TOPIC: ANNUITY

Maintenance cost for small bridge with an expected 50 year life are estimated to be $15,000 each year for the first 8 years, followed by a $20,000 expenditure in the year 17 and a $30,000 expenditure in the year 34. If interest rate is at 10% compounded monthly. What is the equivalent present value of the entire maintenance cost of that bridge?

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