Geoff rey is the owner of a small grocery store, and is considering buying a car to help him transport his wares. He has found a suitable used car online that he was able to negotiate to a price of $34,000. After doing a bit more research, he has found the following additional expenses involved in the purchase: Insurance and registration will cost $580 per year, payable at the start of each year Based on mileage estimates, petrol will cost $270 per fortnight, payableat the end of each fortnight Servicing will cost $340 per year, payable at the end of each year (as the car was recently serviced by the previous owner . Assume that these are the only expenses involved with the purchase and operation of the car. Geoffrey believes that the car can be used for 5 years before it will no longer be reliable, at which point he expects to sell it for a quarter of its current purchase price. He also has a business account at the bank that lets him borrow or invest money at 3.3% per annum eff ective. (a) Calculate the present value of the running costs (i.e. the insurance and registration, the petrol, and the servicing). Answer: (b) Calculate the present value of the sale price. Answer: (c) What is the total cost of buying and running the car in today's dollars? Your answer should also take into account the eventual sale price. Answer: (d) What is the equivalent monthly repayment over the next 5 years, where payments are made at the end of each month