Problem
Professor Xavier is creating a budget for his recently awarded 9-year research grant. His research requires machinery that has an initial cost of $49993. He will need to pay for maintenance on the machinery beginning at the end of year 3. He estimates the first year of maintenance will cost $3618, with the maintenance costs increasing by $543 per year each subsequent year. How much should he put in the budget today for maintenance costs? Assume he will pay maintenance until the end of the research grant. He is using a MARR of 6%.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.