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1. In class, a simple payback period was used to determine when the extra money...

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1. In class, a simple payback period was used to determine when the extra money spent on purchasing a Camry Hybrid vs. a regular Camry would be realized (i.e., recovered). Using the following assumptions, what would the average price of gasoline need to be per gallon to have a payback period of 3 years if the car is to be driven 15,000 miles a year? Camry SE Camry Hybrid SE List Price: $25,395 List Price: $29,150 Average mileage 32 mpg Average mileage: 52 mpg

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