Jim's1998 minivan only averages 20 miles per gallon. He has
found a some what
newer vehicle that averages 26 mpg. He can sell his current minivan for $2800 and purchase
the newer vehicle for $4,000. A) Assuming cost of gasoline at $4.00 per gallon, how many
miles per year must Jim drive if he wants to recover his investment in three years? Assume an
interest rate of 6%, zero salvage value for either vehicle after three years, and identical
maintenance cost. B) Considering that Jim drives about 10,000 miles per year and if gas prices
drop by 10%, what should Jim do?
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