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Q2-b) A coal-fired power plant has upgraded an emission control valve. The modification costs only $ 8000 and is expected to last 6 years with

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Q2-b) A coal-fired power plant has upgraded an emission control valve. The modification costs only $ 8000 and is expected to last 6 years with a $ 200 salvage value. The maintenance cost is expected to be high at $1700 the first year, increasing geometrically by 11% per year thereafter. Determine the equivalent present worth of the modification and maintenance cost at 8% interest per year. [30

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