Problem
A man is buying a small garden tractor. There will be no maintenance cost during the first 2 years because the tractor is sold with 2 years free maintenance. For the third year, the maintenance is estimated at $80. In subsequent years the maintenance cost will increase by $40 per year. How much would need to be set aside now at 8% interest to pay the maintenance costs on the tractor for the first 6 years of ownership?
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.