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 2 percent per quarter and the cost of the machinery will be $345,000, how much will the company have to deposit today? Multiple Choice $251,313.81 $99,300.95 $98,437.47 $100,702.21 $97,142.24