Bills father read thateach year a cars valuedeclines by

Chapter , Problem 13-33

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Bills father read thateach year a cars valuedeclines by 25%. After a car is 3 years old, the rateof decline falls to 15%. Maintenance and operatingcosts increase as the car ages. Because of the man- ufacturers warranty, first-year maintenance is verylow.Age of Car Maintenance(years) Expense1$50215031804200530063907500Bills dad wants to keep his annual cost of carownership low. The car Bills dad prefers costs$11,200new. Shouldhe buy a new or a usedcarand,if used, when would you suggesthe buy it, and howlong should it be kept? Give a practical, rather thana theoretical, solution.

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