The council members of a small town have decided that the earth levee that protects .the town from a nearby river should be rebuilt and strengthened. The town engineer estimates that the cost of the work at the end of the first year will be $85,000. He estimates that in subsequent years the annual repair costs will decline by $10,000, making the second-year cost $75,000; the third-year $65,000, and s~ forth. The council members want to know what the equivalent present cost is for the first 5 years of repair work if interest is 4%.