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A piece of equipment has an initial cost $5000 in year 1. THe maintenance cost is $300/yr for the total lifetime of seven years. During

A piece of equipment has an initial cost $5000 in year 1. THe maintenance cost is $300/yr for the total lifetime of seven years. During years 1-3, the rate of inflation is 5%, and the effective annual rate of interest is 9%. The uniflated present worth of the equipment during year 1 is most nearly?

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