Suppose you borrow $2,554 from a bank at 6% annual compound interest and agree to repay the loan with 15 equal end-of-year payments, beginning at t=1. What is the amount of the payment? Express your answer to the nearest cent (without the dollar sign).

A construction company has just purchased a bulldozer. The expect the maintenance costs for it to be $401 nin the first year, but increase 4% every year thereafter for the 13- year life if the vehicle. Calculate the present value of the costs using an interest rate of 4%. Show your answer to the nearest cent (no dollar sign).