12. You are very excited to buy an electric vehicle and decide to run some numbers on the Chevy Volt. The Volt is priced at $35,000 but with government incentives its $28,000. An equivalent gasoline powered car would have cost you $23,000 so you figured you are spending an extra $5,000 for the Volt. You decide you can charge mostly at night. Based on a few assumption on miles driven, you find your annual electricity consumption will double from 12,000 kWh to 24,000 kWh per year. At 12 cents/kWh, how much more are you paying in electricity. You used to pay $40/week in gasoline (or $2,080 per year). What is the payback period for the additional cost of $5,000 for the Volt ? 14. If the batteries and the car were warranted for 8 years, would you purchase the Volt over a conventional vehicle ? What are some other considerations that would influence your decision ? 15. Now suppose that you suspect gasoline prices are poised to go up substantially. You assume that gasoline prices may double so you would now be paying $80/week or $4,160 per year. Now what is the payback period for the additional cost of $5,000