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Because of its age, your car costs $4,500 annually in maintenance expense. You could replace it with a newer vehicle costing $8,900 that would be
Because of its age, your car costs $4,500 annually in maintenance expense. You could replace it with a newer vehicle costing $8,900 that would be expected to have a life of 5 years. If your opportunity cost of capital is 5%, by how much must maintenance expense decrease on the new vehicle to justify its purchase? $ Number (please round your final result to 2 decimals, but keep as many decimals as possible during calculation)
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