Problem 2 A new machine is expected to cost $6000 and have a life of 5 years. Maintenance costs will be $1700 the first year, second year, and the third year, while in the fourth year and fifth year, the maintenance costs are $2100 and $2300 respectively. To pay for the machine, how much should be budgeted and deposited in a fund that earns: a) 20% per year compounded quarterly b) 16 % per year compounded monthly, without considering the payment period