Question: The maintenance expense on a machine is expected to be $5000 during the first year and to increase $600 each year for the following ten

The maintenance expense on a machine is expected to be $5000 during the first year and to increase $600 each year for the following ten years. What present sum of money should be set aside now to pay for the required maintenance expense over the ten year period (Assume 12% 24 points compound interest per year)

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