5. Acme Widget Manufacturing has just purchased a stamping machine for making widgets. Maintenance costs for the machine are expected to be $2000 this year and rise by 8% per year as the machine ages. The machine is expected to last 10 years. Calculate the equivalent annual cost of the maintenance over the next 10 years at an interest rate of 8% per year. You must draw a correct cash flow diagram to get full credit for this problem.

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