How long does the firm need to wait to purchase this, Financial Management

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How long does the firm need to wait to purchase this

Smith Industries currently has $304,000 saved towards the purchase of a new $340,000 machine. How long does the firm need to wait to purchase this machine for cash if the firm does not save any more money and earns 8.00 percent on its savings? 1.45 years 1.60 years 1.71 years 1.57 years.

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