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Maintenance on tools in a factory is expected to be $275 at the end of the first year and increase $50 each year for the

Maintenance on tools in a factory is expected to be $275 at the end of the first year and increase $50 each year for the following 7 years. What approximate present sum of money should be set aside now to pay the maintenance costs for the 8-year period, given that there is an 8% interest rate?

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