The interest rate is 6 compounded annually over the 10 year, Financial Management

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The interest rate is 6 compounded annually over the 10 year

A house is expected to have a maintenance cost of $750 the first year. It is believed that the maintenance cost will increase $400 per year. The interest rate is 6% compounded annually. Over the 10 year period, what will be the effective annual maintenance cost?

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