A company that manufactures air-operated drain valve assemblies budgeted $84,000.00 per year for repair components over the next five years. Assume the company uses an interest rate of 10% per year. If the company expects to spend $15,000.00 in year 1, what is the annual increase (arithmetic gradient) that the company expects in the cost of the parts?
This is a repost as the last post never received an answer :(
Any help is greatly appreciated.
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