How much money needs to be set aside each year to replace, Microeconomics

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How much money needs to be set aside each year to replace

Problem

A machine costs 525,000 today and has an estimated scrap value of $3000. Inflation averages 4% per year. The effective annual interest rate is 7%. How much money needs to be set aside each year to replace the machine with a similar model in 8 years?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: How much money needs to be set aside each year to replace

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