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Question 1 [Total 10 marks] Assume you are working in the Silicon Valley of USA and you cannot work at home. You have just been involved in a car accident and wrecked your car. You have decided that walking, riding a bike, and taking a bus are not feasible because you are living far away from your workplace. An automobile wholesaler offers you US$ 2,000 + D8x100) for your wrecked car. Also, your automobile insurance company estimates that there is US$ (10,000 + D8x100) in damages to your car. Because your car insurance has US$ 2.000 deductible, the insurance company mails you a cheque for the damage amount less the deductible only. The odometer reading on your wrecked car is already 120,000 miles. You have US$ 20,000 in your savings account. The resale value for your car if fixed is worth US$ (13,000 +D8x100). The price for a new car of the same brand is USS 30.000. Use the 7-step Engineering Economic analysis procedure to analyze your situation. (a In Step 1, clearly define your problem. (b) In Step 2, develop 3 feasible alternatives AND 3 assumptions. (c) In Step 3, show the total cash outflows of your savings account for each alternative. Question 1 [Total 10 marks] Assume you are working in the Silicon Valley of USA and you cannot work at home. You have just been involved in a car accident and wrecked your car. You have decided that walking, riding a bike, and taking a bus are not feasible because you are living far away from your workplace. An automobile wholesaler offers you US$ 2,000 + D8x100) for your wrecked car. Also, your automobile insurance company estimates that there is US$ (10,000 + D8x100) in damages to your car. Because your car insurance has US$ 2.000 deductible, the insurance company mails you a cheque for the damage amount less the deductible only. The odometer reading on your wrecked car is already 120,000 miles. You have US$ 20,000 in your savings account. The resale value for your car if fixed is worth US$ (13,000 +D8x100). The price for a new car of the same brand is USS 30.000. Use the 7-step Engineering Economic analysis procedure to analyze your situation. (a In Step 1, clearly define your problem. (b) In Step 2, develop 3 feasible alternatives AND 3 assumptions. (c) In Step 3, show the total cash outflows of your savings account for each alternative