The maintenance foreman of a plant in reviewing his records found that maintenance costs on a large press had increased with sales of a product that will decline in the future.
5 Years Ago $600
4 Years Ago $700
3 Years Ago $800
2 Years Ago $900
Last Year $1000
He believes that maintenance will be $900 this year and will decrease by $100 yearly for 4 years. What will be the equivalent uniform annual maintenance cost for the 10-year period? Assume interest is at 8%.