If the owner earns 5% interest on her investments, determine the equivalent annual cost of...
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Accounting
If the owner earns 5% interest on her investments, determine the equivalent annual cost of owning a car with the following costs (EOY=end of year).
Initial down payment=$2200 Annual payments=$5500, EOY1-EOY4 Prepaid insurance=$1500, growing 8% annually Gas and oil and minor maintenance-$2000, growing 10% annually Replacement tires=$650 at EOY4 and $800 at EOY8 Major maintenance=$2400 at EOY5 Salvage vale=$3750 at EOY9
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