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Business, 13.05.2021 18:20 Lindy4886

A production machine is under warranty for the first year. Its maintenance cost will be $500 in the second year and increased by $500 each year thereafter (i. e., $1,000 in the 3rd year, $1,500 in the 4th year, and so on). The machine is used for 8 years. The present value of the maintenance cost of machine using a 5% interest rate is closest to:

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