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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

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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 out, the compeny wants to establish a savings account today.If the interest rate on the account is 1.8 percent compounded quarterly and the cost of the machinery will be $295,000, how much will the company have to deposit today

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