QUESTION 16 The Highway Department expects the cost of maintenance for a piece of heavy construction equipment to be $4,000 in year 1, to be $4,300 in year 2, and to increase annually by $300 through year 10. At an interest of 8% per year, determine the present worth of 10 years of maintenance costs. a. 30,333 b. 32,114 c. 33,567 d. 34,633