The ABD Company is building a new plant, whose equipment maintenance costs are excepted to be $500 the first year, $150 the second year, $200 the third year, $250 the fourth year, etc.., increasing by $50 per year through the 10th year. The plant is expected to have a 10-year life. Assuming the interest rate is 8% compounded annually, how much should the company plan to set aside now in order to pay for the maintenance?