7. A new machine is expected to cost $6000 and have a life of 5 years. Maintenance costs will be $1500 the first year, $1700 the second year, $1900 the third year, $2100 the fourth year, and $2300 the fifth year. How much should be deposited in a fund that earns 9% per year, compounded monthly, in order to pay for this machine? Ans. ($13179.15)