the cost of the machinery will be $280,000, how much will the company have to deposit today? Multiple Choice $103,634.90 $101,381.97 $103,774.82 $102,733.73

A small business has determined that the machinery they currently use will wear out in 16 years. To feplace the new machine when it wears out. the company wants 10 establish a savings account today, if the interest rate on the account is 16 percent per quarter and the cost of the machinery will be $280,000, how much wil the company hove to deposit today? Muttiple Choice 510363490 510138197 510377482 510273373