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Question 2011 point) An older truck requires monthly maintenance for the next 3.25 years. The cost begins at $400 but will increase each month. We
Question 2011 point) An older truck requires monthly maintenance for the next 3.25 years. The cost begins at $400 but will increase each month. We have calculated that the growing payments are equival ent to an additional $47.50 per month. If the interest rate is 7.0% compounded monthly, what is the total present value of the maintenance costs? Your answer should be accurate to the nearest cent. (Ex: 4390.10) Your
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