Consider the following situation, which involves two options. Determine which option is less expensive. Are there unstated factors that might affect your decision? You currently drive 400 miles per week in a car that gets 14 miles per gallon of gas. You are considering buying a new fuel-efficient car for $16,000 (after trade-in on your current car) that gets 42 miles per gallon. Insurance premiums for the new and old car are $900 and $500 per year, respectively. You anticipate spending $1700 per year on repairs for the old car and having no repairs on the new car. Assume gas costs $3.50 per gallon. Over a five-year period, is it less expensive to keep your old car or buy the new car? Over a five-year period, the cost of the old car is $ (Round to the nearest dollar as needed.) and the cost of the new car is $ Thus, over a five-year period, it is less expensive to
Consider the following situation, which involves two options. Determine which option is less expensive. Are there unstated factors that might affect your decision? You currently drive 400 miles per week in a car that gets 14 miles per gallon of gas. You are considering buying a new fuel-efficient car for $16,000 (after trade-in on your current car) that gets 42 miles per gallon. Insurance premiums for the new and old car are $900 and $500 per year, respectively. You anticipate spending $1700 per year on repairs for the old car and having no repairs on the new car. Assume gas costs $3.50 per gallon. Over a five-year period, is it less expensive to keep your old car or buy the new car? Over a five-year period, the cost of the old car is $ (Round to the nearest dollar as needed.) and the cost of the new car is $ Thus, over a five-year period, it is less expensive to
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.57TI: What is the total effect on the economy of a government tax rebate of $1,000 to each household in...
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Transcribed Image Text:Consider the following situation, which involves two options. Determine which option is less expensive. Are there unstated factors that might affect your decision?
You currently drive 400 miles per week in a car that gets 14 miles per gallon of gas. You are considering buying a new fuel-efficient car for $16,000 (after trade-in
on your current car) that gets 42 miles per gallon. Insurance premiums for the new and old car are $900 and $500 per year, respectively. You anticipate spending
$1700 per year on repairs for the old car and having no repairs on the new car. Assume gas costs $3.50 per gallon. Over a five-year period, is it less expensive to
keep your old car or buy the new car?
Over a five-year period, the cost of the old car is $
(Round to the nearest dollar as needed.)
and the cost of the new car is $
Thus, over a five-year period, it is less expensive to
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