Problem
It is estimated that the maintenance cost on a new car will be $400 the first year. Each subsequent year, this cost is expected to increase by $100. How much would you need to set aside when you bought a new car to pay all future maintenance costs if you planned to keep the vehicle for 7 years? Assume interest is 5% per annum.
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.