The maintenance on a machine is expected

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The maintenance on a machine is expected to be $155 at the end of the first year, and increasing $35 each year for the following seven years. What present sum of money would need to be set aside now to pay the maintenance for the eight-year period? Assume 6% interest.

1. $2,314.31

2. $2,101.32

3. $1,656.99

4. $1,405.96

Reference no: EM13834765

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