A new automobile offers free maintenance during the first year of ownership. The maintenance costs...
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A new automobile offers free maintenance during the first year of ownership. The maintenance costs the second year are estimated to be $150 and to increase by $150 each year thereafter. Assume you are planning on owning the automobile 5 years and that your cost of money is 8%. The future worth of the maintenance costs is nearest to:
a) $1624.50
b) $1324.75
c) $1083.00
d) $737.00
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