2 Suppose that a new car costs $10,000 and that the annual operating cost and resale value of the car are as shown in Table 13. If I have a new car now, determine a replacement policy that minimizes the net cost of owning and operating a car for the next six years.

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TABLE 13 Age of Car Resale (Years) Value ($) Operating Cost ($) 123456 7,000 300 (year 1) 6,000 500 (year 2) 4,000 800 (year 3) 3,000 1,200 (year 4) 2,000 1,600 (year 5) 1,000 2,200 (year 6)