1. Mikes Veneer Shop owns a vacuum press that requires annual maintenance. Mike has a contract to cover the maintenance expenses for the next five years. The contract calls for an annual payment of $600 with adjustment each year for inflation. Inflation is expected to hold constant at 6%/yr over this period. The cash flow pattern for this expense in actual dollars is best described by which of the following? (a) uniform/equal payment series (b) linear gradient series (c) geometric gradient series (d) continuous series