Fable Chart Text Shape Media Comment A machine costs $20,000 today and has an estimated scrap cash value of $2000 after eight years. Inflation is 8% per year. The effective annual interest rate earned on money invested is 8%. How much needs to be set aside each year to replace the machine with an identical model eight years from now? 1.$2970 2.$3000 3.$3290 4.$3510 4-4