Gerry likes driving small cars and buys nearly identical ones whenever the old one needs replacing. Typically. he trades in his old car for a new one costing about 3814.000. A new car warranty covers all repair costs above standard maintenance [standard maintenance costs are constant over the life of the car) for the first two years. After that. his records show an average repair expense (over standard maintenance) of $2400 in the third year (at the end of the year). increasing by 50 percent per year thereafter. If a 30 percent decliningbalance depreciation rate is used to estimate salvage values and interest is E- percent. 10W often should Gerry get a new car? 3 Click the icon to view the table of compound interest factors for discrete compounding periods when i = 3%. Gerry should get a new car every years. which has the V EAC of $ (Round to the nearest whole number as needed.)