47. A person buys a $1,000 face value bond 2 years after its issue. He intends to keep it until its maturity date, which is 18 years from now. This bond pays 6% annually: What price can he pay now for the bond so that his investment earns 8%? 48. A taxicab company maintained accurate records of the expenses for one of its automobiles from January 1, 1996 through January 1, 2002. It is found from the records, the annual operating expense is $4,000. The maintenance and repair costs are $500 for 1996, $1,000 for year 1997, $1,500 for year 1998, and so on, What is the net present cost of owning and operating the automobile, If its initial price was $30,000 and the interest rate us 5%