If the owner earns 5% interest on her investments, determine the equivalent annual cost of owning a car with the following costs (EOY = end of year).

Initial down payment = $2200

Annual Payments = $5500, EOY1-EOY4

Prepaid Insurance = $1500, growing 8% annually

Gas & oil & minor maintenance = $2000, growing 10% annually

Replacement tires = $650 at EOY4 & $800 at EOY8

Major maintenance = $2400 at EOY5

Salvage value = $3750 at EOY9