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4 You are considering either buying or leasing a vehicle. The following data have been compiled: Price of vehicle $22,000 $2,!!!) Down payment required at

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4 You are considering either buying or leasing a vehicle. The following data have been compiled: Price of vehicle $22,000 $2,!!!) Down payment required at year 0 $2411] 0 WueofvehieieatieendonearS S (unknown) 36 Monthly payments $608 (M of $420 m; of each month) each month) DocumentationFeet'onetime, WWaleatthe homecoming expense, not refundable) beginning of lease) If your interest rate is 6% compounded monthly, at what value of the vehicle at the end of 3 years (S) would make the both options economically equivalent? (a) $7.71 1 (b) $8,930 (c) $9,223 (d) $9.310

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