You own an event center and expect to replace the carpeting throughout the facility in 4 years at a cost of $275,000. You know you can place money into an interest-bearing account at 6.5% interest each year. How much money do you need to place in the account each year to achieve the carpeting replacement cost in 4 years (pick the closest answer)? Group of answer choices

68,750

80,273

60,384

62,398