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Need Excel Solution. PROBLEM II A resident of New York City, you are considering purchasing a new Toyota Prius. The Prius costs $20,000 and you

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Need Excel Solution.

PROBLEM II A resident of New York City, you are considering purchasing a new Toyota Prius. The Prius costs $20,000 and you plan to own for another 10 years ( T=10 ). Your annual expense of owning and driving the car is $3,000 (most of which is the cost of parking the car in a Manhattan garage) and there is no resale value for the Prius at the end of the 10 years. If you do not purchase the car you will spend $5,000 per year on public transportation and rental cars. The interest rate is 4%. Should you buy the Prius? Show your calculations. Note: you may use Excel for this problem if you wish though it is not required: you may do all the calculations by hand

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