Perez Freight Company owns a truck that cost $$31,000.$ Currently, the truck$$s book value is $$29,000,$ and its expected remaining useful life is five years. Perez has the opportunity to purchase for $$27,000$ a replacement truck that is extremely fuel efficient. Fuel cost for the old truck is expected to be $$5,200$ per year more than fuel cost for the new truck. The old truck is paid for but, in spite of being in good condition, can be sold for only $$14,000.$

Required

Calculate the total relevant costs. Should Perez replace the old truck with the new fuel$-$efficient model, or should it continue to use the old truck until it wears out?