Problem
An engineer has a fluctuating future budget for the maintenance of a particular machine. During each of the first 5 years, $1000 per year will be budgeted. During the second 5 years, the annual budget will be $1500 per year. In addition, $3500 will be budgeted for an overhaul of the machine at the end of the fourth year, and another $3500 for an overhaul at the end of the eighth year. The engineer asks you to compute the uniform annual expenditure that would be equivalent to these fluctuating amounts, assuming interest at 6% per year.
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.