Business, 07.03.2020 03:09 catsareokiguess

Fastenings Co. produces metal rivets and anticipates purchasing additional machines to build its operations over the next four years. The costs for each of the next four years are given below.

Year Cost

1 $75,000

2 $48,000

3 $120,000

4 $180,000

Fastenings Co. currently has a cash surplus and would like to set aside money to ensure that it can purchase these machines.

Assuming that the money is placed into a savings account that earns 3% interest compounded annually, how much should Fastenings Co. set aside now to ensure it can cover the cost of the machines it would like to purchase?

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