2.9 A company has invested in a new machine for its production line. The initial cost of the machine is $9000 and it is expected to last for 5 years with no salvage value at that time. Annual operation costs are anticipated to be relatively constant at $750 per year. However, due to degradation the maintenance costs are expected to increase each year. A best guess for the annual maintenance costs is shown in Table P2.9.

Determine how much money should be invested in a fund that earns 6%
annually, compounded monthly, to completely pay for this machine.