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A company buys a CNC machine and will spend $5000 on supplies and maintenance by the end of the first year. It expects its expenditure

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A company buys a CNC machine and will spend $5000 on supplies and maintenance by the end of the first year. It expects its expenditure on supplies and maintenance to escalate by $1000 for each year. The expected life of the machine is 10 years. How much money should the company set aside today for supplies and maintenance for the machine in an account that accrues 6% per year

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