Maintenance expenses for the generator

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Reference no: EM131808044

A new generator has just been installed. It is expected that there will be no maintenance charges until the end of the 6^th year, when $300 will be spent at the end of each successive year until the generator is scrapped at the end of its 14^th year of service. What sum of money set aside at the time of installation of the generator at 6% will take care of all maintenance expenses for the generator?

Reference no: EM131808044

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