A small oil company wants to replace its MicroMotion Coriolis flowmeters with nickel-basedsteel alloy flowmeters from the Emerson F-Series.The replacement process will cost the company$50,000 three years from now. How much moneymust the company set aside each year beginning1 year from now in order to have the total amountin 3 years? Assume the company earns a generous20% per year on investment funds.
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