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This paper shows that the collection of identities which hold in the algebra N of the natural numbers with constant zero, and binary operations of sum and maximum is not finitely based. Moreover, it is proven that, for every n, the equations in at most n variables that hold in N do not form an equational basis. As a stepping stone in the proof of these facts, several results of independent interest are obtained. In particular, explicit descriptions of the free algebras in the variety generated by N are offered. Such descriptions are based upon a geometric characterization of the equations that hold in N, which also yields that the equational theory of N is decidable in exponential time.