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A contracting company has purchased a bulldozer, and the company's management wants to set up enough money in a bank account to pay for the
A contracting company has purchased a bulldozer, and the company's management wants to set up enough money in a bank account to pay for the periodic maintenance costs on the bulldozer for the first five years. The annual maintenance cost increases are estimated at $50 per year. The estimated maintenance cost for the first year is $150. The annual interest rate is 5%. Therefore, the estimated costs according to the year are $150, $200, $250, $300, $350. Find the amount to be put in the bank account
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