1. The maintenance and operations costs for a piece of equipment are estimated to be $900 the first
month and increase by $20 per month over the equipment's 3 year life. For budgeting purposes,
the owner wants to set aside a uniform amount each month to cover the maintenance and
operations costs of the equipment. If the owner can invest at 5% per year, compounded monthly,
what amount should he invest each month? Express your answer in $ to the nearest $10 .