What amount should he invest each month

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Reference no: EM131976167

The maintenance and operations costs for a piece of equipment are estimated to be $400 the first month and increase by $20 per month over the equipment's 3 year life.

For budgeting purposes, the owner wants to set aside a uniform amount each month to cover the maintenance and operations costs of the equipment.

If the owner can invest at 8% per year, compounded monthly, what amount should he invest each month? Express your answer in $ to the nearest $10.

Reference no: EM131976167

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