b) calculate the future worth after 5 years

The Highway Department expects the cost of maintenance for a piece of heavy construction equipment to be $6000 in year 1, to be $6400 in year 2, and to increase annually by $400 through year 5. At an interest rate of 1% per year (sec the tablel). a) Determine the present worth of 5 years of maintenance costs using the tabulated factor and the factor formula. Draw the cash flow diagram. b) calculate the future worth wer