Local convention center to help pay for maintenance

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Berklin County has a deal with the local convention center to help pay for maintenance. The county will pay $4548 each month and increase its payment by 0.5% each subsequent month. The county has committed to paying this maintenance for 9 years. How much should the county set aside today to pay for this future maintenance if the bank pays 6% per year, compounded monthly?

Reference no: EM131107665

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