The cost of maintaining a new car is estimated to be $75 the first year and...

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The cost of maintaining a new car is estimated to be $75 the first year and to increase by $12 each year thereafter. How much money should be set aside for maintenance, if the car is to be kept 6 years and if the money which is set aside earns interest at the rate of 5% per year, compounded continuously? The cost of maintaining a new car is estimated to be $75 the first year and to increase by $12 each year thereafter. How much money should be set aside for maintenance, if the car is to be kept 6 years and if the money which is set aside earns interest at the rate of 5% per year, compounded continuously?

Answer rating: 100% (QA)

To calculate the total cost of maintaining the car over 6 years we need to find ... View the full answer