Engineering students class of 2019 is considering opening an engineering consulting firm after graduation. The investment required (including training and installation costs) in office equipment, computers and software is $450,000 (MACRS-GDS 5-year recovery period). Installation costs incurred are expected to be $25,000. They have savings equivalent to 30% of the total investment, and the rest will be financed with a loan that charges annual interest rate of 6%. The bank has agreed that only interest payments will be done during the first two years, and the principal (and interest for year 3) payment until the end of year 3. The estimates of the annual revenue for the first year are unknown (Y) but they are certain that they will increase by 5% each year thereafter. The annual operating and maintenance cost during the first year are expected to be $145,000, increasing with a gradient series of $10,000 each year thereafter. The firm plans to run the business for 4 years and to sell its assets at the end of that period at an estimated salvage value of $140,000. The firm plans to use a MARR of 8%, a tax rate of 35% and to claim any deduction allowed during the first year. Determine the minimum revenue Y required in year one such that the firm breaks even at MARR. Recall that each year thereafter the revenue increases by 5% from the previous year