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Business, 01.07.2020 20:01 lunarStudios123

Your company just purchased a piece of equipment. The maintenance cost of the equipment is estimated at $1,200 for the first year, and it is to rise by $300 each year. How much should be set aside now to have enough to cover for the maintenance cost for the next five years? Assume payments are made at the end of each year and an interest rate of 6%.

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