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 per quarter and the cost of the machinery will be $$250,000,$ how much will the company have to deposit

today?

Multiple Choice

$$133,477\mathrm{.}04$

$$134,006\mathrm{.}05$

$$132,242\mathrm{.}82$

$$213,205\mathrm{.}32$

$$135,181\mathrm{.}54$