Suppose you drive a 2013 model auto-mobile that averages 25 miles per gallon (mpg) for 15,000 miles
Question:
Suppose you drive a 2013 model auto-mobile that averages 25 miles per gallon (mpg) for 15,000 miles annually. If you purchase a new automobile that averages 30 mpg, how much extra money can you afford, based on fuel savings, to invest in the new car? Your personal interest rate is 6% per year, and you keep the new automobile for 5 years. Gasoline costs $4.00 per gallon.
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Step by Step Answer:
First we determine how much gasoline is consumed eac...View the full answer
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Related Book For 
Engineering Economy
ISBN: 978-0133439274
16th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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