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A small business has determined that the machinery they corrently use will wear out in...

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Finance

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A small business has determined that the machinery they corrently use will wear out in 17 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 11 percent per quarter and the cost of the machinery will be $255.000, how much will the company have to deposit today

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