The maintenance foreman of a plant in reviewing his records found that a large press had the following maintenance cost record:
5 years ago.................$ 600
4 years ago...................700
3 years ago....................800
2 years ago....................900
Last year....................1000
After consulting with a lubrication specialist, he changed the preventive maintenance schedule. He believes that this year maintenance will be $900 and will decrease $100 a year in each of the following 4 years. If his estimate of the future is correct, what will be the equivalent uniform annual maintenance cost for the 10-year period? Assume interest at 8%.