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How many years will take to obtain the necessary funds

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problem 1: A company will save $8,501 at the end of each quarter in a 10% annual rate account (assume quarterly compounding) to eventually obtain the $275,000 needed to replace its equipment. How many years will it take to obtain the necessary funds?

Option 1: 24 years

Option 2: 5 years

Option 3: 6 years

Option 4: 20 years

Reference no: EM132784672

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