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3. You are deciding between leasing or purchasing a car and you need the car for the next four years. The details of these two alternatives are discussed below. Buy The initial cost will be $35,000. There will be major maintenance every two years, costing $2,000. The annual insurance on the car will cost $3,200 annual and the gas will cost $1,800 annually. You expect to sell the car for $8,000 dollars at the end of the four years. Lease The lease will have a monthly expense of $875. You will not need to pay for major maintenance on the lease, but you will need to pay for the insurance and gas. a. Assume a MARR of 15% compounded annually. Using two different time value of money techniques (e.g., PV, FV, PMT), determine which alternative is better. Also, make sure to include a discussing explaining why one alternative is better. b. If the life was extended to 10 years, assuming you could still sell the car for $8,000 dollars at the end of the 10 years, which method would be better. Use the same time value of money techniques, resolve, and compare your results. Setup the problem in an Excel spreadsheet and solve using spreadsheet functions. Present your work in a professional manner. Label the columns on the spreadsheet, the functions should use referenced cells, and the final answer should also be labeled. The work should be clear such that you can repeat similar calculations later

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